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Category Bills of Exchange

Bills of Exchange 39 Questions

0 Votes 1 Ans

Arpit drew two bills of exchange on 1st January, 2023 for ₹ 15,000 and ₹ 25,000. The Bill of Exchange for ₹ 15,000 is for two months while the Bill of Exchange for ₹ 25,000 is for three months

1.76K viewsAnurag Pathak Changed status to publish March 18, 2024Bills of Exchange

0 Votes 1 Ans

Rishabh owed ₹ 20,000 to Saurabh. On 1st October, 2023, Rishabh accepted two bills drawn by Saurabh one for ₹ 8,000 and another for ₹ 12,000, the term of both the bills being two months

1.55K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Yashpal owed money to Srinivas and hence accepted two bills each of ₹ 9,700 of three months duration drawn on him by the latter, on 1st July, 2023

1.68K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Amar sold goods to Baren for ₹ 40,000 on 1st January, 2023. Baren accepted a bill for 3 months on that date for ₹ 40,000

1.66K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

A sold goods to B for ₹ 12,000. He took a bill at 3 months dated 1st July, 2023. On 4th August, A discounted the bill @ 5% p.a. with his bank

1.90K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

On 1st January, 2023, A drew upon B for goods sold, a bill at 3 months for ₹ 10,000. A discounted the bill with his bank, who charged ₹ 150 for discounting the bill

1.68K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

On 1st January, 2023, Vinod buys goods from Ramesh for ₹ 30,000 subject to deduction of 10% trade discount

1.39K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

On 1st May, 2023 Ankur sold goods to Basu for ₹ 20,000 and drew a bill of exchange on him, payable after 3 months

1.75K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

On 15th April, 2023, A agrees to draw on B, who is his debtor for ₹ 24,000, three bills of exchange: No. 1 for ₹ 7,000 at month, No. 2 for ₹ 8,000 at 2 months and No. 3 for ₹ 9,000 at 3 months

1.38K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

On 1st January, 2023, X sold goods to Y for ₹ 45,000 on credit, X drew 3 bills on him: first bill for ₹ 10,000 for 1 month, second bill for ₹ 15,000 for 2 months and third bill for ₹ 20,000 for 3 months

1.51K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

On 1st May, 2023, Merchant & Co. sold goods to AB & Co. of ₹ 50,000 and drew upon them a bill at 3 months for the amount. AB & Co. accepted the draft on presentation

1.30K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Rama sold goods for ₹ 12,000 to Reshma on 1st January, 2023. On the same date Rama draws a bill on Reshma for ₹ 12,000 for a period of 3 months

1.53K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

A purchases goods of ₹ 62,000 from B. A gives his acceptance for ₹ 62,000. B purchases goods worth ₹ 1,00,000 from C and endorses the bill to him, paying the balance by cheque

1.19K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Amar purchased goods of ₹ 10,000 from Bimal on 1st January, 2023. Amar accepts a bill for 1 month drawn by Bimal for the same

1.54K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Record the following transactions in the books of Sharma: Sharma’s acceptance in favour of Banerji for ₹ 2,000 dishonoured. Banerji agreed to receive ₹ 1,000 in cash and a new bill at 3 months for ₹ 1,000. Interest @ 6% p.a. is to be paid immediately by cash

1.22K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Ram’s acceptance for ₹ 20,000 renewed for 3 months, plus interest @ 5% p.a

1.34K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Record the following transactions in the books of Mehta Mehta’s acceptance for ₹ 2,500 retired before due date for a discount of ₹ 50.

1.56K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Record the following transactions in the books of Mehra Mehra’s acceptance for ₹ 1,500 in favour of Chopra renewed for 3 months together with interest @ 6% p.a

1.20K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

B’s acceptance for ₹ 1,000 due on this day, was renewed at his request for 3 months with interest @ 6% p.a

1.31K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Y owed X ₹ 15,000 who drew on him one bill for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable 3 months after date

1.47K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Ram owed ₹ 20,000 to Mohan on 1st January, 2023. On this date, he accepted a draft for the amount for 3 months

1.39K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Ram’s acceptance for ₹ 30,000 endorsed in favour of Shyam is dishonoured. Shyam pays ₹ 500 as noting charges

1.52K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

A bill for ₹ 20,000 is drawn by A on B and accepted by the latter payable at Bank of India. Show what entries should be passed in the books of A under each of the following circumstances

1.12K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

Y owes X ₹ 40,000. On 1st January, 2023, Y accepts a 3 months bill for ₹ 39,000 in satisfaction of his full claim

1.07K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

0 Votes 1 Ans

On 1st January, 2023, A drew a bill on B for ₹ 10,000 payable after 3 months. B accepted the bill and returned it to A

1.10K viewsAnurag Pathak Changed status to publish October 25, 2023Bills of Exchange

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