Practice Test

1) On 1.1.05 X draws a bill on Y for Rs.20,000 for 3 months due date of the bill will be :

2) On the 15.08.05 X draws a bill on Y for Rs.20,000 for 3 months.18th Nov was a sudden holiday , due date of the bill will be.

3) On the 16.06.05 X draws a bill on Y for Rs.25,000 for 30 days .19th July is a public holiday , due date of the bill will be.

4) On 1.1.05 X draws a bill on Y for Rs.30,000 . X accepts the same on 4.1.05.period of bill 3 months after date .What will be the due date of the bill

5) X draws a bill on Y .X endorses the bill to Z.The payee of the bill will be

6) On 1.7.05 X draws a bill on Y for Rs.20,000 for 3 months after sight , date of acceptance is 6.10.05 .Due date of the bill will be :

7) On 1.1.05 X draws a bill on Y for Rs.50,000 for 3 months X got the bill discounted on 4.4.05 at 12% rate. The amount of discounted bill will be :

8) On 1.1.06 X draws a bill on Y for Rs.30,000 for 3 months X got the bill discounted on 4.2.06 at 12% rate. The amount of discounted bill will be :

9) A bill of 12,000 was discounted by A with the banker for 11,800.At maturity ,the bill Returned dishonoured , noting charges Rs.20.How much amount will the bank deducted from A's bank balance at the time of such dishonour ?

10) X sold goods to Y for Rs.1,00,000.Y paid cash Rs.30,000.X will grant 2% discounted on balance , and Y request X to draw a bill for balance ,the amount of bill will be

11) On 1.1.05 X draws a bill on Y for Rs.20,000 for 3 months. The bill is discounted with banker at a charge of Rs.100 . At maturity the bill Return dishonoured .in the books of X,for dishonour , the bank account will be credited by

12) On 1.1.05 X draws a bill on Y for Rs.10,000.At maturity Y requested X to renew the bill for 2 months at 12 % p.a.interest.Amount of interest will be

13) On 1.1.05 X draws a bill on Y for Rs.15,000 for 3 months. At maturity Y requested X to accept Rs.5,000 in cash and balance to draw a fresh bill for 2 months together with 12% p.a.interest.Amount of interest will be

14) On 1.8.05 X draws a bill on Y for 30 days after sight , the date of acceptance is 8.8.05 .Due date of the bill will be :

15) On the 1.06.05 X draws a bill on Y for Rs.25,000 , At maturity Y requested X to accept Rs.5,000 in cash and noting charges incurred Rs.100, and the balance X draws a bill on Y for 2 months at 12% p.a.Interest amount will be

16) On the 1.1.05 X draws a bill on Y for Rs.50,000 , At maturity , the bill Returned dishonoured as Y became insolvent and 40paise per rupee is recovered from his estate .The amount recovered is:

17) X draws a bill on Y.X endorses the bill to Z .Y will pay the bill amount to

18) On 1.4.01 Raj draws a bill on Aslam for Rs.60,000 for 2 months .Aslam accepts the bill and sends it to Raj who got the bill discounted for Rs.58,800.Raj immediately remits Rs.19,600 to Aslam .On due date ,Raj being unable to remit the amount due 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 Raj out of the same. How much amount of discounted bill will be borne by Raj at the time of 14,800 remittances

19) Mr.B sold goods worth Rs.25,000 to Mr.N .N immediately accepted a bill on 1.11.01 , payable after 2 months .B discounted this bill @18 % p.a. on 15.11.01.On the due date N failed to discharge the bill .Later on N became insolvent and 50 paise is recovered from N's estate .How much amount of bad debt will be recorded in the books of B

20) The purpose of accommodation bills

21) M sold goods worth Rs.50,000 to Mr.N On 1.10.05.N immediately accepted a bill of 3 months .On the due date N requested that the bill be renewed for a fresh period of 3 months. N agreed to pay interest @18 % pea .in cash .How much interest to be paid in cash by N ?

22) On 1.01.05 X draws a bill on Y for Rs.30,000 , At maturity Y requested X to draw a fresh bill for 2 months together with 12% p.a.Interest and noting charges incurred Rs.100, balance Interest amount will be

23) On 18.02.05 X draws a bill on Y for Rs.10,000 for 30 days after sight , B accepted the bill on 21.2.05 .Due date of the bill will be :

24) X sold goods to Y for Rs 30,000.1/2 of the amount will be received in cash and balance in B/R.For what amount X should draw the bill on Y

25) A draws a bill on B for Rs.50,000 for 3 months ..At maturity ,the bill Returned dishonoured , noting charges Rs.500. 40 paisa 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

26) A sold goods to B for Rs.20,000.A will grant 5% discount to B .B requested A to draw a bill. The amount of bill will be

27) Fees paid in cash to notary public is charged by

28) 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 wants to pay the amount to C at 2% discount The amount to be paid by A to C will be

29) A draws a bill on B for Rs.1,00,000.A endorsed it to C .Noting charges of Rs.1,000 as the bill Returned dishonoured .B request A to accept the amount at 2 %discount by single Cheque . The cheque amount will be

30) 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 Rs 3 months. These bills are accepted by K .On 4.3.06 K request S to renew the first bill with interest @ 18% pea for a period of 2 mts.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 :

31) The promissory note should be signed by

32) K draws a bill on S for Rs.3,000.K endorsed it to R ,R endorsed it to A .The payee of the bill will be

33) A bill is drawn on 29th Jan ' 06 for 1 mts after date .The date of acceptance is 2nd Feb ' 06.the bill is drawn on 1 mts after date basis .the due date of the bill will be

34) A accepted a bill drawn by B .B endorsed it to C . On due date the bill is dishonoured .as A became insolvent .to record the dishonor of the bill in the books of B , which of the following accounts should be credited

35) Which of the following is true ?

36) For mutual accommodations of A and B ,B accepted a bill drawn on him by A for 2 mts Rs.6,000.the said bill is discounted @ 12% p.a.and remitted 1/3rd of the proceeds to B .the amount remitted by A and B will be

37) L draws an accommodations bill on S.The proceeds are to be borne between S and L in the ratio of 3:1 .the amount of bill Rs.6,000 , discounting charges Rs.120.Discounted borne by S will be

38) A draws a bill on B for Rs.4,500 for mutual accommodation in the ratio 2;1 A got it discounted at 4,230 and remitted 1/3rd of the proceeds to B At the time of maturity ,how much amt A should remit to B such that B can pay off the bill

39) R drew a bill on A for Rs.4,500 for mutual accommodation in the ratio 2;1 .A accepts the bill and sends it to R who got the bill discounted for Rs 4,230.and remits 1/3rd to A .Before due date ,R being unable to remit the amount drew a bill on R for Rs.6,300 on the same terms the 2nd bill was discounted for Rs.6,120.The first bill was honoured on the due date and a new amt. of Rs.1,080 was remitted to R by A.The proportionate discounted charges on both the bill will be borne by R is

40) which of the following instrument is not a negotiable instrument

41) On 1.5.06 X sold goods to Y for Rs 4,000 for 3 months On the same day ,he drew on Y a bill for the amount for 3 mts , which Y duly accepted X got the bill discounted with her bank before the due date y became insolvent .Later her estate could pay only 40% of the amount due what will be the amount of deficiency in the books of Y

42) Which of the following is not a foreign bill :

43) which of the following is correct for presenting bill to notary public

44) X draws a bill on Y for Rs.50,000 for 3 months. Proceeds are to be shared equally .A got the bill discounted at 12% pea and remits required proceeds to B :The amount of such remittance will be:

45) From the following information, find out who can draw the bill if Mr.A sold goods to B

46) When the bill are to be produced to notary public

47) Which of the following is false

48) under which circumstances drawer and payee is same person

49) Which of the following is true ?

50) Which of the following is true ?

51) Indian currency is a

52) M sold goods worth Rs.1,600 to .N on 1.6.06.N immediately accepted a bill of 3 months .On the due date N requested that the bill be renewed for a fresh period of 2 months. M agreed to provide interest @ 9 % pa .in cash .How much interest in the books of M ?

53) On 1.1.05 X draws a bill on Y for Rs.20,000 for 30 days ;, due date of the bill will be :

54) R acceptance to D for Rs.8,000 renewed at 3 mts on the condition that Rs.4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% pea .The amt of interest will be

55) X draws a bill on Y for Rs.30,000 .X wants it to endorses the bill to Z. in settlement of Rs.35,000 at 2% discount with the help of Y's acceptance and balance in cash.how much cash X will pay to Y

56) R get's G acceptance for Rs.12,000 discounted at 2mts @ 12% p.a..The amount of discount will be

57) If on the due date is a public holiday ,what will be the due date of the bill

58) MATCH THE PAIR : Noting charges

59) the bills of exchange

60) the fees charged by notary public is known as

61) if due date is sudden holiday , due date of the bill will be.

62) a promissory note is

63) in case of a promisory note there are

64) A bill of exchange is

65) in case of a bills of exchange there are

66) out of the following Bills , bill at sight is

67) out of the following Bills , bill after date is

68) A cheque is

69) the term of a bill after sight commences

70) the term of a bill after date commences

71) acceptance is necessary in case of

72) A bill drawn on 23.11.2005 as payable 2 months after date was accepted on 24.11.2005.The date of maturity of the bill will be

73) A bill drawn on 23.11.2005 as payable 2 months after sight was accepted on 24.11.2005.The date of maturity of the bill will be

74) A bill drawn on 23.11.2005 as payable 60 days after date was accepted on 24.11.2005.The date of maturity of the bill will be

75) when the bill is honoured at the maturity date , the drawee debits

76) no entry for payment of bill at maturity is passed in the books of the drawer

77) in case of dishonour of a discounted bill , nothing charges are initially paid by

78) in case of dishonour of a bill sent for collection to a banker , nothing charges are initially paid by

79) in the case of dishonour of an endorsed bill , nothing charges are initially paid by

80) A discounted bill is treated as dishonoured in case of insolvency of the

81) days of grace are added to

82) all the entries from B/R Journal are to be individually posted in

83) total of bills payable journal is posted to the

84) when an accommodation bill is discounted & the amount received is shared by the two parties ,the discount is borne by the

85) A bill given to a creditor is called

86) A bill given to a debtor is called

87) A promissory note can be made payable to

88) A bill of exchange can not be made payable to

89) discount at the time of retirement of a bill is

90) when the bill is renewed

91) which of the following is correct ?

92) X draws a bill on Y on 1.1.07 for Rs.20,000 for 30 days .what will be the maturity date of the bill

93) on 10.9.07 X draws a bill on Y for 3 months for Rs,20,000 .13th dec. was a sudden holiday , due date of the bill will

94) on 10.9.07 X draws a bill on Y for 3 months for Rs,20,000 .13th dec. was a public holiday , due date of the bill will

95) X sold goods to Y for Rs.2,00,000.Y paid cash Rs.50,000.X will grant 2% discounted on balance , and Y request X to draw a bill for balance ,the amount of bill will be

96) X sold goods to Y for Rs.2,00,000. 1/2 amount will be received in cash & balance in B/R .For what amount X should draw the bill on Y

97) A sold goods to B for Rs.1,50,000.A will grant 5% discount to B .B requested A to draw a bill. The amount of bill will be

98) on 1.1.07 X draws a bill on Y for Rs.1,50,000 for 3 mts .X got the bill discounted on 4.1.07 at the rate of 12% p.a. The amount of discount on bill will be

99) Mr.A draws a bill on Mr.Y for Rs.1,50,000 on 1.1.07 for 3 mts .On 4.2.07 X got the bill discounted at the rate of 12% p.a. The amount of discount on bill will be

100) X got Y's acceptance for Rs.1,50,000 discounted at Rs.2 mts at Rs.12% p.a.The amount of discount will be

101) X draws a bill on Y for Rs.1,50.000 for 3 mts on 1.1.07.the bill is discounted with the banker at a charge of Rs.4,500.At maturity the bill return dishonoured .in the books of X for dishonour ,the bank account will bee credited by

102) A bill of Rs.1,50,000 was discounted by A with the banker of Rs.1,45,500 .at maturity ,the bill returned dishonoured , noting charges Rs.200 .how much amount will the bank deduct from A's bank balance at the time of such dishonour ?

103) X draws a bill in Y & got the bill discounted with the bank , Y will pay the amount of the bill to

104) On 1.1.07 X draws a bill on Y for Rs.1,50,000. At maturity ,the bill returned dishonoured as Y become insolvent & 40 paise per rupee is recovered from his estate. the amount recovered will be

105) A draws a bill on B for Rs.1,50,000 for 3 mts .At maturity ,the bill returned dishonoured,nothing charges Rs.1,500 .40 paise in a rupee is recovered from B's estate .the amount of deficiency to be recovered on insolvency in the books of B will be

106) X sold goods to Y for Rs.1,50,000 on 1.5.07 .On the same day ,he drew on Y a bill for 3 mts .which Y duly accepted .X got the bill discounted with the bank before due date Y became insolvent. later his estate could pay only 40 % of the amount is due . what will be the amount of deficiency in the books of Y

107) X draws a bill on Y .X endorsed the bill to Z .the payee of the bill will be

108) X accepted a bill drawn by Y who endorsed the bill to Z .on the due date ,the bill is dishonoured .To record the dishonor of the bill in the books of Y ,which of the following accounts should be credited ?

109) A draws a bill on B for Rs.1,50,000. A endorsed it to C in full settlement of Rs.1,51,500 , Noting charges of Rs.600 as the bill returned dishonoured .A wants to pay the amount to C at 2% discount.the amount to be paid by A to C will be

110) A draws a bill on B for Rs.1,50,000. A endorsed it to C.The bill return dishonoured , Noting charges of Rs.1,500 B request A to accept the amount at 2% discounted by a single cheque .the cheque amount will be

111) A draws a bill on B for Rs.1,50,000. A wants it to endorsed it to C in full settlement of Rs.1,75,000 at 2% discount,with the help of B's acceptance & balance in cash..how much cash A will pay to B?

112) X drew a bill on Y for Rs.3,000 . X endorsed it to Z who endorsed it to W .The payee of the bill will be

113) X drew a bill on Y for Rs.1,50,000 . X endorsed it to Z ,Y will pay the amount of the bill to

114) On 1.1.07 X drew a bill on Y for 3 months for 1,50,000.On 4.3.07 Y pay the bill to X at 12% p.a .discount ,the amount of discount will be

115) X draws a bill on Y for Rs.1,50.000 on 1.1.07.Rs..At maturity Y request X to renew the bill for 2 mts at 12% p.a interest .amount of interest will be

116) On 1.1.07 X draws a bill of exchange for Rs.1,50,000 due for payment after 3 months on Y who accepts this bill of exchange .On 4.3.07 , Y 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 Y

117) On 1.1.07 X draws a bill of exchange for Rs.1,50,000 due for payment after 3 months on Y. At maturity Y request X to accept Rs.50,000 in cash & for balance to draw a fresh bill for 2 mts together with interest 12% p.a ,amount of interest will be.

118) On 1.6.07 X draws a bill of exchange for Rs.25,000 due for payment on Y. At maturity Y request X to accept Rs.5,000 in cash & noting charges incurred Rs.100 & for the balance X draws a fresh bill for 2 mts together with interest 12% p.a ,amount of interest will be.

119) M sold goods worth of Rs.1,50,000 to N .On 1.10.07 , N immediately accepted a three month bill.On due date N request 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 ?

120) On 1.1.05 X draws a bill on Y for Rs.1,50,000 .At maturity Y request X to draw a fresh bill for 2 mths together with 12%p.a interest.,Nothing charges Rs.500.The amount of interest will be

121) X's acceptance to Y for Rs.1,50,000 renewed at 3 months on the condition that Rs.75,000 be paid in cash immediately & the remaining amount will carry interest @ 12% p.a .The amount of interest will be

122) X sold goods to y for Rs.1,50,000 on 1.6.07.Y immediately accepted a 3 mts bill.on due date Y requested that the bill be renewed for a fresh period of two months .X agrees provided interest @ 9% p.a.paid immediately in cash .what will be the amount of interest in the books of X ?

123) X sold goods to Y for Rs.1,50,000.Y immediately accepted a bill on 1.11.07 payable after 2 mts .X discounted this bill @ 18% p.a .on 15.11.07.On the due date Y failed to discharge the bill .later on Y became insolvent & 50 paise is recovered from Y's estate .how much of bad debts will be recorded in the books of X

124) X draws & accommodation bill on Y .the proceeds are to be borne between Y & X in the ratio of 3:1.the amount of bill Rs.60,000, ,discounting charges Rs.1,200.Discount borne by Y will be

125) A draws a bill on B for Rs.45,000 for mutual accommodation in the ratio 2:1.A got it discounted at Rs.42,300 & remitted 1/3rd 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 ?

126) When Drawee accepts the bill, he becomes __________.

127) A bill of exchange is required to be _________ by the drawee.

128) A bill drawn and accepted on 12th June, 1995 for two months will be due for payment on _________.

129) There are _________ parties to a bill exchange.

130) The person who prepares the bill is called __________.

131) A bill drawn and accepted on 23rd November, 1996 for two month will be due from payment on _________.

132) A bill of exchange before acceptance is called ________.

133) The person who transfers the ownership of the bill is called ________.

134) If the bill falls due for payment on 26th January then the payment must be made on _________.

135) A bill of exchange must be signed by the ________.

136) The date on which the payment of a bill is to be made is called _______.

137) In a transaction of a credit sale, seller becomes a ______ and buyer becomes a _____.

138) When drawee makes payment of the bill before its due date the bill is said to be _________ of bill.

139) __________ is a government officer.

140) When the bill is drawn and accepted creditor becomes a ________ and debtor becomes a _______.

141) Bill of exchange contains an _______ order.

142) The person to whom ownership of the bill is transferred is called __________.

143) When a bill is paid in full on the due date it is called _______ bill

144) Three extra days, which are allowed over and above the period of the bill, are called _______ days

145) Bill of exchange must be in _______.

146) Hundies are drawn in _______ languages.

147) A person who borrows money is called ___________.

148) When a bill is deposited for collection by the drawee in his bank is dishonoured, drawer has to credit _______ account.

149) When a bill is dishonoured _______ is held responsible for noting charges.

150) If the bill is drawn on 14th may,89 and duration of a bill is 90 days, the due date of the bill will be _______.

151) The person in whose favour a bill is endorsed is known as ______.

152) The drawee becomes an _____ on acceptance of a bill.

153) If a bill of exchange of two months duration, accepted on 15th September , its maturity date will be __________.

154) The acceptor is allowed ______ days grace to meet the bill in time.

155) The party which is ordered to pay the amount of bill is known as ___________.

156) A bill is drawn and accepted on 23rd November 1986 for two months will be due for payment on _________.

157) A one month bill drawn and accepted on 31st January, 80 will become due on ___________.

158) A bill of exchange can be discounted with the _______.

159) The bank account for collection of the bills always has a ______ balance.

160) If a bill of two month's duration is accepted on 13th June , 1984 its due date will be ___________.

161) Drafting a new bill in cancellation of the old bill is called_________ of bill.

162) When drawee retires the bill, the holder of the bill gives same discount or concession it is called _______.

163) A bill after sight drawn for two months on 18th December 1991 and accepted on 28th December ,1991 will mature on __________.

164) Negotiable instrument can be _______ from one person to another person.

165) _____ draws a bill on_____.

166) A bill of Exchange must be _____ by thedrawee.

167) A bill of exchange must be in_____.

168) Discount on Bill discounted is an ______to Bank and an______ to the Drawer.

169) There are______ parties to a Promissory Note.

170) _______ is a person who draws a Bill.

171) ______ is a person who is entitled to receive the amount of the bill.

172) ______ is a person who gives a promise.

173) _______ is a person in whose favour a promise is given.

174) A ________ gives promise to a ______.

175) A bill of exchange contains an order for payment of certain sum of _______ only.

176) In _______ aceptance, the darwee puts his signature across the face of Bill with or without the word 'Accepted'

177) In ______ acceptance, drawee does not agree with some of the conditions as specified in the Bill.

178) The _________ must sign the Promissory note.

179) ________ is a person whose favour a bill is endorsed.

180) _________ is a certificate, which certifies the fact of dishonour of a Bill.

181) Due date is arrived at by adding _______ days to the date on which the period of a Bill.

182) If the due date falls on Public Holiday, the payment must be made on ________.

183) A bill due on 26th January must be paid on ________ January.

184) A bill drawn on 1st January, 2008 for 3 months falls due on ________.

185) Payment of bill before due date is called as _________.

186) __________ of bill is encashment of a Bill with the Bank.

187) Noting charges account is a _________ Account.

188) Noting charges are neither ________ nor __________ to the drawer.

189) A bill of exchange, which arises out of trading relationaship of the parties, is known as a _______.

190) Renewal of bill implies ________ of old Bill and _______ of a new billl.

191) On insolvency of the drawee, the bill accepted by him is ______.

192) On dishonour of a bill dicounted with the Bank _______ Account is debited and _______ Account is credited by the amount of _______ plus noting charges.

193) ______ is act of signing on the backside of a bill with a view to transfer the rights of a bill in favour of some one else.

194) Bills receivable is an ______ whreras Bill Payable is a liability.

195) If bill falls due for payment on 15th August then payment must be made on________.

196) The party, which is ordered to pay the amount of bill, is known as _______.

197) A bill of exchange is required to be ________ by drawee.

198) A one month bill drawn and accepted on 31st January, 2008 will become due on ___________.

199) Bill of exchange can be discounted with the ______.

200) The person who endorses a bill is called an _______.

201) If a bill falls due for payment on 15th August, it will paid on _____.

202) A bill of exchange must be signed by the _________.

203) When the bill is dishounour ______ held respoonsible for noting charges.

204) On the due date, the bill must be presented to the drawee by the holder of the bill.

205) The ownership of a bill of exchange can be endorsing it.

206) Days of grace are not allowed in the case of trade bill.

207) Noting charges are borne by the drawer.

208) When the amount of a bill is paid on its date, it is said to be tried.

209) A bill can be endorsed only once.

210) Bill of exchnage needs acceptance.

211) There are two parties to a bill of exchange.

212) Selling the bill to bank for amount more than face value of the bill is called discounting of a bill.

213) Drawee has no right to discount the bill with the bank.

214) If discounted bill is honoured, drawer does not record this transactio.

215) Noting charges should be borne by the drawee.

216) Noting charges are to be paid to notary public.

217) The discounting charges are deducted by the bank at the time of discounting of bill of exchange.

218) The drawee and the payee of a bill of exchange may be one and the same person.

219) Drawer and Payee of a bill of exchange may be one and the same person

220) On 1.1.2017, A draws a bill on B for Rs.1,20,000 for 3 months’ maturity date of the bill will be:

221) On 16.6.2016 P draws a bill on Q for Rs.1,25,000 for 30 days. 19th July is a public holiday, maturity date of the bill will be:

222) PQ draws a bill on XY for Rs.130,000 on 1.1.2017. X accepts the same on 4.1.2017 for period of 3 months after date. What will be the maturity date of the bill:

223) A draws a bill on B. A endorsed the bill to C. The payee of the bill will be

224) A bill of Rs.120,000 was discounted by Saras with the banker for Rs.1,18,800. At maturity, the bill returned dishonoured, noting charges Rs.200. How much amount will the bank deduct from Saras’s bank balance at the time of such dishonour?

225) X draws a bill on Y for Rs.300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016. Maturity date of the bill will be:

226) X sold goods to Y for Rs.5,00,000. Y paid cash Rs. 4,30,000. X will grant 2% discount on balance, and Y request to X to draw a bill for balance, the amount of bill will be

227) On 1.1.2017, X draws a bill on Y for Rs.5,00,000 for 3 months. X got the bill discounted 4.1.2017 at 12% rate. The amount of discount on bill will be:

228) Mr. Jay draws a bill on Mr. John for Rs.3,00,000 on 1.1.2017 for 3 months. On 4.2.2017, John got the bill discounted at 12% rate. The amount of discount will be:

229) XZ draws a bill on YZ for Rs.2,00,000 for 3 months on 1.1.2017. The bill is discounted with banker at a charge of Rs.1,000. At maturity the bill return dishonoured. In the books of XZ, for dishonour, the bank account will be credited by:

230) On 1.1.2017, XA draws a bill on YB for Rs.1,00,000. At maturity YB request XA to renew the bill for 2 month at 12% p.a. interest. Amount of interest will be:

231) A bill of exchange is drawn by a

232) At the time of drawing a bill, the drawer credits

233) A promissory note is made by a

234) A bill of exchange contains

235) A promissory note contains

236) The rebate on the bill shows that

237) Notary Public may charge his fee from the