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Do you agree or disagree with the following statement:- In case of bill drawn payable ‘on-demand,’ no grace days are allowed. - Book Keeping and Accountancy

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Question

Do you agree or disagree with the following statement:-

In case of bill drawn payable ‘on-demand,’ no grace days are allowed.

Options

  • Agree

  • Disagree

MCQ
True or False

Solution

In case of bill drawn payable ‘on-demand,’ no grace days are allowed. - Agree

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Contents of Format of Bill of Exchange
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Chapter 7: Bills of Exchange - Exercise 7.1 (Objective Questions) [Page 303]

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Balbharati Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board
Chapter 7 Bills of Exchange
Exercise 7.1 (Objective Questions) | Q G. 6) | Page 303

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Before acceptance the bill is called a __________.


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If a bill is discounted by the holder, no entry is passed in his book when the bill is honoured on the due date.


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The person in whose favour the bill is endorsed is known as endorsee.


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A bill of exchange need not be dated.


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Date of Drawing Date of Acceptance Payable Due Date
30.1.2019 1.2.2019 60 days after date  
17.8.2019 21.8.2019 3 months after sight  
23.12.2019 26.12.2019 1 months after date  
28.1.2020 28.1.2020 1 months after date  
30.6.2019 2.7.2019 45 days after date  

Prepare a bill of exchange form the following information:

Drawer: Shankar, Vadodara, Gujrat.

Drawee: Vinayak, Somwarpeth, Pune.

Amount : ₹ 16,000

Period : 3 months

Date of Bill: 6th Sept. 2019.

Date of acceptance: 11th Sept. 2019.


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Drawer: Dinesh, P. R. Road, Andheri West.

Drawee: Mahesh, L. B. S. Road, Mulund.

Payee: Amit, Thane West.

Amount: ₹ 9,500

Period of Bill: 4 months after sight.

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Date of acceptance: 29th Nov. 2019.


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Prepare a format of bill exchange from the following details :

Rahul Sane, 86-D, Raviwar Peth, Nagpur accepted the bill drawn on him by Prithviraj, Icon Heights, Wardha for ₹ 87,000 on 30th July 2019. The bill was drawn on 26th July 2019 for ₹ 1,00,000 for 90 days after date.


Prepare a format of bill of exchange from the following.

Drawer: Kashmira Shah, Partner M/S Shah, and Shah, 2-C, Matruchaya Building, Akola. Drawee: Dhanashree Traders, Bangalore Road, Belgaum. (Signed by Jayashree, Partner) Payee: M/S Janki Traders, Akola.

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Date of drawing: 12th Sept. 2019

Date of acceptance: 15th Sept. 2019


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Date of Drawing Date of Acceptance Payable Due Date
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Conversion of Bill of Exchange into its present value.


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Date of Drawing Date of Acceptance Payable Due Date
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Drawee: Samir Patel, 105, Himalaya Tower, Indore

Amount: ₹ 70,000

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Date of Bill: 10th October, 2022

Date of Acceptance: 12th October, 2022


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Give one word/phrase/term which can substitute of the following statement:-

Conversion of Bill of Exchange into its present value.


Give one word/phrase/term that can substitute for the following statement:

Conversion of Bill of Exchange into its present value.


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Give one word/phrase/term which can substitute in the following statement:-

Conversion of Bill of Exchange into its present value.


Give one word/phrase/term which can substitute the following statement:-

Conversion of Bill of Exchange into its present value.


The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be ______.


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