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प्रश्न
Person whose liabilities are more than his assets and is not in position to pay off his liabilities is _________.
उत्तर
Person whose liabilities are more than his assets and is not in position to pay off his liabilities is Insolvent person.
APPEARS IN
संबंधित प्रश्न
Notary Public is ___________.
Give one word/phrase/term which can substitute the following statement:-
Person who is in possession of Bill of Exchange.
Give one word/phrase/term which can substitute each of the following statement:-
Amount which is not recoverable from Drawee on account of insolvency.
Find the odd one:-
Making payment of bill before the due date of maturity is known as ___________.
Amount that cannot be paid by acceptor on account of inslovency is known as __________.
A bill of exchange payable after a certain period is known as _________.
A bill which is drawn and accepted with valuable consideration is known as ___________.
A person who draws the bill of exchange is known as __________.
Answer in one sentence.
What do you mean by discounting a bill of exchange?
Answer in one sentence.
What is legal due date?
Define bill of exchange.
Write a short note on:
Endorsement of a bill
Find the odd one.
Bela draws a bill for ₹ 2,00,000 on Prihaan for 4 months period. The bill is duly accepted and returned to Bela. One month after the date, Bela discounted the bill with bank @ 18% p.a.
On the due date, Prihaan dishonoured his acceptance. Bank paid noting charges ₹ 4,500. Prihaan requested Bela to renew the bill for further period of 2 months. Bela agreed and took the bill back from bank and received new acceptance for 40% amount of the bill with full amount of noting charges and cheque for 60% balance plus interest @ 12% p.a.
Write Journal of Bela and Prihaan for the above bill transactions.
Sonali draws a bill on Rupali for ₹ 50,000 for 3 months. Rupali accepts the bill on the same date. Sonali sends the bill to the bank for collection. Before the due date, Rupali finds herself unable to make payment of bill and requests Sonali to renew it. Sonali agrees to the proposal on a condition that Rupali should pay ₹ 20,000 in cash along with interest of 1,000 and accept a new bill for 2 months for the balance. Rupali retired the bill by paying ₹ 27,000.
Give Journal entries in the books of Sonali and prepare Rupali's Account in the books of Sonali.
Give Specimen of Bill of Exchange:
- Drawer: Mr. Ram Das, Pune
- Drawee: Mr. Kapil Deo. Mumbai
- Amount: ₹ 1,05,000
- Tenure : 3 Months
- Date of Bill: 3rd March. 2020
- Date of Acceptance: 7th March, 2020
Rajesh sold goods on credit to Sulochana for ₹ 25,000. Rajesh draws a bill for ₹ 25,000 on Sulochana for 3 months. Rajesh discounted the bill with his bank @ 10% p.a. on the same day. On the due date of bill, Sulochana requested Rajesh to accept ₹ 5,000 including ₹ 1,000 for interest and to draw a bill for the balance for 3 months. Rajesh agreed to this proposal. One month before the due date, Sulochana retired the bill for ₹ 20,200.
Pass necessary Journal Entries in the books of Rajesh.
The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be ______.
The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be______.
Bina draws a bill on Tina for ₹ 24,000 on 6th Oct. 2022 for 3 months. Tina accepts the bill on the same date. Bina sends the bill to Bank for collection on 20th Oct. 2022. Before due date, Tina finds herself unable to make the payment of bill and request Bina to renew it. Bina agree to the proposal on condition that Tina should pay ₹ 10,000 in cash along with interest ₹ 800 and accept a new bill for 2 months for the balance. Tina retired the bill on 12th Jan. 2023 by paying ₹ 13,500.
Calculate legal due date for the following:
| Date of Bill | Period | Legal due date |
| 19th Jan. 2022 | 60 days | ? |
Write the word/phrase/term which can substitute each of the following statements:
A person in whose favour a bill is endorsed.
