Practice Bills of Exchange Questions and Answers

• Which accounting standard governs the treatment of inventories in India?
• Which of the following is an example of transaction in money under GST laws
• Accounts relating to income, revenue, gain expenses, and losses are termed as:
• CSR stands for
• Mr. X draws a bill on Mr. Y for ₹1,00,000 payable after 3 months. Mr. Y accepts the bill but fails to honour it on maturity. What is this act called in a...
• A bill of exchange was accepted by the drawee and later discounted by drawer with bank. On maturity, the drawee defaulted. Who is liable?
• Mr. A draws a bill of exchange for ₹1,00,000 on Mr. B for 90 days. Mr. B accepts it and it is discounted by Mr. A from the bank. On maturity, Mr. B fails...
• Mr. Arvind drew a bill of exchange of ₹1,00,000 payable after 3 months on Mr. Rohit, who accepted the bill. Before maturity, Mr. Arvind endorsed the bill...
• The person who draws a bill of exchange is called the:
• When a bill is dishonored, the drawer's account is debited in the books of the drawee because:
• A bill of exchange for ₹40,000 was discounted with the bank for ₹39,500. The amount of discount charged is:
• Noting charges are ultimately borne by the:
• The party who is entitled to receive the payment of a bill of exchange is called the:
• When a bill is discounted with the bank, the party that bears the loss if the bill is dishonored at maturity is the:
• The term 'Days of Grace' in relation to a bill of exchange refers to:
• The person in whose Favor a bill is endorsed is called:
• A bill of exchange drawn on 15th March for 2 months will mature on:
• A bill of ₹50,000 discounted @12% p.a. for 3 months. Bank discount = ?
• Noting charges are recoverable from: