Bills of Exchange — Important Questions
ICSE · Class 11 · Accountancy
63 important questions from Bills of Exchange for ICSE Class 11 Accountancy, with answers. Part of the ICSE Class 11 Accountancy syllabus.
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Important Questions from Bills of Exchange
A bill of ₹ 4,500 is retired one month early at 12% per annum. What rebate is allowed?
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₹ 45
Rebate = ₹ 4,500 × 12/100 × 1/12 = ₹ 45.
A bill accepted by the drawee for ₹ 30,000 is discounted by the holder at 6% per annum with 1 month remaining. If the bill is dishonoured and the bank paid noting charges of ₹ 15, what total amount becomes due from the acceptor in the holder's books?
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₹ 30,015
On dishonour of a discounted bill, the acceptor ultimately bears the bill amount plus noting charges. So the total due is ₹ 30,000 + ₹ 15 = ₹ 30,015.
A bill for ₹ 20,000 is endorsed to a creditor and later dishonoured. Noting charges of ₹ 25 are paid by the endorsee. What total amount is recoverable from the acceptor through the endorser in the endorsee's books?
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₹ 20,025
The endorsee records the bill amount plus noting charges as recoverable from the endorser, and ultimately from the acceptor. So the total is ₹ 20,000 + ₹ 25 = ₹ 20,025.
A bill is drawn on 24 May for 2 months after sight, and acceptance is given on 31 May. What is the due date after adding days of grace?
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3 August
For a bill after sight, the period runs from the date of acceptance. Two months from 31 May ends on 31 July, and 3 days of grace make the due date 3 August.
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