subject

Bills of Exchange

Commerce ⇒ Accountancy

Bills of Exchange starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Bills of Exchange. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 11
A Bill of Exchange is drawn for Rs. 10,000 on 1st March, 2024 for 2 months. Calculate the maturity date.
A Bill of Exchange is drawn for Rs. 12,000, payable after 3 months. If the bill is retired one month before maturity at a rebate of 6% p.a., calculate the amount of rebate.
A Bill of Exchange is drawn for Rs. 20,000 and discounted with the bank at 10% p.a. for 2 months. Calculate the amount received from the bank.
A Bill of Exchange is drawn for Rs. 50,000 and is endorsed to a creditor. On dishonour, who can the creditor claim the amount from?
A Bill of Exchange is drawn on 10th June, 2024 for 1 month. What is the maturity date?
A Bill of Exchange is drawn on 15th February, 2024 for 2 months. What is the maturity date?
A Bill of Exchange is drawn on 1st January, 2024 for 3 months. What will be its maturity date?
Define a Bill of Exchange.
Explain the accounting treatment when a Bill of Exchange is discounted with the bank.
Explain the term 'accommodation bill'.
Explain the term 'endorsement' in relation to a Bill of Exchange.
If a Bill of Exchange is dishonoured, who is primarily liable to pay?
State any two essential features of a Bill of Exchange.
What is meant by 'discounting' a Bill of Exchange?
What is meant by 'maturity' of a Bill of Exchange?
What is 'noting' in relation to a dishonoured Bill of Exchange?
What is the accounting treatment for a Bill of Exchange received and retained till maturity?
What is the difference between a Bill of Exchange and a Promissory Note?
What is the difference between 'Bills Receivable' and 'Bills Payable'?
What is the effect of dishonour of a Bill of Exchange on the books of the drawer?