Bank Reconciliation Statement

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BILLS O F EXCHANGE

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1.On 1.1.05, X draws a bill on Y for Rs 20,000 for 3 months maturity date of the bill will be: (a) 1.4.05 (b) 3.4.05 (c) 4.4.05 (d) 4.5.05 2. On 15.8.05, X draws a bill on Y for 3 months for Rs. 20,000. 18 lh Nov was a sudden holiday, maturity date of the bill will be: (a) 17 th Nov (b) 18 ,h Nov (c) 19 th Nov (d) 15 th Nov

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3. On 16.6.05 X draws a bill on Y for Rs 25,000 for 30 days. 19 th July is a public holiday, maturity date of the bill will be: 19 th July (b) 18 th July (c) 17 ,h July (d) 16 th July 4. X draws a bill on Y for Rs 30,000 on 1.1.05. X accepts the same on 4.01.05 for period of 3 months after date. What will be the maturity date of the bill? (a) 4.4.05 (b) 3.4.05 (c) 7.4.05 (d) 8.4.05

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5. X draws a bill on Y. X endorsed the bill to Z. The Payee of the bill will be (a) X (b)Y (c) Z (d)None 6. A bill of Rs. 12,000 was discounted by A with the banker for Rs.11,880 At maturity, the bill returned dishonoured , noting charges Rs 20. How much amount will the bank deduct from A's bank balance at the time of such dishonour ? (a) Rs. 12,000 (b) Rs. 11,880 (c) Rs. 12,020 (d) Rs. 11,900

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7. x draws a bill on Y for Rs 20,000 on 1.1.05 for 3 months after sight, date of acceptance is 6.1.05. Maturity date of the bill will be: 8.4.05 (b) 9.4.05 (c) 10.4.05 (d) l1.4.05 8. X sold goods to Y for Rs 1,00,000. Y paid cash Rs 30,000. X will grant 2% discount on I balance, and Y request X to draw a bill for balance, the amount of bill will be: Rs.'98,000 (b) Rs. 68,000 (c) Rs. 68,600 (d) Rs. 70,000

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9. On 1.1.05, X draws a bill on Y for Rs 50,000 for 3 months. X got the bill discounted 4.1.05 at 12% rate. The amount of discount on bill will be: (a) Rs. 1,500 (b) Rs. 1,600 (c) Rs. 1,800 (d) Rs. 1,450 10. Mr. A draws a bill on Mr. Y for Rs 30,000 on 1.1.06 for 3 months. On 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be: (a) Rs. 900 (b) Rs. 600 (c) Rs. 300 (d) Rs. 650

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11. X draws a bill on Y for Rs 20,000 for 3 months on 1.1.05. The bill is discounted with banker at a charge of Rs 100. At maturity the bill return dishonoured . In the books of X, fc dishonour , the bank account will be credited by : (a) Rs. 19,900 (b) Rs. 20,000 (c) Rs. 20,100 (d) Rs. 19,800 12. On 1.1.05, X draws a bill on Y for Rs 10,000. At maturity Y request X to renew the bill far 2 month at 12% p.a. interest. Amount of interest will be: (a) Rs. 200 (b) Rs. 150 (c) Rs. 180 (d) Rs. 190

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13. On 1.1.05, X draws a bill on Y for Rs 15,000 for 3 months. At maturity Y request X to accept Rs 5,000 in cash and for balance to draw a fresh bill for 2 months together will 12% p.a. interest, amount of interest will be: Rs. 200 (b) Rs. 300 (c) Rs. 240 (d) Rs. 380 14. On 1.08.2005 X draws a bill on Y "for 30 days after sight". The date of acceptance is 8.8.05. The maturity date of the bill will be: (a) 8.9.05 (b) 10.9.05 (c) 11.9.05 (d) 9.9.05

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15. On 1.6.05, X draws a bill on Y for Rs. 25,000. At maturity Y request X to accept Rs. 5,000a 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:' (a) Rs. 410 (b) Rs. 420 (c) Rs. 440 (d) Rs. 400

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16. On 1.1.05, X draws a bill on Y for Rs. 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: (a) Rs. 20,000 (b)Nil (c) Rs. 30,000 (d) 40 paise 17. X draws a bill on Y for Rs 3,000. X endorsed to Z.^Y will pay the amount of the bill to (a) X (b) Z (c) To himself (d) None

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18. On 1.1.05, X draws a bill on Y for 3 months for Rs 10,000. On 4.3.05, Y pay the bill to X at 12% discount, the amount of discount will be: 100 200 300 50

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19. Ram draws on Aslam a bill for Rs 60,000 on 1.4.09 for 2 months. Aslam accepts the bill and sends it to Ram who gets it discounted for Rs 58,800. Ram immediately remits Rs 19,600 to Aslam . On due date, Ram being unable to remit the amount due and accepts a bill for Rs 84,000 for 2 months which is discounted by Aslam for Rs 82,200. Aslam sends Rs 14,800 to Ram out of the same. How much discount will be borne by Ram at the time of 14,800 remittance. Rs. 1,200 Rs. 1,800 Rs. 1,100 Rs. 800

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20. Mr. Bobby sold goods worth Rs 25,000 to Mr Bonny .[Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill later on Bonny became insolvent and 50 paise is recovered from Bonny's estate. How much amount of bad debt will be recorded in the books of Bobby: Rs. 12,500 Rs. 9,437 Rs. 11,687 Rs. 13,650

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21. The purpose of accommodation bill is: (a) To finance actual purchase or sale of goods (b) To facilitate trade transmission (c) When both parties are in need of funds (d) None of the above 22. M sold goods worth of Rs 50,000 to N. On 1.10.05, 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? Rs. 2,250 Rs. 1,800 Rs. 2,000 Rs. 1,100

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23. On 1.1.05, X draws a bill on Y for Rs 30,000. At maturity Y request X to draw a fresh bill for 2 months together with 12% pa. interest. Noting charges Rs 100. The amount of interest will be: Rs. 600 Rs. 602 Rs. 500 Rs. 550 24. On 18.02.05 A draw a bill on B for Rs. 10,000. B accepted the bill on 21.2.05. The bill is drawn for 30 days after sight. The maturity date of the bill will be: 24.3.05 22.3.05 26.3.05 21.3.05

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25. X sold goods to Y for Rs 3,00,000. 1/2 of the amount will be received in cash and balance in B/R. For what amount X should draw the bill on Y. (a) Rs. 1,50,000 (b) Rs. 3,00,000 (c) Rs. 1,00,000 (d) Rs. 1,20,000 26. 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 be recorded on insolvency in the books of B will be: Rs.20,200 Rs.30,300 Rs.19,800 Rs.19,000

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27. A sold goods to B for Rs 20,000. A will grant 5% discount to B. B requested A to draw a I bill. The amount of the bill will be: Rs. 20,000 Rs. 19,000 Rs. 19,200 Nil 28. Fees paid in cash to Notary Public is charged by: Drawer Drawee Holder of the bill of exchange None

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29. A draws a bill on B for Rs 50,000. A endorsed it to C in full settlement of Rs 50,500. Noting charges of Rs 200 as the bill returned dishonoured . A want to pay the amount to C at 2 % discount. The amount to be paid by A to C will be: Rs. 49,000 Rs. 49,490 Rs. 49,686 Rs. 50,500 30. A draws a bill on B for Rs 1,00,000. A endorsed the bill to C. The bill return dishonoured . Noting charges Rs 1,000. B request A to accept the amount at 2% discount by a single cheque . The cheque amount will be: Rs. 98,000 Rs. 98,980 Rs. 99,000 Rs. 99,980

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31. S draws 2 bills of exchange on 1.1.06 for Rs 3,000 and Rs 5,000 respectively. The bill of exchange for Rs 3,000 is for 2 months, while the bill of exchange for Rs 5,000 is for 3 months. These bills are accepted by K. On 4.3.06 K requests S to renew the first bill with interest at 18% p.a. for a period of 2 months. S agrees to this proposal. On 20.3.06 K retires the acceptance for Rs 5,000 the interest rebate i.e., discount being Rs 50. Before the due date of the renewed bill K becomes insolvent and only 60 paise in a rupee can be recovered from his estate. How much bad debt will be recorded in the books of S: Rs. 1,236 Rs. 1,854 Rs. 3,090 Rs. 3,000

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32. The promissory note should be signed by: Drawer Drawee Payee Promiser 33. Kuntal draws a bill on Shyam for Rs 3,000. Kuntal endorsed it to Ram. Ram endorsed it to Rahim . The payee of the bill will be: Kuntal Ram Shyam Rahim

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34. A bill is drawn on 29 th Jan' 06 for one month after date. The date of acceptance is 2 nd Feb'06; The maturity date of the bill will be: 28 th February 1 st March 2 nd March 3 rd March

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35. Mr. Rex accepted a bill drawn by Mr. Rabin. Mr. Rabin endorsed the bill to Mr Shekar . On the due date, the bill is dishonored as Mr Rex became insolvent. To record the dishonor of the bill in the books of Mr. Rabin, which of the following accounts should be credited? Mr. Rex's account Bills Receivable account Mr Shekar's account Bills payable account

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36. Which of the following statements is true? (a) A bill cannot be endorsed more than two times (b) A bill is drawn by purchaser (c) A bill contains an unconditional promise to pay (d) Noting charges are borne by the drawee in the event of dishonour of bill. 37. For mutual accommodation of A and B, B accepted a bill drawn on him by A for 2 months for Rs. 6,000. The said bill is discounted at 12% pa. and remitted l/3 rd of the proceeds to B. The amount remitted by A to B will be: Rs. 2,000 Rs. 1,960 Rs. 1,920 Rs. 1,900

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38. Lara draws an accommodation bill on Sachin . The proceeds are to be borne between Sachin and Lara in' the ratio of 3:1.The amount of bill Rs 6000, discounting charges Rs 120. Discount borne by Sachin will be: Rs. 90 (b) Rs. 120 (c) Rs. 100 (d) None 39. A draws a bill on B for Rs. 4,500 for mutual accommodation in the ratio 2:1. A got it discounted at 4230 and remitted l/3 rd of the proceeds to B. At the time of maturity, how much amount A should remit to B such that B can pay off the bill? Rs. 3,000 Rs. 2,880 Rs. 2,920 Rs. 3,010

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40. Suman drew a bill on Sonu for Rs. 4,500 for mutual accommodation in the ratio 2:1. Sonu accepted the bill and returned to Suman . Suman discounted the bill for Rs. 4,230 and remitted l/3 rd proceeds to Sonu . Before the due date, not having funds to meet the bill, Sonu drew a bill on Suman for Rs. 6,300 on the same terms as to mutual accommodation. The second bill was discounted for Rs. 6,120. The first bill was honored on the due date and a net amount of Rs. 1,080 was remitted to Suman by Sonu . The proportionate discount charge on both the bills is to be borne by Suman is: Rs. 180 Rs. 150 Rs. 300 Rs. 120

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41. Which of the following instrument is not a negotiable instrument: Bearer cheque Promissory note Bill of exchange Crossed cheque 42. On 1.1.06 Vikas draws a bill of exchange for Rs 10,000 due for payment after 3 months on Ekta . Ekta accepts to this bill of exchange. On 4.3.06, Ekta retires the bill of exchange at a discount of 12% p.a. Which of the discount is correct for premature payment in the books of Ekta ? Rs. 120 Rs. 100 Rs. 140 Rs. 160

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43. Neelam sold goods to Dhiman for Rs 4,000 on 1.5.06. On the same day, she drew on Dhiman a bill for the amount for 3 months, which Dhiman duly accepted. Neelam got the bill discounted with her bank before the due date, Dhiman became insolvent. Later, his estate could pay only 40% of the amount due. What will be the amount of deficiency in the books of Dhiman . Rs. 3,200 Rs. 2,200 Rs. 2,400 Rs. 2,000

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44. Which of the following is not a foreign bill: (a) A bill drawn in India, on a person resident outside India and made payable outside India. (b) A bill drawn outside India, on a person resident outside India (c) A bill drawn outside India, made payable in India (d) A bill drawn on a person resident in India made payable in India 45. A drew a bill on B for Rs 50,000 for 3 months. Proceeds are'to be shared equally. A got the bill discounted at 12% p.a. arid remits required proceeds to B. The amount of such remittance will be: Rs. 24,250 Rs. 25,000 Rs. 16,167 Rs. 32,333

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46. From the following information, find out who can draw the bill if Mr A sold goods to B: A will draw a bill on B B will draw a bill on A None of these Third party will draw a bill on A 47. When the bill are to be produced to notary public: At the time of drawing the bill At the time of acceptance of the bill At the time of dishonour of the bill At the time of "bill for collection"

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48. Which of the following statement is false : B/R is a negotiable instrument B/R must be accepted by drawee . (c) There can be three parties in respect of bills of exchange - drawer, drawee & payee (d) Oral bill of exchange is also valid. 49. Under which circumstances drawer and payee is same person: (a) When drawer discounted the bill with banker (b) When drawer endorse the bill to the third party (c) When drawer held the bill till maturity (d) When drawee rejects to accept the bill

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50. Which of the following statement is true: (a) Noting charge is an expense to be borne by drawer (b) Noting charge is an expense to be borne by drawee (c) Noting charge is an expense to be borne by payee (d) Noting charge is an expense to be borne by bank 51. Which of the following statement is true: (a) Creditors can draw a bill on Debtors (b) Debtors can draw a bill on Creditors. (c) Bank will draw a bill on customer at the time of overdraft. (d) One can draw the bill on another under any circumstances .

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52. Indian currency is a Bill of exchange Promissory Note Hyundi Cheque 53. Gouri sold goods to Gupta on 1.6.06 for Rs 1600. Gupta immediately accepted aghree months bin On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri ? Rs. 20 Rs. 25 Rs. 24 Rs. 28

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54. X draws a bill on Y on 1.1.05 for Rs 20,000 for 30 days. What will be the maturity date of the bill: 2.2.05 3.2.05 1.2.05 31.1.05 55. Ram's acceptance to Din for Rs 8,000 renewed at 3 months on the condition that Rs 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be: Rs. 120 Rs. 80 Rs. 90 Rs. 160

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56. A draws a bill on B for Rs 30,000. A wants to endorse it to C in settlement of Rs 35,000 at 2% discount with the help of B's acceptance and balance in cash. How much cash A will pay to C? Rs. 4,300 Rs. 4,000 Rs. 4,100 Rs. 5,000 57. Ram gets Ghosh's acceptance for Rs 12,000 discounted at 2 months at 12% p.a. The amount of discount will be: Rs. 240 Rs. 120 Rs. 360 Nil

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58. If the due date is a public holiday, what will be the due date of the bill: Following day Preceding day The same day only One month later

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