If due date of a bill is a public holiday then it’s due date will be :
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Question 2 of 30
2. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1.1.05 X draws a bill on Y for Rs.20,000. At maturity, Y requests X to renew the bill for 2 months @ 12% p.a. interest. Amount of interest will be :
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Question 3 of 30
3. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1.8.05 X draws a bill on Y “for 30 days after sight”. the date of acceptance is 8.8.05. The due date of the bill will be :
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Question 4 of 30
4. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Bill Receivable account is a :
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Incorrect
Question 5 of 30
5. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The Noting changes levied on dishonour of an endorsed bill by Notary Public are to be borne by :
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Question 6 of 30
6. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A bill of exchange is drawn on 1st April 2003 payable after 3 months. The due date of the bill is :
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Incorrect
Question 7 of 30
7. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A draws a bill on B for Rs.50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs.500.40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recorded on insolvency in books of B will be :
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Incorrect
Question 8 of 30
8. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1.3.2006 X draws a bill on Y for 3 months for Rs.20,000 on 4.5.2006 Y pays the bill t o X at 12% discount, the Amount of discount will be :
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Incorrect
Question 9 of 30
9. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
How long is the period of days of grace in case of a bill :
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Incorrect
Question 10 of 30
10. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A promissory note does not require :
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Incorrect
Question 11 of 30
11. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Mohan drew a bill on Shyam for Rs.50,000 for 3 months. Proceeds are to be shared equally. Mohan got the bill discounted @ 12% p.a. and remits required proceeds to Shyam. the amount of such remittance will be :
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Incorrect
Question 12 of 30
12. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A promissory note is drawn by ______ in favour of his _____ .
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Question 13 of 30
13. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1st January 2006, vimal sold goods worth Rs.20,000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with, bank on 4th February 2006@ 15% p.a. The discounting charges will be :
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Incorrect
Question 14 of 30
14. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa was not able to meet the bill. She pays Rs.4,000 and asks to draw another bill for 3 months for the balance amount with interest @ 15% p.a. The amount of interest will be :
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Incorrect
Question 15 of 30
15. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The purpose of Accommodation bill is :
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Incorrect
Question 16 of 30
16. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Preeti accepted a 90 days bill of Rs.10,000 drawn by Jeet on 5.2.2006. On 13.3.2006 Preeti wished to retire the bill. Jeet offered rebate @ 12% p.a. What is the amount of rebate ?
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Incorrect
Question 17 of 30
17. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Bill receivable endorsed are debited to :
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Incorrect
Question 18 of 30
18. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1.6.07 X, draws a bill on Y for Rs.25,000. At maturity Y request X to accept Rs.5,000 in cash and noting charges incurred Rs.100 and for the balance X draw a bill on Y for 2 months at 12% p.a. interest amount will be :
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Incorrect
Question 19 of 30
19. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1.1.2005 X draws a bill on Y for Rs.30,000 for 3 months. At maturity Y requests X to accept Rs.10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be :
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Incorrect
Question 20 of 30
20. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Endorsement of bill means :
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Incorrect
Question 21 of 30
21. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1st April, A sold goods worth Rs.10,000 to B. B drew a bill for 3 months. A discounted the bill from the bank at 15% p.a. then the amount receied on account of bill will be :
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Incorrect
Question 22 of 30
22. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which account is to be credited when an endorsed cheque is dishonoured ?
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Incorrect
Question 23 of 30
23. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A draws a bill of Rs.50,000 and B accepts it. After this, B becomes insolvent and only 40 paisa in a rupee could be recovered. What is the amount that can be recovered ?
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Question 24 of 30
24. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A promissory note is an instrument in writing containing an ______ undertaking.
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Question 25 of 30
25. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Dishonour of a bill is recorded in :
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Incorrect
Question 26 of 30
26. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
If the bill is accepted and the amount is given before the due date, then the bill is said to be :
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Incorrect
Question 27 of 30
27. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A bill for Rs.12,500 drawn by Shyam is accepted by Ram & Shyam gets it’s discounted @ 12% p.a. due 3 months hence, the discounting charges borne by Shyam is :
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Incorrect
Question 28 of 30
28. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A draws a bill for Rs.15,000 which is accepted by B. They agree to share the proceeds in the ratio of 3 : 2. A discounts the bill with the bank at 10% p.a. maturity 2 months. What amount will be remitted by A to B after discounting the bill ?
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Incorrect
Question 29 of 30
29. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Ram drew a bill on Shyam on 15th April, 09 Shyam accepted the same on 17th April,09 for 30 days after sight. What will be the due date of the bill ?
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Incorrect
Question 30 of 30
30. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X draws a bill on Y for Rs.5,000 for 3 months. Before the due date Y sends 1/5th of the amount to X. Y requested X to draw a new bill for the balance amount plus interest @ 12% p.a. for 3 month. Find the amount of the new bill ?