Renewing the Bill

Q.

What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

Q.

Where does the audit fees come in the final account?

Q.

What is meant by the renewal of a bill of exchange?

Q.

My aunt is going to stay with me? Complete the sentence.

Q. Interest on renewal of the bill is an expense for the of the bill.

1. drawer
2. drawee
3. endorser
4. endorsee

Q. A bill of exchange is renewed generally at the request of of the bill.

1. drawer
2. drawee
3. endorser
4. endorsee

Q.

A bill of exchange renewed generally at the request of ?

1. Payee of the bill

2. Drawer of the bill

3. All of the above

4. Drawee of the bill

Q.

On 01.01.2017, X draws a bill on Y for Rs. 15, 000 for 3 months. At maturity, Y requests X to accept Rs. 5, 000 in cash & for balance draw a fresh bill payable after two months along with Interest @ 12 p.a. What shall be the amount of Interest?

1. Rs. 280

2. Rs. 340

3. Rs. 200

4. Rs. 300

Q.

Interest on renewal of bill is an expense of?

1. None of the above

2. Drawer of the bill

3. Drawee of the bill

4. Drawer & drawee both

Q.

Interest on renewal of bill is a revenue of?

1. Drawer of the bill

2. Drawee of the bill

3. Drawer & drawee both

4. None of the above

Q.

In case of renewal, if acceptor does not pay the interest charges then the amount of new bill be ____ with the amount of interest

1. Increased

2. Decreased

3. Remains same

4. None of the above

Q.

On 01.01.2007, X draws a bill on Y for Rs. 10, 000. At maturity, Y requests X to renew the bill for 2 months for interest at 12% p.a. Amount of interest will be:

1. Rs. 250

2. Rs. 242

3. Rs. 200

4. Rs. 320

Q.

Renewal of bills of exchange is requested to __________.

1. Drawer of the bill

2. Drawee of the bill

3. Payee of the bill

4. All of the above

Q. If the second bill is drawn and accepted under the fresh terms of agreement, it is termed as the bill.

1. discounting
2. retiring
3. dishonoring
4. renewing

Q.

If the second bill is drawn and accepted under fresh terms of agreement, it is termed as ?

1. Discounting of bill

2. Retiring the bill

3. Dishonor of the bill

4. Renewal of the bill