GRAVITY 4 CA

BILL OF EXCHANGE (MCQ)

Q.1. Y purchased goods for D 6,000 on 1st June 2011
from X and on the same date accepted a bill
payable after three months. 3 days later, X
endorsed the Bill to Z. On maturity, the bill was
dishonoured for non-payment and Z had to pay D
50 as noting charges.
Q.4. On 1st January, 2011, A sold goods to B for D
10,000 and drew upon him a bill at 3 months for
the amount B accepted the bill and returned it to
A. On 4th March, 2011, B retired the bill under
rebate of 6% p.a. Record transactions in the
Journal of A and B.

Three days after the dishnour of the Bill X made Q.5. On 1st January, 2011, A draws a bill on B for D
full payment to Z. 15 days after the dishonor of 50,000. he gets the bill discounted on the same
the bill, Y paid D 2,000 to X and requested him to day for D 48,000 and sent half the proceeds to B.
draw a second bill for the balance plus D 90 for On due date B draws a bill on A for D 25,000 and
the amount of interest, payable after two months. got it discounted for D 24,000. One third of the
X accepted the proposal and drew the bill on Y, proceeds is sent to A. Pass journal entries in the
which was accepted by Y and was duly met on books of both parties.
maturity.
Q.6. On 1st July, Chander sold goods to Dinesh of the
Record the above transactions in the books of all list price of D 50,000 at 20% trade discount and on
the three parties. the same day drew a bill on Dinesh for the amount
due payable after three months. Dinesh accepted
Q.2. On 1st April, 2006, B accepts a bill drawn by A at
the bill. On 4th September 2011, Dinesh retires his
three months for D 8,000 in payment of debt. On acceptance, receiving a rebate of 15% p.a. Pass
the due date the acceptance is dishnoured and A entries in the books of both the parties.
gets the bill noted paying D 100. On 4th July, 2006
A draws a new bill payable after 73 days provided
interest is paid in cash @ 15% p.a. To this B is
agreeable. The bill is met on maturity. Q.7. Calculate the due dates of the bills in the
following cases: -
Record these transactions in the Journal of both
the parties. Date of the bill
Period
st
Q.3. On 1 January, 2010, Arun purchased from Barun
1) 23rd November, 2009 2 months
goods invoiced at D 10,000. On the same date.
2) 27th November, 2007 3 months
Barun drew upon Arun a bill for the amount at 2 3) 29th May, 2009 4 months
months and Arun accepted the same. On 4th 4) 23rd May, 2009 60 days
January, 2010, Barun got the bill discounted with 5) 13th July, 2009 30 days
his bank @ 12% per annum. On due date, Arun 6) 31st May, 2009 1 month
told Barun that he was not in a position to pay the Emergency Holiday: 25th July, 2009.
full amount and requested Barun to accept D 5,000
in cash and draw a fresh bill at 2 months for the
remaining amount plus interest at 15% per annum.
Baron agreed. The second bill was duly met on
the due date.

Give Journal entries to record the above

transactions in the books of Barun.

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c) Drawee d) Endorsee
1. A bill of Exchange contains – 17. Drawee means a person who
a) A promise b) An unconditional order a) Makes the order b) Accepts it
c) A request to deliver the goods c) Payee d) All the three
d) None of these 18. A person on whom the bill is drawn
2. There are ____ parties to a Bill of Exchange a) Payee b) Drawee
a) Two b) Four c) Endorsee d) Promise
c) Three d) Five 19. Which of these accounts is debited by a drawee of a bill?
3. How many parties are usually found in the case of a bill of a) Bills receivable b) Cash
exchange? c) Discount d) None of these
a) 2 b) 3 20. A bill of exchange is required to be _______ by the drawee
c) 4 d) 5 a) Stamped b) Accepted
4. Which of these is not an essential requirement of a bill of c) Prepared d) Endorsed
exchange? 21. The drawee becomes an _______ on acceptance of a bill
a) Acceptance b) Payable to bearer a) The drawer b) An Acceptor
c) Crossing d) Grace period c) The endorser d) The payee
5. A bill of exchange is drawn by a 22. A bill before acceptance
a) Creditor b) Debtor a) Promissory Note b) Credit note
c) Share holder d) Debenture holder c) Draft d) Negotiable Instrument
6. A bill of exchange is called a ______ by one who is entitled to 23. Bills of Exchange is paid
receive the amount due on it. a) By Drawer b) By Acceptor
a) Bill payable b) Draft c) By Endorser d) By Endorsee
c) Bill receivable d) Promissory note 24. Acceptance of the bill is given by
7. A bill of exchange is called a ______ by one who is liable to pay a) Creditor b) Bank
it on the due date c) Debtor d) Seller
a) Bill Receivable b) Bill payable 25. In the books of the drawer, the accounting treatment involved on
c) Draft d) Promissory note receipt of a bill of exchange duly accepted by the drawee is
8. Which of these is not an essential requirement of a valid bill of a) Debit bills receivable account
exchange? b) Debit drawee‟s account
a) Acceptance b) Consideration c) Credit Drawee‟s account
c) Specific sum payable d) Writing d) Both (a) & (c)
9. Bills of Exchange is written 26. The person, other than the original creditor, to whom the amount
a) By Debtor b) By Creditor in the bill is made payable to known as the _______ of the bill
c) By Purchaser d) By Bank a) Holder b) Payee
10. On acceptance of the bill of drawee, debit which of these c) Drawer d) Endorser
accounts 27. Payment of Bills of Exchange is received
a) Drawer‟s A/c b) Bill Receivable A/c a) By Drawer
c) Bills Payable A/c d) Endorsee A/c b) By Holder in due course of due date
11. Drawer means a person who c) By Endorsee
a) Makes the order b) Accepts it d) By Bank
c) payee d) All the three 28. A holder of a bill of Exchange becomes a holder in due course if
12. The maker of a bill of exchange is called the ________ he
a) Drawee b) Promisor a) Has taken the bill without notice of defect in the title of the
c) Drawer d) Payee bill
13. A person who draws the bill b) Has taken the bill before the maturity date
a) Drawee b) Drawer c) Has taken for valuable considerations
c) Payee d) Endorser d) All the three
14. At the time of drawing a bill, the drawer credits 29. A person entitled to receive the amount of a Bill of Exchange
a) Debtor‟s A/c b) Creditor‟s A/c a) Drawee b) Payee
c) Bills Receivable A/c d) Bill Payable A/c c) Drawer d) Bank
15. The debtor on whom a bill of exchange is drawn is called the 30. Which of these parties can be a payee also?
________ a) Drawee b) Drawer
a) Drawer b) Endorser c) Debtor d) None of these
c) Endorsee d) Drawee 31. Under which circumstances drawer and payee is same person:
16. The party who is ordered to pay the amount is known as a) When drawer discounted the bill with banker
a) Payee b) Drawer b) When drawer endorses the bill to the third party

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c) When drawer held the bill till maturity
d) When drawee rejects to accept the bill 45. Which of the following statement is true:
32. How long is the period of days of grace: a) Creditors can draw a bill on Debtors
a) Three days b) Two days b) Debtors can draw a bill on creditors
c) One day d) None of these c) Bank will draw a bill on customer at the time of overdraft
33. How many days grace period is given for payment of a bill of d) On can draw the bill on another under any circumstances.
exchange? 46. Bills Receivable Account is
a) 3 b) 7‟ a) An expense Account b) An assets account
c) 15 d) 5 c) A liability account d) A revenue account
34. Retirement of a Bill means _________ 47. Bills Receivable Book is a part of the
a) Discounting a Bill b) Dishonour of a Bill a) Ledger b) Balance Sheet
c) Renewal of a Bill c) Journal d) Profit and Loss Account
d) Payment made before due date 48. Bills receivable account is a
35. Which of the following statement is false: a) Nominal Account b) Personal Account
a) B/R is a negotiable instrument c) Real Account d) None of these
b) B/R must be accepted by drawee. 49. What types of account is a Bill receivable A/c?
c) There can be three parties in respect of bills of exchange – a) Real A/c b) Nominal A/c
drawer, drawee & Payee c) Personal A/c d) Suspense A/c
d) Oral bill of exchange is also valid 50. Bills Receivable endorsed are debited to
36. Retirement of bill means ________ a) Debtor‟s Account b) Creditor‟s Account
a) Making payment of bill before the due date c) Bills payable Account d) Bills receivable Account
b) Cancellation of the bill 51. From the following information, find out who can draws the bill
c) Sending the bill for collection if Mr. A sold goods to B:
d) Endorsing the bill in favour of third party a) A will draw a bill on B b) B will draw a bill on A
37. Making the payment of bill before its due date c) None
a) Retirement of the bill of exchange d) Third party will draw a bill on A
b) Renewal 52. X solds goods to Y for D 3,00,000. ½ of the amount will be
c) Discounting received in cash and the balance through a B/R. For what amount
d) None of the above X should draw a bill on Y.
38. At the time of retirement of a bill of exchange, the drawee a) 1,50,000 b) 3,00,000
credits which of these accounts additionally c) 1,00,000 d) 1,20,000
a) Interest A/c b) Commission A/c 53. A sold goods to B for D 20,000. A will grant 5% discount to B. B
c) Bank A/c d) Bills Receivable A/c requested A to draw a bill. The amount of bills will be:
39. At the time of retirement of a bill, the acceptor debits _______ a) 20,000 b) 19,000
a) Bills receivable A/c b) Bills payable A/c c) 19,200 d) Nil
c) Discount A/c d) None of the above
40. At the time of discharge of bill, the acceptor debits _______ Bills Payable
a) Bills receivable A/c b) Bills payable A/c
c) Discount A/c d) None of these
54. When a bill is discharged, the acceptor debits
41. Bill of Exchange can be discounted with the _________
a) Creditors A/c b) Cash A/c
a) Holder b) Drawee
c) Bills Payable A/c d) Drawer‟s A/c
b) Bank d) Payee
55. What types of account is a Bill Payable account?
42. In which of these ways a bill of exchange cannot be disposed of
a) Real A/c b) Personal A/c
a) Discounting with Bank b) Retain till maturity
c) Nominal A/c d) Suspense A/c
c) Endorsement to creditors d) Destroyed
56. At the time of retirement of a bill, the acceptor debits
43. The purpose of Accommodation bill
a) Bills payable account b) Discount Account
a) To facilitate trade transmission
c) Bills receivable A/c d) Neither of these
b) To finance the actual purchases & sales
c) When both parties are in need of funds
Endorsement
d) None of these
44. What are the options available to the holder of a Bill in the Bills
of Exchange (besides retaining the Bill, till the due date)? 57. A person who endorses a bill
a) Discount with bank b) send to bank for collection a) Drawer b) Drawee
c) Endorse it to his creditor d) All of these c) Bank d) Endorser
58. A person to whom the bill is endorsed
a) Endorser b) Drawee
Bills Receivable
c) Bank d) Endorsee

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59. When a bill is endorsed by the drawer, he is called an ______ 73. X draws a billon Y for D 30,000 on 1.1.14. X accepts the same on
a) Endorsee b) Discounter 4.1.14. Period of the bill 3 months after date. What will be the
c) Endorser d) None of the above due date of the bill –
60. A person to whom the drawer endorses a bill is known as an a) 4.4.14 b) 3.4.14
_____ c) 7.4.14 d) 8.4.14
a) Endorser b) Endorsee 74. X draws a bill on Y for D 20,000 on 1.1.14 for 3 months after
c) Drawer d) Holder in due course sight, date of acceptance is 6.1.14. Due date of the bill will be:
61. At the time of endorsement of a bill the drawee debits a) 8.4.14 b) 9.4.14
a) Bills payable account b) Other party‟s account c) 10.4.14 d) 11.4.14
c) No account (No entry) d) Endorsee‟s A/c 75. On 1.8.13 X draws a bill on Y “for 30 days after sight”. The date
62. Which account is debited by a drawee of a bill of exchange on its of acceptance is 8.8.13. The due date of the bill will be:
endorsement? a) 8.9.13 b) 10.9.13
a) Bills payable b) Bills receivable c) 11.9.13 d) 9.9.13
c) Drawer d) None of these 76. On 1.12.14 X draws a bill on Y “for 30 days after sight”. The
63. When a bill endorsed is dishonoured which one of these accounts date of acceptance is 8.12.14. The due date of the bill will be:
would be credited by the drawee? a) 8.01.15 b) 10.1.15
a) Bills payable A/c b) Drawer c) 11.1.15 d) 9.1.15
c) Bank d) Bill Dishonoured A/c 77. A draws a bill of D 10,000 on B on 23rd December, 2013 for one
64. On dishonoured of a bill received through endorsement debit is month. The bill is accepted on 25th December, 2013 by B. The
given to which of these accounts due date of the bill will be:
a) Endorser‟s A/c b) Payee‟s A/c a) 26th January, 2014 b) 28th January, 2014
c) Acceptor‟s A/c d) Bills Payable A/c th
c) 27 January, 2014 d) 25th January, 2014
65. X draws a bill on Y. X endorsed the bill to Z. The payee of the 78. On 18.2.14 A draw a bill on B for D 10,000. B accepted the bill
bill will be on 21.02.14. The bill is drawn for 30 days after sight . The due
a) X b) Y date of the bill will be –
b) Z d) None a) 24.3.14 b) 22.3.14
66. X draws a bill on Y for D3,000. X endorsed to Z. Y will pay the c) 25.3.14 d) 21.3.14
amount of the bill to: 79. On 16.6.14 X draws a bill on Y for D 25,000 for 30 days. 19th
a) X b) Z July is a public holiday,
c) To himself d) None a) 19th July b) 18th July
67. Kuntal draws a bill on Shyam for D 3,000. Kuntal endorsed it to th
c) 17 July d) 16th July
Ram. Ram endorsed it to Rahim. The payee of the bill will be: 80. X draws a bill on Y on 1.1.14 for D 20,000 for 30 days. What will
a) Kuntal b) Ram be the maturity date of the bill –
c) Shyam d) Rahim a) 2.2.14 b) 3.2.14
c) 1.2.14 d) 31.1.14
Due Date 81. A bill is drawn on 29th Jan‟ 14 for one month after date. The date
of acceptance is 2nd Feb. 14 The bill is drawn on one month after
68. Date on which the payment of the bill is to be made – date basis. The due date of the bill will be:
a) Public holiday b) Date of grace a) 28th Feb. b) 1st Mar.
nd
c) Due date d) Date of bill + 3 days c) 2 Mar. d) 3rd Mar.
69. If the due date is a public holiday, what will be the due date of 82. On 15.08.14 X draws a bill on Y for 3 months for D 50,000. 18th
the bill – Nov. was a sudden holiday, due date of the bill will be:
a) Following Day b) Preceding Day a) 17th Nov. b) 18th Nov.
th
c) The same day only d) On month later c) 19 Nov. d) 15th Nov.
70. On 1.1.14 X draws a bill on Y for D 20,000 for 3 months due 83. On 16.6.14 X draws a bill on Y for D 20,000 for 30 days. 19th
date of the bill will be: July is a public holiday, due date of the bill will be
a) 1.4.14 b) 3.4.14 a) 19th July b) 18th July
th
c) 4.4.14 d) 4.5.14 c) 17 July d) 16th July
71. On 15.8.13 X draws a bill on Y for 3 months for D 20,000 18th 84. X draws a bill on Y for D 502,000 on 1.1.14. X accepts the same
Nov. was a sudden holiday due date of the bill will be: on 4.1.14. Period of the bill was 3 months after date. What will
a) 17th Nov. b) 18th Nov. be the due date of the bill:
th
c) 19 Nov. d) 15th Nov. a) 4.4.14 b) 3.4.14
72. On 16.6.14 X draws a bill on Y for D 25,000 for 30 days 19th July c) 7.4.14 d) 8.4.14
is a public holiday, due date of the bill will be: 85. On 1.8.14 X draw a bill on Y for 30 days after sight. The date of
a) 19th July b) 18th July acceptance is 89.8.14. The due date of the bill will be:
th
c) 17 July d) 16th July a) 8.9.14 b) 10.9.14

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c) 11.9.14 d) 9.9.14 98. When a bill is sought to be paid before its date of maturity, the
86. If bill drawn on 3rd July, 2014 for 40 days, payment must be holder allows _______ to the acceptor.
made on ________ a) Rebate b) Interest
a) 16th August, 2014 b) 15th August, 2014 c) Noting charges d) Trade Discount
th
c) 12 August, 2014 d) 14th August, 2014 99. The cash allowance provided by the drawer to the drawee for the
87. A bill drawn and accepted on 23rd November, 2013 for two pre-payment of the bill is known as:
months will be due for payment on _________ a) Discount b) Rebate
a) 27th January, 2013 b) 26th January, 2013 c) Commission d) Bad Debts
rd
c) 23 January, 2013 d) 25th January, 2013 100. X sold goods to Y for D 1,00,000. Y paid cash D 30,000. X will
th
88. A bill drawn and accepted on 12 June, 2014 for two months will grant 2% discount on balance, and Y request X to draw a bill for
be due for payment on __________ balance, the amount of bill will be:
a) 14th August, 2014 b) 15th August, 2014 a) 98,000 b) 68,000
th
c) 16 August, 2014 d) 12th August, 2014 c) 68,600 d) 70,000
89. A bill of one month duration is accepted on 12th July, 2012, Its 101. On 1.1.14 X draws a bill on Y for 3 months for D 10,000. On
due date will be __________ 4.3.14 Y pay the bill to X at 12% discount, the amount of
a) 15th August, 2012 b) 14th August, 2012 discount will be:
th
c) 12 August , 2012 d) 15th August, 2012 a) 100 b) 200
90. A bill drawn and accepted on 23rd October 2013, for three months c) 300 d) 50
will be due for payment on __________ 102. A draws a bill for D 20,000 on „B‟. „B‟ Accepts for 2 months.
a) 26th January, 2014 b) 23rd January, 2014 After 1 month „B‟ paid the bill amount at 9%. Journal entry in the
th
c) 25 January, 2014 d) 27th January, 2014 books of „B‟ will be
91. If a bill of exchange is drawn on 5-1-2014, stating that ‟20 days a) Bank A/c Dr. 20,000
after date‟, pay to ABC, the sum of rupees XXXX, the due date To Bills Payable A/c 20,000
of the bill is b) Bank A/c Dr. 20,000
a) 25-1-2014 b) 28-1-2014 To Bills Payable A/c 19,850
c) 20-1-2014 d) None of the above To Discount A/c 150
92. If a bill of Exchange is drawn on 20.1.2013, stating that ‟60 days c) Bills Payable A/c Dr. 20,000
after date‟, pay to ABC, the sum of Rupees XXXX, the due date To Bank A/c 20,000
of the Bill is d) Bills Payable A/c Dr. 20,000
a) 24-3-2013 b) 20-3-2013 To Discount A/c 150
c) 21-3-2013 d) 23-3-2013 To Bank A/c 19,850
93. If a Bill of Exchange is drawn on 28-1-2014, stating that „One 103. A draws a bill on B for D 50,000. A endorsed it to C in full
month after date‟, pay to ABC, the sum of Rupees XXX, the due settlement of D 50,000. Noting charges of D 200 as the bill
date of the Bill is returned dishonoured. A want to pay the amount to C at 2%
a) 28-2-2014 b) 2-3-2014 discount. The amount to be paid by A to C will be:
c) 1-3-2014 d) 3-3-2014 a) 49,000 b) 49,490
94. If a bill of exchange is drawn on 31-1-2013, stating that „One c) 49,686 d) 50,500
month after date‟, pay to ABC the sum of Rupees XXX, the due 104. A draws a bill on B for D 30,000. A wants to endorse it to C in
date of the Bill is – settlement of D 35,000 at 2% discount with the help of B‟s
a) 28-2-2013 b) 2-3-2013
acceptance and balance in cash. How much cash A will pay to
c) 1-3-2013 d) 3-3-2013
B?
95. Bill is drawn by Mr. Mohan on Mr. Mahesh on 30th January 2012
a) 4300 b) 4000
for one Month, then due date of the bill is _________.
c) 4100 d) 5000
a) 28th Feb. 2012 b) 2nd March, 2012
rd 105. Ram sells goods for D 1,00,000 to Hari on 1st January, 2014 ansd
c) 3 March, 2012 d) 4th March, 2012
on the same day draws a bill on Hari at three months for the
96. If a Bill of exchange is drawn on 23-10-2011, stating that „Three
amount. Hari accepts it and returns it to Ram, who discounts it on
months after date‟, pay to ABC, the sum of Rupees XXXX, the
4th January, 2006 with his bank at 12% per annum.
due date of the Bill is
The discounting charges are:
a) 26-1-2011 b) 25-1-2011
a) D 12,000 b) D 4,000
c) 23-1-2011 d) 24-1-2011
c) D 3,000 d) Nil
97. The rebate on a bill shows that –
106. Bill of D 10,000 accepted by Rajesh was endorsed by Ritesh to
a) It has been paid before the date of maturity
b) It has been paid after the date of maturity Dinesh on account of final settlement of D 10,500. The benefit of
c) It had been dishnoured D 500 earned by Ritesh was:
d) It had been endorsed a) Credited to discount allowed account by D 500
b) Credited to discount received account by D 500

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c) Credited to rebate account by D 500 114. On 1.1.14. X draws a bill on Y for D 10,000. On maturity Y
d) Not shown in the books of Ritesh at all. request X to renew the bill for 2 month at 12% p.a. interest.
107. Ram gets Ghosh‟s acceptance for D 12,000 discounted at 2 Amount of interest will be:
months at 12% p.a. The amount of discount will be: a) 200 b) 150
a) 240 b) 120 c) 180 d) 190
c) 360 d) Nil 115. On 1.1.14. X draw a bill on Y for D 15,000 for 3 months. At
108. A draws a bill on B for D 1,00,000. A endorsed the bill to C. The maturity Y request X to accept D 5,000 in cash and for balance to
bill return dishonoured. Nothing charges D 1,000. B request A to draw a fresh bill for 2 months together with 12% p.a. interest ,
accept the amount at 2% discount by a single cheque. The cheque amount of interest will be:
amount will be: a) 200 b) 300
a) 98,000 b) 98,980 c) 240 d) 380
c) 99,000 d) 99,980 116. On 1.6.13 X draw a bill on Y for D 25,000. At maturity Y request
109. On 1.1.14 Vikas draws a bill of exchange for D 10,000 due for X to accept D 5,000 in cash and noting charges incurred D 100
payment after 3 months on Ekta. Ekta accepts to this bill for and for the balance X draw bill on Y for 2 months at 12% p.a.
exchange. On 4.3.06, Ekta retires the bill of exchange at a Interest amount will be:
discount of 12% p.a. Which of the discount is correct for a) 410 b) 420
premature payment in the books of Ekta? c) 440 d) 402
a) 120 b) 100 117. On 1.1.12 X draws a bill on Y for D 30,000. At maturity Y
c) 140 d) 160 request X to Draw a fresh bill for 2 months together with 12%
110. A cheque of D 35,000 received by M/s Nandini was endorsed to p.a. Noting charges D 100. The amount of Interest will be:
M/s Chandini on account of full settlement of D 35,500 on 1st a) 600 b) 602
October 2006. Chandini deposited the same into the bank on 4th c) 500 d) 550
October 2006. In the books of M/s Chandini, the amount to be 118. Gouri sold goods to Gupta on 1.6.13 for D 1,600. Gupta
debited on 1st October 2006 will be – immediately accepted a three months bill. On due date Gupta
a) Cash account D 35,000 and Discount account D 500 requested that the bill be renewed for a fresh period of two
b) Bank account D 35,000 and Discount account D 500 months. Gouri agrees provided interest at 9% was paid
c) Cash account D 35,000 immediately in cash. What will be the amount of Interest in the
d) Bank account D 35,000 books of Gouri?
111. On 1.11.2013 X draw a bill on Y for 3 months for D 20,000 on a) 20 b) 25
4.3.2013. Y pay the bill to X at 12% discount, the amount of c) 24 d) 28
discount will be – 119. Ram‟s acceptance to Din for D 8,000 renewed at 3 months on the
a) 200 b) 400 condition that D 4,000 be paid in cash immediately and the
c) 600 d) 100 remaining amount will carry interest @ 12% p.a. The amount of
112. A draws a bill on B for D 60,000. A endorsed it to C in full interest will be:
settlement of D 60,500. On due date, the bill was dishnoured a) 120 b) 80
Noting charges of D 500 was paid. A wanted to pay the amount to c) 90 d) 160
C at 2% discount. The amount to be paid by A to C will be: 120. M sold goods worth of D 50,000 to N. On 1.1.14, N immediately
a) 60,000 b) 60,500 accepted a three months bill. On due date N requested that the
c) 59,780 d) 61,000 bill be renewed for a fresh period of 3 months. N agrees to pay
113. Mohit discounted a three months bill of D 4,000 received from interest @ 18% p.a. in cash. How much interest to be paid in cash
Kumar with his bank for D 3,950 Bank informed about the by N?
a) 2250 b) 1800
dishonor of the bill paid D 10 noting charges on dishonor, the
c) 2000 d) 1100
entries in the Journal of Mohit will be –
a) Kumar Dr. 4,010 121. On 1.1.14 X draws a bill on Y for D 30,000 for 3 months. At
To B/R A/c 4,000 maturity Y requests X to renew the bill for 2 month at 12% a
To Cash A/c 10 interest. Amount of interest will be:
b) B/P A/c Dr. 4,000 a) 600 b) 300
Nothing charges A/c Dr. 10 c) 360 d) 380
To Mohit 4,010 122. On 1.1.14 X draws a bill on Y for D 30,000 for 3 months. At
c) Bank A/c Dr. 3,950 maturity Y request X to accept D 10,000 in cash and for balance
To Kumar 3,950 to draw a fresh bill for 2 months together with 12% p.a. Interest,
d) Kumar A/c Dr. 4,010 amount of interest will be:
To Bank A/c 4,010 a) 400 b) 600
c) 480 d) 780
Interest

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123. On 1.1.14 X draws a bill o n Y for D 50,000. At maturity Y dishonor of the bill in the books of Mr. Rabin, which of the
requested X to accept D 10,000 in cash and noting charges following accounts should be credited?
incurred D 200 and for the balance X draw a bill on Y for 2 a) Mr. Rex‟s account
months at 12% p.a. Interest amount will be: b) Bills Receivable account
a) 820 b) 840 c) Mr. Sekar‟s account
c) 880 d) 804 d) Bills payable account
134. X draws a bill on Y for D 50,000 for 3 months on 1.1.14. The bill
is discounted with banker at a discount of D 1,000. At maturity
Dishonour the bull return dishonoured. In the books of X, for dishonoured,
the bank account will be credited by:
124. When a bill is not paid on its due date, It is said to be ________ a) 49,000 b) 50,000
a) Renewed b) Noted c) 40,100 d) 39,800
c) Honoured d) Dishonoured Noting Charges
125. If a bill is dishonoured, when presented for payment by third
party, the drawer will debit. 135. Officer appointed by the Government for noting of dishonoured
a) Acceptor‟s A/c b) Third Party‟s A/c bill
c) Neither of the two d) Cash A/c a) Court receiver b) Gazetted Officer
126. Who bears the interest charges on renewal of a bill of exchange c) Assignee d) Notary Public
on dishonourement? 136. The fee charged for getting the bill noted after dishonor is called
a) Drawer b) Payee ________
c) Drawee d) Endorse a) Discounting Charges b) Noting charges
127. When a bill discounted is dishonoured the drawer gives credit to c) Interest d) Protesting Charges
which of these account? 137. When are the bills to be produced to notary public:
a) Drawee A/c b) Noting charges A/c a) At the time of drawing the bill
c) Bills Receivable A/c d) Bank A/c b) At the time of acceptance of the bill
128. The renewal of a bill before dishonor implies that the _______ c) At the time of dishonor of the bill
must be first cancelled d) At the time of “bill of collection”
a) Cheque b) Original Sales bill 138. Which of the following is correct for presenting bill through
c) Credit note d) Old Bill notary public:
129. When bill discounted with the bank is dishonoured? a) To pay fees to notary public
a) Acceptor‟s account is debited in the books of drawer b) For “bill of collection”
b) Bills receivable account is credited in the books of drawer c) It is just to prove that the Bill has been properly presented
c) Bank account is debited in the books of drawer d) For drawing a fresh bill
d) Bills payable account is debited in the books of drawer 139. Fees paid in cash to Notary Public is charged by:
130. A bill of 12,000 was discounted by A with the banker for 11,880. a) Drawer b) Drawee
At maturity, the bill returned dishonored, noting charges D 20. c) Holder of bill of exchange d) None
How much amount will be bank deduct from A‟s bank balance at 140. Which of the following statements is true?
the time of such dishonor? a) A bill cannot be endorsed more than two times
a) 12,000 b) 11,880 b) A bill is drawn by purchaser
c) 12,020 d) 11,990 c) A bill contains an unconditional promise to pay
131. „A‟ has discounted 3 months bill @ 10% p.a. from bank and d) Noting charges are borne by the drawee in the event of
given credit of 11,700. On due date, the bill was dishonoured and dishonor of bill
noting charges of D 50 was paid by bank. The amount by which 141. Which of the following statement is true:
A‟s A/c will be debited by bank is __________ a) Noting charge is an expense to be borne by drawer
a) 13,050 b) 12,050 b) Noting charge is an expense to be borne by drawee
c) 11,000 d) None c) Noting charge is an expense to be borne by payee
132. X draws a bill on Y for D 20,000 for 3 months on 1.1.14. The bill d) Noting charge is an expense to be borne by bank
is discounted with banker at a charge of D 100. At maturity the 142. When noting charges are paid by the bank at the time of the
bill return dishonoured. In the books of X, for dishonor, the bank dishonor of the bill, the drawee credits –
account will be credited by: a) Bank Account b) Nothing Charges Account
a) 19,900 b) 20,000 c) Neither of the two d) Cash A/c
c) 20,100 d) 19,800 143. The due date of after sight bill for two months drawn on 27th
133. Mr. Rex accepted a bill drawn by Mr. Rabin,. Mr. Rabin December, 2013 and accepted on 1st January 2014 will be –
endorsed the bill to Mr. Sekar. On the due date, the bill is a) 1st March, 2014 b) 3rd March, 2014
th
dishonoured as Mr. Rex become insolvent. To record the c) 27 Feb. 2014 d) 4th March, 2014

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144. A bill of exchange is drawn of 1st April 2014 payable after 3 bill return dishonoured. In the books of X, for dishonor, the bank
months. The due date of the bill is account will be credited by D
a) 1st April, 2014 b) 30th June, 2014 a) 19,900 b) 20,000
st
c) 1 July, 2014 d) 4th July, 2014 c) 20,100 d) 19,800
145. The noting charges levied on dishonor of an endorsed bill by the 155. On 1.1.13 X draws a bill on Y for D 50,000 3 months. X got the
Notary Public are to be borne by bill discounted 4.1.13 at 12% rate. The amount of discount on bill
a) The drawer of the bill will be:
b) The person responsible for dishonor a) 1500 b) 1600
c) The holder of the bill c) 1800 d) 1450
d) The endorser of the bill 156. Mr. A draws a bill on Mr. Y for D 30,000 on 1.1.14 for 3 months.
146. Which of the following statements is/are true? On 4.2.14, X got the bill discounted at 12% rate. The amount of
a) Nothing charges are paid by the bolder of the bill on the date discount will be:
of default a) 900 b) 600
b) A bill can be endorsed only thrice c) 300 d) 650
c) On renewal of bill the old bill is not cancelled 157. On 1st April, Mr. A sold goods of D 10,000 to B and drew a bill
d) In case of insolvency bill is not dishonoured for months. Mr. A discounted the bill with bank at 15%.
147. Who bears the expenses of noting charges on dishonourment of a Amount of discount will be?
bill of exchange? a) D 125 b) D 250
a) Drawer b) Endorse
c) D 375 d) None
c) Drawee d) Banker
158. A drew a bill on B for D 50,000 for 3 months. Proceeds are to be
148. Which of these parties would debit noting charges A/c?
shared equally. A got the bill discounted at 12% p.a. and remits
a) Bank b) Drawee
required proceeds to B. The amount of such remittance will be:
c) Drawer d) Endorsee
a) 24,250 b) 25,000
149. Noting fees means
c) 16,167 d) 32,333
a) Charges for noting the bill of exchange in the books of
159. Mr. A and Mr. B are in the need of money
account
A draws bill on B for D 1,000. B accepts the bill and returns it to
b) Payment made to the Notary Public for recording the fact of
A. A discounts the bill for D 960. A remits half of the proceeds to
the bill getting dishonoured
Mr. B i.e.
c) Interest till the maturity date
a) D 500 b) D 1,000
d) Commission paid to the bank
c) D 960 d) D 480
160. Before due date Mr. A sends to Mr. B
Discounting With Bank
a) D 1,000 b) D 480
c) D 500 d) D 1,040
150. Encashment of bill with bank before its due date
a) Discounting b) Retirement
c) Renewal d) Endorsement Insolvency
151. The drawer/payee of a bill can get the amount of the same before
its due date by _______ the same 161. On 1.1.14 X draw a bill on Y for D 50,000. On maturity, the bill
a) Discounting b) Renewing returned dishonoured as Y become insolvent and 40 paise per
c) Dishonouring d) Endorsing rupee is recovered from his estate. The amount recovered is:
152. A Bill is discounted D 10,000. Where is it shown at the time of a) 20,000 b) Nil
preparation of Balance Sheet? c) 30,000 d) 40 paise
a) Liability side of Balance Sheet 162. On 1.1.14 X draw a bill on Y for D 1,00,000. At maturity, the bill
b) Assets side of Balance Sheet returned dishonoured as Y become insolvent and 40 paise per
c) Footnote to Balance Sheet rupee is recovered from his estate. The amount recovered is –
d) Debit side of Profit & Loss A/c a) 20,000 b) Nil
153. Under which of the following situations, is journal entry not c) 30,000 d) 40 Paise
passed in the books of the drawer? 163. Mr. Bobby sold goods worth D 25,000 to Mr. Boony, Boony
a) When a discounted bill is honored by the drawee on the due immediately accepted a bill on 1.11.13, payable after 1 months.
date Bobby discounted this bill @ 18% p.a. on 15.11.13. On the due
b) When a bill is sent to the bank for collection date Bonny failed to discharge the bill. Later on Bonny became
c) When a bill is renewed at the request of the drawee insolvent and 50 paise is recovered from Bonny‟s estate. How
d) When a debtor accepts a bill is discounted with a bank much amount of bad debt be recovered in the books of Bobby –
154. X draws a bill onY for D 20,000 for 3 months on 1.1.14. The bill a) 12,500 b) 9,437
is discounted with banker at a charge of D 100. At maturity the c) 11,687 d) 13,650

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164. Neelam sold goods to Dhiman for D 4,000 on 1.5.14. On the same 171. Bills for collection account is debited in the books of drawer
day, he drew on Dhiman a bill for the amount for 3 months, from -
which Dhiman duly accepted. Neelam got the bill discounted a) When bill is sent to Bank to keep it safely
with her bank before the due date, Dhiman became insolvent. b) When bill is discounted with bank
Later, her estate could pay only 40% of the amount due. What c) When bill is drawn on bank
will be the amount of deficiency in the books of Dhiman. d) None of these
a) 3200 b) 2200 172. On June 5, 2014 X he draws a bill at three months on Y for D
c) 2400 b) 2000 5,000 against sale of goods. Y accepts the bill. In the books of X,
165. A draws a bill on B for D 50,000 for 3 months. On, maturity, the the entry will be –
bill returned dishonoured, noting charges D 500, 40 paise in a 05-06-2014
rupee is recovered from B‟s estate. The amount of deficiency to a) YA/c Dr. 5,000
be recorded on insolvency in the books of B will be: To Bills receivable A/c 5,000
a) D 20,200 b) D 30,300 5-9-2014
c) D 19,800 d) D 19,000 b) Y A/c Dr. 5,000
166. S draws 2 bills of exchange on 1.1.14 for D 3,000 and D 5,000 To Bills payable A/c 5,000
5-6-2014
respectively. The bill of exchange for D 3,000 is for 2 months,
while the bill of exchange for D 5,000 is for 3 months. c) Bills receivable A/c Dr. 5,000
To Sales 5,000
These bills are accepted by K. On 4.3.14, K requests S to renew
5-6-2014
the first bill with interest at 18% p.a. for a period of 2 months. S
d) Bills receivable A/c Dr. 5,000
agrees to this proposal. On 20.3.14 K retires the acceptance for D
To Y A/c 5,000
5,000 the interest rebate i.e., discount being D 50. Before the due
date of the renewed bill K becomes insolvent and only 60 paise in
173. On June 5, 2013 X he draws a bill at three months on Y for D
a rupee can be recovered from his estate. How much bad debt
5,000 against sale of goods. Y accepts the bill. On the due date, Y
will be
pays cash to X against the bill. In the books of Y, the entry on
a) 1236 b) 1854
payment will be
c) 3090 d) 3000
8-9-2013
167. Mr. A sold goods worth D 50,000 to Mr. B. B immediately
a) Bills payable A/c Dr. 5,000
accepted a bill on 1.11.12 payable after 2 months. A discounted To Cash A/c 5,000
this bill @ 18% p.a. on 15.11.12. On the due date B failed to 5-6-2013
discharge the bill. later on B became insolvent and 50 paise in a
b) Bills Payable A/c Dr. 5,000
rupee is recovered from his estate. Bad debt recorded in the To X 5,000
books of A will be – 5-9-2013
a) 25,000 b) 60,500
c) Bills payable A/c Dr. 5,000
c) 59,780 d) 61,000 To Cash A/c 5,000
168. Mr. X accepted a bill of exchange of D 15,000 drawn by Y and 8-9-2013
payable in 3 months got it discounted from bank at 2% discount. d) X A/c Dr. 5,000
On the due date X failed to pay the bill as he was adjusted To Cash A/c 5,000
insolvent. A final dividend of 0.25 in a rupee was received from
his estate. What would be discounting charges? 174. Ayub informs Maharaja that Sadashiv‟s acceptance for D 2,000
a) 300 b) 250 endorsed to Ayub has been dishonoured. Noting charges
c) 230 d) 220 amounted to D 50. In the books of Maharaja, the entry will be
169. How much was recovered from the estate of X a) Sadashiv Dr. 2,000
a) 3,000 b) 3,600 To Ayub 2,000
c) 3,750 d) 4,000 b) Sadashiv Dr. 2,050
To Ayub 2,000
Bills Sent For Collection To Noting charges 50
c) Sadashiv Dr. 2,050
To Ayub 2,050
170. Which of the following is correct for presenting bill to notary d) Sadashiv Dr. 2,050
public Noting charges 50 2,050
a) To pay fees to notary public
b) For “bill for collection” 175. Pankaj renews his acceptance to Maharaja for D 1,200 by paying
c) If the acceptor can prove that the bill was not properly D 400 in cash and accepting a fresh bill for balance plus interest
presented to him for payment, he can escape the liability at 12% p.a. for 3 months. In the books of Maharaja the entry will
hence for dishonor it is produced. be
d) For drawing a fresh bill a) Pankaj Dr. 1,224

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To bills receivable A/c 824 a) Rupali Dr. 12,000
To Cash 400 To Bills receivable 12,000
b) Cash A/c Dr. 400 b) Rupali Dr. 12,000
Bills Receivable A/c Dr. 824 To Bank 12,000
To Pankaj 1,224 c) Bill sent to Bank for
c) Cash A/c Dr. 400 collection Dr. 12,000
Bills receivable A/c Dr. 800 To Rupali 12,000
To Pankaj 1,200 d) Rupali Dr. 12,000
d) Cash A/c Dr. 400 To Bill sent to Bank for
Bills receivable A/c Dr. 824 collection 12,000
To Pankaj 1,200 A draws bill of D 1,000 on Mr. B Mr. B accepts it and returns it to
To Discount A/c 24 Mr. A. Mr. A discounts the bill for D 960 at a discount of D 40.
180. A remits half of the proceeds to Mr. B i.e.
176. Vaibhav‟s acceptance to Maharaja D 6,000 is retired one month a) D 480 b) D 500
before the due date at a discount of 12% p.a. In the books of
c) D 20 d) D 1,000
Maharaja, the entry will be
181. Later on Mr. A was not in position to remit own share of amount
a) Cash Dr. 5,280
and therefore, he gave his acceptance to Mr. B for his dues + D 25
Discount 720
To Bills receivable 6,000 as interest. The acceptance was for
b) Cash Dr. 5,940 a) D 505 b) D 525
Discount Dr. 60 c) D 1,025 d) None of the above
To Bills payable 6,000 182. Mr. B discounted the new bill at a discount of D 25 and so
c) Cash Dr. 5,940 received
Discount Dr. 60
a) D 500 b) D 525
To Bills receivable 6,000
d) Vaibhav Dr. 5,940 c) D 1,025 d) None of the above
Discount Dr. 60 183. On the due date Mr. B honours bill of –
To Bills receivable 6,000 d) D 1,000 b) D 525
b) D 480 d) D 500
177. Bank informs Maharaja as to the dishonor of Kusum‟s 184. On the due date Mr. A honours bill of
acceptance for D 2,000 to Maharaja earlier discounted with the a) D 525 b) D 1,000
Bank for D 1,960. The noting charges came to D 40. In the books c) D 500 d) D 480
of Maharaja, following entry passed. 185. A draws a bill on B for D 1,000. B accepts and returns it to A. Mr.
a) Kusum Dr. 2,000 A discounts the bill at D 960 i.e. discount of D 40. A remitted half
To Bills receivable 2,000
of the proceeds (i.e., D 480) to B(i.e., 500 - 20, B's share of
b) Kusum Dr. 2,000
Noting charges 40 discount). Before the due date Mr. A sends other half of the
To Bank 2,040 amount i.e. D 500/ - (own share) to Mr. B. On the due date Mr. B
c) Bank Dr. 2,000 found himself unable to arrange his share of amount and hence
Discounting Charges Dr. 40 the bill was dishonoured. Now
To Kusum 2,040 a) Bank will collect D 1,000 from Mr. A
d) Kusum Dr. 2,040
b) A will pay D 1,000 to B
To Bank 2,040
c) Bank will collect D 500 from A
178. Nanda informs Kamesh that Shanti‟s acceptance for D 4,000 d) None of the above will happen
enclosed to Nanda has been dishonoured. Noting charges D 100.
In the books of Kamesh, the following entry will be passed. Ledger of Deo –
a) Nanda Dr. 4,100
To Shanti 4,100
b) Bills Payable Dr. 4,100 Dr. Bhagwan’s Account Cr.
To Bills receivable 4,100 Particulars D Particulars D
c) Shanti Dr. 4,100 To bill payable 3,000 By purchases 3,000
To Nanda 4,100 (1) A/c
d) Shanti Dr. 4,000 To Bills payable 3,150 By Bills 3,000
Noting charges 100
To Nanda 4,100 (2) A/c payable (1) A/c
To Cash A/c 630 By noting 20
179. Sonali had sent a bill of Rupali for D 12,000 to bank for Charges
collection. But bank informed that the bill has been dishonoured To Deficiency 2,520 By Interest 130
by Rupali. In the books of Sonali, on dishonor, the following A/c
entry will be passed. By bills 3,150
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payable (2) A/c c) Acceptor and Promise d) Endorser and Maker
9,300 9,300 198. Which of the following is not a feature of promissory note?
a) It must be in writing
b) It cannot an unconditional promise to pay
186. Bhagwan is
c) It must be payable to the bearer
a) The drawer of Bill b) The drawee of Bill
d) It must be signed by the maker
c) The Partner of Deo d) Customer of Deo
199. Which of the following instrument cannot be made payable to
187. Noting charges were paid on
bearer?
a) Acceptance of 1st bill b) Part Payment of 1st Bill
st a) Promissory note b) Bank cheques
c) Dishonour of 1 Bill d) Dishonour of 2nd Bill
c) Bill of exchange d) Accommodation bill
188. Interest D 130 was –
200. Which of these statements is true about a Promissory Note?
a) Paid on dishonor of 2nd Bill
a) A promissory note cannot be made payable to the maker
b) Paid on Cancellation of 1st Bill
himself
c) Paid on late payment of 1st Bill
b) A promissory note is a conditional order to pay
d) Received for accommodation Bill
c) A promissory note does not require stamping
189. Entry of Cash A/c D 630 indicates
d) A promissory note cannot be dishonoured
a) Dividend on insolvency of Deo received by Bhagwan
201. Which of these statements is not true about a Promissory note?
b) Noting Charges paid
a) No notice of dishonor of Promissory note is required
c) Cash received from Bhagwan
b) Dishonour of Promissory note does not require noting or
d) Dividend on insolvency of Bhagwan received by Deo
protest
190. Deficiency A/c indicates –
c) A promissory note cannot be made payable to the maker
a) Unpaid Balance due from Bhagwan
himself
b) Unpaid Balance due to Bhagwan
d) Promissory note can be made payable to the Bearer
c) Unpaid Balance due to Bhagwan
202. Which of these is not an essential requirement of a valid
d) Excess cash paid to Bhagwan
promissory note?
a) Acceptance b) Unconditional
Promissory Note c) Maker and payee d) All the above
203. Indian currency is a –
191. A promissory note is an ______ in writing given by the debtor to a) Bill of exchange b) Promissory note
the creditor. c) Hundi d) Cheque
a) An unconditional order b) A conditional promise
c) A qualified order d) An unconditional promise Foreign Bills
192. Promissory note features
1) Must be stamped 204. Which of the following is not a foreign bill:
2) Payee must sign a) A bill drawn in India, on a person resident outside India and
3) Conditional undertaking made payable outside India.
4) Certain amount b) A bill drawn outside India, on a person resident outside
5) Not transferable to bearer India.
a) 1, 2, 3, 4 b) 1, 4, 5 c) A bill drawn outside India, made payable in India
c) All of the above d) None of these d) A bill drawn on a person resident in India made payable in
193. A promissory note contains India
a) A promise b) An unconditional order 205. A bill drawn in India and made payable in Japan
c) A request to deliver the goods a) Foreign Bill b) Inland Bill
d) None of these c) Bill at sight d) Demand Bill
194. How many parties are there in a Promissory note?
a) 5 b) 4
c) 3 d) 2
195. The promissory note should be signed by:
a) Drawer b) Drawee
c) Payee d) Promisor
196. A promissory note is made by a
a) Seller b) Purchaser ANSWERS
c) Endorsee d) Shareholder
197. The _______ of a bill and the _______ of a promissory note are 1. b 2. c 3. b 4. c
the persons primarily liable on the bill and the note respectively. 5. a 6. c 7. b 8. b
a) Acceptor and Maker b) Drawer and Payee 9. b 10. a 11. a 12. c

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13. b 14. a 15. d 16. c
17. b 18. b 19. d 20. b
21. b 22. c 23. b 24. c
25. d 26. b 27. b 28. d
29. b 30. b 31. c 32. a
33. a 34. d 35. d 36. a
37. a 38. a 39. b 40. b
41. c 42. d 43. c 44. d
45. a 46. b 47. c 48. b
49. c 50. b 51. a 52. a
53. b 54. c 55. b 56. a
57. d 58. d 59. c 60. b
61. c 62. d 63. b 64. a
65. c 66. b 67. d 68. c
69. b 70. c 71. c 72. b
73. a 74. b 75. b 76. b
77. d 78. c 79. b 80. b
81. d 82. c 83. b 84. a
85. b 86. d 87. d 88. a
89. b 90. c 91. b 92. a
93. d 94. d 95. c 96. b
97. b 98. a 99. b 100. c
101. a 102. d 103. c 104. a
105. c 106. b 107. a 108. b
109. b 110. b 111. a 112. c
113. d 114. a 115. a 116. d
117. b 118. c 119. a 120. a
121. a 122. a 123. d 124. d
125. a 126. c 127. d 128. d
129. a 130. c 131. b 132. b
133. c 134. b 135. d 136. b
137. c 138. c 139. c 140. d
141. b 142. c 143. d 144. d
145. b 146. a 147. c 148. b
149. b 150. a 151. a 152. c
153. a 154. b 155. a 156. b
157. c 158. a 159. d 160. c
161. a 162. c 163. a 164. c
165. b 166. a 167. a 168. a
169. c 170. c 171. a 172. d
173. a 174. c 175. b 176. c
177. d 178. c 179. d 180. a
181. b 182. a 183. a 184. a
185. a 186. a 187. c 188. b
189. a 190. c 191. d 192. b
193. a 194. d 195. d 196. b
197. a 198. c 199. a 200. a
201. b 202. a 203. b 204. d
205. a

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