A bill was drawn on 23rd Dec 2005 for one month maturity.

what will be its due

date.
25th jan 2006
Wages of workmen employed for setting up new machinery should be debited to :
a) expenses account (b) wages a/c (c) machinery account (d) cash account
Ram is paid Rs 200 for repairs of a second hand machienry. The amount paid shoul
d be debited to
a) Ram a/c (b) Machinery a/c ( c) cash a/c (d) repairs a/c
Rajesh threw a party for Ashish. In the party Sachin sharma a top cricketer was
also present. Rajesh in the presence of Sachin told Mr Ashish that Mr sachin is
his longtime friend and also partner in the firm. impressed by this Ashish gave
loan of Rs 1 lkh to the firm.Later Rajesh went bankrupt and it came to be known
that Sachin was never partner in the firm, however Ashish filed a suit against
sachin for recovery of money.
(a) Sachin can not be held responsible as he is not partner in the firm
(b) Sachin is responsible as he did not protest or gave any indication to the co
ntrary when he was projected as partner in the firm
(c) Sachin is not responsible as he never asked Ashish to give loan.
(d) both (a) & (c)
(e) None of the above
Seema and Garima enter into a joint venture. If separate sets of books are maint
ained answer the following questions;
1. Seema bought goods for Rs 5000 , what entry will be passed
a. debit purchases a/c , credit cash account
b. debit seema a/c , credit cash account
c. debit joint venture a/c , credit Seema account
d. debit joint venture a/c , credit joint bank account
2. Goods worth Rs 3000, taken over by Garima
a. Debit drawings a/c, credit purchases a/c
b. Debit joint venture, credit Garima a/c
c. Debit joint bank a/c , credit joint venture a/c
d. Debit Garima a/c, credit joint venture a/c
3. Goods worth Rs 2000 sold by Seema and cash received
a. Debit seema a/c , credit cash a/c
b. Debit joint bank a/c , credit joint venture a/c
c. Debit joint venture a/c, credit joint bank a/c
d. Debit joint venture, credit seema a/c
Q1. A bill presented by your branch is dishonoured and you want to get its notin
g. The provision regardingnoting is described under section...of NI Act:
a: 100 b: 99 c: 85A d: 131 e 87
Q2.B is payee of a cheque, who endorses it to C. C lost the cheque which is foun
d by D, who endorses it in favour of A for valuable consideration by way of forg
ing C signatures. The cheque is dishonoured. A can recover from:
a: B
b: C
c: D
d: any of the previous parties
e None of the previous parties
Q3.As per section 45(ZA) of Banking Regulation Act 1949:
a: Nomination facility has been granted for bank deposits.
b: Guidelines have been laid down for election of Chairmen and Managing Director
s of the banks.
c: Guidelines have been given for providing working capital to big units.
d: nomination facility is available for locker accounts
e nomination facility for safe deposit vault
Q4.Your branch is having a partnership current account and a garnishee order in
the name of a partner in the firm, is received. It will:
a apply to all partners
b apply to firms account
c not apply to firms account
d not apply to any one.
e a and c
A Garnishee Order for Rs. 10,000 and income tax attachment order for Rs. 15,000
are received simultaneously in the branch in the account of Mr. Rohit who is hav
ing a clean OD limit of Rs.1 lac with debit balance of Rs. 15,000. Which one of
them will have preference?
a) Income Tax Attachment order will have preference as it is for recovery of sta
tutory dual
b) Garnishee order will have preference since it has been issued by the Court.
c) Amount will be shared proportationatly between Garnishee Order and Attachment
Order.
d) None of the above
Q1. Process of sale or purchase of government securities by RBI in the open mark
et ith a view to increase or decrease the liquidity in the banking system is kno
wn as................,...
Q2.....................means offering all types of financial products like banki
ng, insurance, mutual funds, capital market related products including share bro
king, commodity broking, investment type products like sale of gold/bullion, gov
ernment/corporate bonds, providing advisory services and Merchant Banking Activi
ties, etc., - all at one place
Q3. ..................is a type of negotiable (transferable) financial instrumen
t that is traded on a local stock exchange of a country but represents a securit
y, usually in the form of equity that is issued by a foreign publicly listed com
pany.
Q1.In relation to consignment accounts :
(A) Consignor sends Account Sale to consignee.
(B) Consignee sends Account Sale to consignor.
(C) Debtor sends Account Sale to consignor.
(D) Consignee sends Account Sale to customer
Q2.Amount of Abnormal Loss (cost price + proportionate expenses)
(A) Shall be debited to Consignment Account
(B) Shall be credited to Consignment Account
(C) Shall be credited to General Profit and Loss Account
(D) Shall be credited to Insurance Companys Account
'
Q3. A of Ahmedabad consigned goods of Rs.20,000 to M of Chennai and paid Rs.1000
for expense. The consignee paid Rs.200 for freight and Rs.100 for octroi. 80% o
f goods were sold and commission of Rs.1000 was paid, then thevalue of closing s
tock is Rs.................
(A) 4200
(B) 4000
(C) 4260
(D) 5200
Ram transported 4 bags of cotton from Indian Railways. The railway receipt was e
ndorsed by Ram in favour of his Bank. The goods were damaged in transit. Bank fi
led a suit against Railways for damages. Railways contended that Bank can not fi
le a suit against railways since Ram is the owner:
a) Railways is correct. Bank had only been endorsed railway receipt and has not
actually received delivery of goods thus Bank is not actual owner and thus can n
ot sue.
b) Ram has created valid pledge by endorsing railway receipt to Bank. For creati
ng a valid pledge constructive delievery is sufficient and thus Bank as pledgee
can sue.
c) Though valid pledge has been created in favour of Bank, Bank still does not g
et the right to sue.
d) None of the above
Ahana draws a bill of exchange of Rs 30000, payable 3 months after sight on Reha
na on 01.06.2009. The bill was accepted on 04.06.2009. Answer the following ques
tions:
1) Due date of the bill will be
a) 01.09.2009 (b) 04.09.2009 (c) 07.09.2009 (d) None of the above
2) The bill was endorsed to Suhana on 01.09.2009. Which account will be debited
in the books of Ahana.
a) Bills receivable a/c (b) Cash account (c) Suhana a/c (d) None of the above
3) In question no 2, which account will be debited in the books of rehana on end
orsement of the bill
a) Suhana a/c (b) Ahana a/c (c) Bills payable a/c (d) None of the above
4 ) On the due date of the bill was duly honoured. Which account will be debited
in the books of Ahana
a) Cash a/c (b) Suhana a/c (c) Rehana a/c ( d) None of the above
5) In the above ques no 4, which account will be debited in the books of Rehana
a) cash a/c (b) Bills payable a/c (c) rehana a/c (d) Suhana a/c
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Drawing Power Calculation
Drawing power (DP) depends on value of stock (collateral) and sanctioned
limit. When Loan is sanctioned the value of security (stock), margin and limit
as decided by the Bank are taken into account to arrive at the customer drawing
power:
Drawing Power = Minimum (Stock Margin, Limit)
Drawing power can be changed due to change of stock value, margin and li
mit at any time.