CBSE Class 11 Accountancy Bill of Exchange Worksheet

CBSE Class 11 Accountancy Chapter 8 Bill of Exchange Fill In The Blanks

Question. Mr. X sold goods to Mr. Y @10% trade discount on Jan 1, 2019 and accepted a bill of Rs. 9,000 for 2 months on Feb 1, 2017. Y returns goods of Rs. 3000 and requested to draw a new bill for 2 months with interest @6% p.a. amount of interest will be Rs………..
Answer. 31.5

Question. Vandna shows inability to pay her acceptance of Rs…………and accepted a new bill of Rs. 11,165 along with interest @6% (due after 3 months)
Answer. 11,000

Question. Mr. Rahul bought goods of Rs. 40,000 and accepted 4 numbers of bills with equal amount payable after 1 month, 2 months, 3months and 4 months with interest @10% p.a. total interest of Rs…….. is paid immediately on all bills.
Answer. 833.33

Question. Neha failed to pay her acceptance of rs.12000 (noting charges rs.100) and requited for new bill of rs………with interest @6% for 3 months.
Answer. 12285.5

Question. A person who draws the bill is known as………..
Answer. Drawer

Question. Bills of exchange are drawn by………
Answer. Seller/Drawer

Question. Transferring the right of bills receivable is called as…………
Answer. Endorsement

Question. Bills of exchange are accepted by ……
Answer. Buyer/ Drawee

CBSE Class 11 Accountancy Chapter 8 Bill of Exchange True and False

1. ‘A’ draws a bill on ‘B’, here A is drawer.True
2. ‘B’ accepted a bill from ‘A’ now in any case payer can be change.False
3. ‘A’ requested to ‘B’ draw a new bill & if ‘B’ charges extra amount from A then such amount is called interest.True
4. Ram says Shyam to pay particular sum of money to him. In this oral transaction negotiable instrument Act applied.False
5. Ram draws a bill on Kamal and Kamal accepted a bill, now Kamal became drawer of the bill.False
6. Dharma transfer a Rs.5,000 bill to his creditor is called endorsement.True
7. Dharma draws a bill on Hema. Hema failed to pay amount, now the burden of noting charges will be on Dharam. False
8. Bill of exchange is a convenient way of credit.True
9. Anand draws a bill on Vijay & maturity date is 15 August now he has to pay amount to Anand on 16 August.False

CBSE Class 11 Accountancy Chapter 8 Bill of Exchange MCQs

Question. Mr. X sold goods to Mr. Y on Apr 1, 2019 and accepted a bill of Rs. 18,000 for 3 months on Same Day. On 2nd July, 2019 Y requested to draw a new bill for 2 months with interest @6% p.a. amount of interest will be
a. 1080
b. 270
c. 180
d. 90
Answer. (C)

Question. Ram failed to pay his acceptance of Rs.20000 (noting charges rs.200) and requited for new bill with interest @6% for 3 months. New bill drew for
a. Rs.20000
b. Rs.20200
c. Rs.20500
d. None of the Above
Answer. (D)

Question. If due date of bill falls on a holiday then the maturity date is on
a. Next day of the Maturity date
b. A day before the Maturity date
c. On maturity date
d. After three days
Answer. (A)

Question. If due date of bill falls on a Public holiday then the maturity date is on
a. Next day of the Maturity date
b. A day before the Maturity date
c. On maturity date
d. After three days
Answer. (B)

Question. The rebate on a Bill Shown that
a. It has been paid before the date of maturity
b. It has been paid After the date of maturity
c. It has been paid On the date of maturity
d. It has been dishonoured
Answer. (A)

Question. A Bill draw on 10 July 2018 for 90 Days due date is
a. 9th Oct. 2018
b. 10th Oct. 2018
c. 11th Oct. 2018
d. 12th Oct. 2018
Answer. (C)

Question. A Bill drew on 14th May 2018 for 90 Days due date is
a. 12th Aug. 2018
b. 13th Aug. 2018
c. 14th Aug 2018
d. 15th Aug 2018
Answer. (C)

Question. A bill drew on 31 May 2018 for one month due date is
a. 1st July 2018
b. 2nd July 2018
c. 3rd July 2018
d. 4th July 2018
Answer. (C)

CBSE Class 11 Accountancy Chapter 8 Bill of Exchange Match The Following

Question. Identify-
(i) The person upon whom the      a) Drawee
bill of exchange is drawn
(ii) Person in whose favour the      b) Payee
bill of exchange is transferred
                                                       c) Endorsee
Answer. A & C

Question. Identify the terms-
i) The bill kept till maturity                   a) Dishonoured
ii) The bill is transferred to creditor     b) Retirement of bill
iii) Payment of bill before due date
                                                           c) Bill is retained
                                                           d) Endorsement
Answer. C, D & B

Question. Identify- 
i) A draws bill                      a) C is Drawee
ii) B accepts the bill            b) A is Drawer
iii) A endorsed bill to C        c) B is Drawer
                                           d) C is Creditor
                                           e) B is Acceptors
Answer. B, E & D

Question. Identify-
i) Charge Deducted by Notary Public         a) Bank Charges
ii) Charges deducted by bank at the           b) Noting Charges
time of discount of bill
                                                                   c) Discounting Charges
                                                                   d) SMS Charges
Answer. B & C

Question. For A and B the bill is-
i) A draws bills of exchange and gets               a) Bills Payable
it back after acceptance
ii) B accepts the bill and returned it back          b) Debtor
                                                                         c) Creditor
                                                                         d) Bills Receivables
Answer. D & A

Question. Identify the act-
i) Bills of exchange is governed by            a) Indian contract act 1872
ii) Single entry system is prohibited by      b) Negotiable instrument act 1881
                                                                  c) Companies act 2013
Answer. B & C

Question. Drawee will pay or receive-
i) On Pre - payment of bill amount           a) Noting charges
ii) On dishonour of bill                              b) Interest
iii) On extending the period of bill            c) Rebate
Answer. C, A & B

Question. Match the terms-
i) Request for new bill                a) Retiring of bill
ii) Non- payment of bill               b) Dishonour of bill
amount on maturity
                                                   c) Renewal of Bill
Answer. C, B

→ VALUE POINTS 

1. Income Tax paid by a sole trader is shown

(a) on the debit side of Trading Account
(b) on the debit side of Profit & Loss account
(c ) as deduction from capital in the Balance Sheet
(d) as addition to capital in the Balance Sheet.

Ans: (c) as deduction from capital in the Balance Sheet

2. State and explain any three features of Single Entry System.

Ans:
a) Suitability
b) No uniformity
c) Maintenance of Personal Accounts

3. Classify the following into capital expenditure or revenue expenditure or deferred revenue expenditure:

a) Payment of Insurance premium12,000 - RE
b) Cost of material for construction of a new building 2,00,000 - CE
c) loss on issue of shares or debentures – DRE
d) Cost of air-conditioning of the office of the General Manager - CE

4. Mr. Ashok does not keep his books properly. Following information is available from his books.

During the year Mr. Ashok sold his private car for ₹. 50,000 and invested this amount into the business. He withdrew from the business ₹. 1,500 per month up to July 31, 2019 and thereafter ₹. 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on December 31, 2019.

5. The following is the trial balance of Mr. S.Kapur on 31st March , 2019

Prepare Trading and Profit and Loss account and the Balance sheet after taking into the following adjustments:

a) Stock in hand on 31st March 2019 is 13,600
b) Machinery is to be depreciated at the rate of 10% and patents at the rate of 20%.
c) Salaries for the month of March, 2019 amounting to 3,000 were unpaid.
d) Insurance includes a premium of 170 for the next year.
e) Wages include a sum of 4,000 spent on the erection of cycle-shed for employees and customers.
f) A provision for bad and doubtful debts is to be created to the extent of 5% on sundry debtors

Ans: Trading and Profit and Loss a/c : Gross Profit – 87,430 ;
Net Profit – 32,550
Balance sheet - 1,79,660

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