Question 1 :
The period intervening between the date on which a bill is drawn and the date on which it becomes due for payment is called
Question 2 :
State whether the following statement is True or False.<br>Noting charges are payable to the Notary public, in case of honour of a bill.
Question 3 :
The true discount on a bill due $9$ months hence at $16$% per annum is $Rs. 189$. The amount of the bill is:
Question 4 : <p>The cancellation of the old bill maturity in return for a new bill (which includes interest) for an extended period is called<b>________________.</b></p>
Question 6 :
Officer appointed by Central Government for noting of dishonour bill. <br>
Question 8 :
On due when Drawee Fails to make the payment of the bill _____________.<br/>
Question 9 :
When the holder of the bill discounts the bill, he shall debit ____________.
Question 11 :
The person to whom the amount mentioned in the promissory note is payable is known as promise.
Question 14 :
On 10th Sept. X draws a bill on Y for 3 months for 20,000. ${ 13 }^{ th } $ Dec. Was a sudden holiday, due date of the bill will be:
Question 16 :
If the bill of exchange of two month's duration is accepted on 13th June its maturity date will be ____________.<br/>
Question 17 :
If the bill of exchange of two month's duration is accepted on 12th June 1995 its maturity date will be ____________.<br/>
Question 18 :
X sold goods worth Rs 1,50,000 to Y. Y immediately accepted a bill on 1st Nov payable after 2 months. X discounted this bill @ 18% p.a. on 15th Nov. On the due date , Y failed to discharge the bill. Later on Y became insolvent and 50 paise in a rupee is recovered from Y's estate. How much amount of bad debt will be recorded in the books of X?
Question 19 :
When a bill is drawn by A on B, and before the maturity date, B becomes insolvent then in the books of A it is debited to _____________.
Question 21 :
At the time of the renewal of a bill, interest account is ____________ in the books of the drawee.
Question 22 :
Discount at the time of retirement of a Bill is a gain for the drawee.
Question 24 :
A person to whom the bill is endorsed is called _____________.<br/>
Question 25 :
Refusal or inability of the acceptor to pay the amount of bill is termed as _______.
Question 26 :
On 1st January, 2018 Mr.Ram draws a bill on Mr.Ravan for Rs. 20,000 for 3 months payable after date. Calculate due date in this case.
Question 28 :
__________________ means cancellation of old bill and drawing a new bill.<br>
Question 30 :
when bill is dishonored  ___________ account is Debited along with Bill payable A/c for recording noting charges.<br/>
Question 31 :
Payment of bill on its due date is known as ________________.<br/>
Question 33 :
The person on whose favor a bill is endorsed is called as _______.<br/>
Question 35 :
When noting charges are paid at the time of dishonour of the bill, the drawee always debits ______________ account.
Question 36 :
________ is not an essential requirement of a valid promissory note?
Question 37 :
When the bill is dishonoured ____________ is held responsible for noting charges.<br>
Question 38 :
If a cheque sent for collection is dishonored, the debit is given to _________.
Question 40 :
A person who endorses the promissory note in favour of another is known as Endorser.
Question 41 :
If the bill falls due for payment on 15th August, then the payment must be made on ____________ January. <br>
Question 43 :
When the bill is to be produced to notary public at the time of ___________.
Question 44 :
In a promissory note, the person who makes the promise to pay is called as Promisor.
Question 45 :
On dishonour of a bill discounted the drawer gives credit to ________.
Question 47 :
<br/>Transfer of a negotiable instrument to another person by signing on it, is known as Endorsement.
Question 48 : <p>On 1st Jan, 2017 X sold goods to Y for Rs 10,000 on credit basis. On the same date X drew a bill for Rs 10,000 on Y at two months. Y accepted the bill and returned it to X. On the due date Y could not honor acceptance. What is the journal for recording the dishonor of a bill?</p>
Question 49 :
Recording the fact of dishonour on the bill by notary public.<br>
Question 50 :
Noting charges are considered as expense by the party, who makes the payment.<br/>
Question 51 :
On 1.1.13 X drew a bill on Y for 1,50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is ____________.
Question 52 :
___________ days of grace are allowed in case of time bills for calculation date of maturity.
Question 53 :
Mr. X accepted a bill of exchange of $Rs. 1500$ drawn by Y and payable in $3$ months. He got it discounted from bank at $2$% discount. The discounting charges amounted to __________.
Question 54 :
M sold goods worth of Rs 1,50,000 to N. On 1st Oct, N immediately accepted a three month bill. On due date N requested that the bill be renewed for a fresh period of 3 months. N agrees to pay interest @ 18% p a. in cash. How much interest to be paid in cash by N?
Question 55 :
On $16.6.2019\ X$ draws a bill on $Y$ for $Rs. 25,000$ for $30$ days. $19th$ July is a public holiday, maturity date of the bill will be: ________.
Question 57 :
A draws a bill of exchange of $Rs. 8,000$ on B for $4$ months on $15th\ April$. What is the due date if on the due date a public holiday is suddenly declared?
Question 58 :
Noting charges are paid in the event of _________ of a bill.
Question 59 :
Rebate on bills discounted is _______ from interest and discount in the P/L Account .
Question 60 :
If tenure of bill is 90days ,accepted on 23rd Dec 1991 its due date will be _____________.<br/>
Question 61 :
If the bill is drawn on 14th May and the duration of bill is 90days, the due date of bill will be ________________.<br/>
Question 62 :
If the bill is drawn on 3rd July and the duration of bill is 40days, the due date of bill will be ________________.<br/>
Question 63 :
If payment is made on the average due date it results in ________________.
Question 64 :
A one month bill drawn and accepted on 31st January, will become due on ___________.<br/>
Question 65 :
The account current method in which the days are calculated from the date of transaction to the commencement date is known as ____________.
Question 66 :
A draws a bill of exchange of $Rs. 4000$ on B on the $15th\ August$ payable $30$ days after date. The due date of the bill will be _________.
Question 67 :
Rachel spent $\$24.15$ on vegetables. She bought $2$ lbs of onions, $3$ lbs of carrots and $1$ $\dfrac{1}{2}$ lbs of mushrooms. If the onions cost $\$3.69$ per lb, and the carrots cost $\$4.29$ per lb, what is the price per lb of mushrooms?
Question 68 :
A bill dated $1st\ January\ 2014$ is a payable $60$ days after date. The maturity date of the bill will be _________.
Question 70 :
If the bill of exchange of two month's duration is accepted on 15th September its maturity date will be __________.<br/>
Question 71 :
______ bears the expenses of noting charges on dishonourment of a bill of exchange.
