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Bills of Exchange

ICSE · Class 11 · Accountancy

Practice quiz for Bills of Exchange — ICSE Class 11 Accountancy. MCQs and questions with answers to test your preparation.

63 questions42 flashcards5 concepts

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Quick Quiz: Bills of Exchange

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1

A bill of exchange for ₹ 18,000 is accepted on 1 January and is payable after 2 months. Three days of grace are allowed. What is the due date of the bill?

2

A bill is drawn on 31 January 2015 for 1 month. What is the due date after adding days of grace?

3

A bill for ₹ 9,000 is renewed for 73 days at 15% per annum, and the interest is paid in cash. What is the interest amount?

4

A bill of ₹ 6,000 is discounted by the holder at 15% per annum, and 2 months remain to maturity. What discount will the bank charge?

63 Questions·
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Sample Questions

1multiple choice
3 marks

A bill of ₹ 4,500 is retired one month early at 12% per annum. What rebate is allowed?

Show answer

₹ 45

Rebate = ₹ 4,500 × 12/100 × 1/12 = ₹ 45.

2multiple choice
3 marks

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?

Show answer

₹ 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.

3multiple choice
3 marks

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.

4multiple choice
3 marks

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?

Show answer

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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Frequently Asked Questions

What are the important topics in Bills of Exchange for ICSE Class 11 Accountancy?
Bills of Exchange covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Bills of Exchange — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 63 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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