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OMTEX – CLASSES A C C O U N T S .

T O TA L M A R K S 5 0 T E S T S N O . 2

C H A P T E R N A M E : - B I L L S O F E X C H A N G E
T I M E : - 1 H O U R O N LY.

Note: - Use of calculator is not allowed.

Q1. Objective questions. (2 marks)

1. Who is drawer?
2. Who is drawee?

Q2. Attempt any four questions from the following. Each


questions carries 12 marks. (48 marks)

1. Baloo owes Kaloo Rs.8000. Kaloo then draws a bill for Rs. 8000 on
Baloo for a period of three months. Baloo accepts and return it to
Kaloo. Kaloo discounted the bill with his bank at 12 % p.a. On due
date, the bill was dishonoured noting charges amount to Rs. 30.
Kaloo then draws a bill for the balance plus interest of Rs. 170.
Before the due date of this bill Baloo pays the amount at a
discount of Rs. 40 to retire the bill. Pass Journal Entries in the
books of Kaloo.

2. Rupali accepted a bill for Rs. 2,000/- drawn by Deepali at three


months. Deepali got the bill discounted with her bank for Rs.
1,900. Before the due date Rupali approached Deepali for renewal
of the bill. Deepali agreed on the condition that Rs. 1,000/- be
paid immediately together with interest on the remaining amount
at 6% p.a. For balance Rupali should accept a new bill for three
months. These arrangements were carried through but
afterwards, Rupali become Insolvent and only 40 % of the amount
could be recovered from her estate. Give journal entries in the
books of Deepali.
3. Bhagwan sold goods to Deo for Rs. 3,000. On the same date Deo
accepted a bill for 2 months. Bhagwan endorsed the bill to
Ishwar. On the due date of the bill, Ishwar informed that the bill
is dishonoured and the noting Charges were Rs. 20. Bhagwan drew
a new bill on Deo for the amount due including noting charges and
an interest of Rs. 130. Before the due date of the second bill Deo
become bankrupt and 20 paise in a rupee was received from his
estate as first and final dividend. Pass the necessary journal
entries in the books of Bhagwan.

4. On 1st March, Ramchandra sold goods to Raman worth Rs. 8,000/-


and Raman accepted the Bill for Rs. 8,000/- at 3 months drawn by
Ramchandra. Ramchandra discounted the bill with his bank @ 6%
p.a. On due date the bill was dishonoured and Raman requested
Ramchandra to accept Rs. 4,000/- immediately and draw upon him
a new bill for the remaining amount at 3 months together with an
interest at 10% p.a. Ramchandra agreed. The second Bill was duly
honoured. Give Journal entries in the books of Raman.

5. Archana purchased goods from Babita on Credit for Rs. 10,000


and accepted a bill drawn by Babita for four months. Babita
discounted the bill with her bank for Rs. 9600/- Before the due
date Archana approached Babita with a request to renew the Bill
Babita agreed with the condition that Archana should pay Rs.
6000 with interest of Rs. 120 and accept a new bill for the
balance. The arrangement was duly carried out. New bill is met on
the due date. Pass journal entries in the books of Archana.

6. Anant brought goods worth Rs. 4,500 from Samant on August 1,


2006. On the same day, Anant accepted the bill for Rs. 4,500 at 3
months drawn by Samant. Samant got the bill discounted with his
bank at 6%. Before the due date, Anant informed Samant about
his inability to pay the amount of bill. He further requested him
to accept Rs. 2,500 in cash and immediately draw upon him a new
bill for the remaining amount at 2 months together with interest
at 8% p.a. Samant agreed. The second bill was duly paid on
maturity. Give journal entries in the books of Anant.