A, B and C, for mutual accommodation, drew and accepted the following bills: A drew on B for ~ 10,000 and on C ~ 8,000; B drew on A for ~ 12,000 and on C ~ 20,000; C drew on A for ~ 18,000 and on B ~ 7,000. All the bills were discounted at […]

Which of the following is true ? A. no cancellation entry is required when a bill is renewed B. a banker holds discounted bills as an agent for collection C. discount at the time of retirement of a bill in a gain for the drawee D. the noting charges are ultimately borne by the drawer.

Which of the following is true ? A. noting is not a legally acceptable evidence of dishonour B. when a bill is honoured, notice must be given to the prior parties. C. a renewed bill re-establishes the acknowledgment of the debt of the drawee D. upon retirement, the drawer of the bill gets a fixed

Patel received from one of his customers a bill at three months for ~ 16,000. He discounted it on the same day at 10 per cent per annum with his bankers. On the date of maturity, the bill was dishonoured and the bank incurred noting charges of ~ 80. However, the customer paid him ~

D owes ~ 6,000 to S. The debt is discharged by D on 1.6.2014 by accepting two bills of exchange drawn on him by S —- one for ~ 4,000 at 2 months and the other for ~ 2,000 at 3 months. The first bill is endorsed in favour of R, a creditor, in full

S. Sen and B. Banerjee have a number of transactions on bills of exchange between them. You are required to show the journal entries in their books in respect of the following transactions : 1.1.2015 Sen draws a bill on Banerjee for ~ 15,450 payable after a month, inclusive of interest at 3% p.m. 3.1.2015

Yashpal owed money to Srinivas and hence accepted two bills each of ~ 4,850 of three months’ duration drawn on him by the latter, on July 1, 2015. Srinivas endorsed one of the bills in favour of Hariram on July 7, 2015. On the same date he discounted the other bills with his bank and

Assessment Type: Assessment Title: 35822/02 Implement and monitor care for a person with diabetes case study Date:       Student Name:       Cohort:       Open Colleges Student ID: E      Attempt 1 In order to demonstrate competence in units of competency within the HLT54115 Diploma of Nursing a combination of assessment tasks must be completed to demonstrate

Sri G sold his diamond ring to Sri K for ~ 20,000 and received in payment thereof, a three months bill of exchange from him of the bill amount. Thereafter, Sri G, discounted the said bill with his bankers receiving ~ 19,800. Sri K, was not able to meet the bill on the due date.

Mr. Neutral purchased goods from Mr. Positive on two month’s credit. The purchases were made on the following dates :                                                                                                                                                        ~ (a) 3rd March, 2014                                                                                       750 (b) 13th April, 2014                                                                                       500 (c) 8th May, 2014                                                                                           700 (d) 5th June, 2014                                                                                        1,000 (e) 20th July, 2014                                                                                          600 He wishes to pay the total amount of ~