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8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)?.

Solutions for 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.

Here you can find the meaning of 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)? defined & explained in the simplest way possible. Besides giving the explanation of 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)?, a detailed solution for 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)? has been provided alongside types of 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)? theory, EduRev gives you an ample number of questions to practice 8. GOURU and GAYAANI were friends and in need of funds. On 1st April,2015 Gouru drew a bill for Rs. 2,00,000 for three months on ?Gyani. On 4.4.15 Gouru got the bill discounted at 15% per annum and remitted half of the proceeds to Gyani. On the due date, Gyani could not meet the bill, instead, Gouru accepted Gyani’s bill for Rs.1,20,000 on 4th July,2015 for two months. This was discounted by Gyani at 15% per annum and out this Rs. 19,500 was paid to Gouru after deducting Rs.500 discounting charges. Due to financial crises, Gouru became insolvent and the bill drawn on him was dishonoured and his estate paid 40% Days of grace for discount purposes maybe ignored. (i). Give journal entries and (ii). Prepare Gyani’s Account-in the books of Gouru Related: ICAI Notes 7.1 - Bills of Exchange & Promissory Notes (Part - 4)? tests, examples and also practice CA Foundation tests.