Bill of Exchange Class 11 Ncert Solutions Pdf Download
NCERT Solutions Class 11 Accountancy Chapter 8 Bill Of Exchange – Here are all the NCERT solutions for Class 11 Accountancy Chapter 8. This solution contains questions, answers, images, explanations of the complete chapter 8 titled Bill Of Exchange of Accountancy taught in Class 11. If you are a student of Class 11 who is using NCERT Textbook to study Accountancy, then you must come across chapter 8 Bill Of Exchange. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 11 Accountancy Chapter 8 Bill Of Exchange in one place.
NCERT Solutions Class 11 Accountancy Chapter 8 Bill Of Exchange
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For a better understanding of this chapter, you should also see summary of Chapter 8 Bill Of Exchange , Accountancy, Class 11.
| Class | 11 |
| Subject | Accountancy |
| Book | Financial Accounting Part 1 |
| Chapter Number | 8 |
| Chapter Name | Bill Of Exchange |
NCERT Solutions Class 11 Accountancy chapter 8 Bill Of Exchange
Class 11, Accountancy chapter 8, Bill Of Exchange solutions are given below in PDF format. You can view them online or download PDF file for future use.
Bill Of Exchange Download
NCERT Solutions for Class 11 Accountancy (Financial Accounting I) Chapter 8 Bills of exchange Download
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Question & Answer
Q.1: Name any two types of commonly used negotiable instruments. Ans : Cheques and Bills of exchange are the commonly used negotiable instruments.
Q.2: State any four essential features of bill of exchange. Ans : Essential features of bills of exchange are as follows: 1. A bill of exchange is a written order to make payment. 2. It is an unconditional order to make payment by a person i.e. drawee. 3. The amount of bill of exchange and the date of payment are certain. 4. It is signed by the drawer of the bill. 5. It is accepted by the drawee by signing on it. 6. The amount specified in the bill of exchange is payable either on demand or on the expiry of a fixed period. 7. The amount specified in the bill is payable either to a certain person or to his order or to the bearer of the bill. 8 It is stamped as per legal requirements.
Q.3: State the three parties involved in a bill of exchange. Ans : There are three parties in a bill of exchange: 1. Drawer is the person who makes the bill of exchange. She/he is a person who has granted credit to the person on whom the bill of exchange is drawn. The drawer is entitled to receive money from the drawee (acceptor). 2. Drawee is the person on whom the bill of exchange is drawn for acceptance and to whom credit has been granted by the drawer. He/she is liable to pay money to the creditor/drawer. 3. Payee is the person who receives the payment from the drawee. Usually the drawer and the payee are the same person.
Q.4: What is meant by maturity of a bill of exchange? Ans : The date calculated after adding 3 days of grace to the due date of a bill is called the date of maturity of a bill. It is to be noted that when a bill is to be payable on demand/at sight, then days of grace is not applicable. When the period of a bill is mentioned in days, the maturity of bill is calculated in days. Similarly, when the period of a bill is mentioned in months, the maturity of bill is calculated in months. In certain cases, when the maturity date of any bill falls on a public holiday, then the maturity date of the bill will be the previous business day.
Q.5: What is meant by dishonour of a bill of exchange? Ans : When the drawee of the bill fails to make the payment on the maturity date of the bill, then the bill is said to have been dishonoured. Hence, liability of the acceptor is restored. Entries made for recording dishonour of the bill of exchange are as follows: In the books of drawer Drawee's A/c Dr. To Bills Receivable A/c (Being bill dishonoured) In the books of drawee Bills Payable A/c Dr. To Drawer's A/c (Being bill dishonoured)
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Bill of Exchange Class 11 Ncert Solutions Pdf Download
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