CA Foundation Exam > CA Foundation Questions > X draws a bill on Y for Rs 3000. X endorsed t...
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X draws a bill on Y for Rs 3000. X endorsed to Z. Y will pay the amount of the bill to:
- a)X
- b)Z
- c)To himself
- d)None
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
X draws a bill on Y for Rs 3000. X endorsed to Z. Y will pay the amoun...
To determine who will be paid the amount of the bill, we need to understand the concept of endorsement.
1. Definition of endorsement:
- Endorsement refers to the transfer of rights and liabilities of a negotiable instrument (such as a bill) from one party to another.
- It is done by signing on the back of the instrument, i.e., the bill, by the party transferring the rights and liabilities.
2. X draws a bill on Y:
- This means that X has written a bill (a written order) for a certain amount (Rs 3000) on Y, asking Y to pay the mentioned amount.
3. X endorsed to Z:
- In this scenario, X signs on the back of the bill, transferring the rights and liabilities of the bill to Z.
- This means that X is no longer entitled to receive payment from Y. Instead, Z has the right to receive the payment.
4. Y will pay the amount to:
- Since X has endorsed the bill to Z, Y is required to pay the amount of the bill to Z.
5. Conclusion:
- Therefore, the correct answer is option B: Z. Y will pay the amount of the bill to Z, as X has endorsed the bill to Z.
Most Upvoted Answer
X draws a bill on Y for Rs 3000. X endorsed to Z. Y will pay the amoun...
Heyya!
X draws a bill on Y for Rs.3000
{means Y has liability to pay X Rs.3000}
X endorsed to Z
{means whom payment was to made he authorised Z to take payment on his(X) behalf and give money in advance to him(X) }
So, now Y will pay the amount of the bill to the Endorsee (Z)
Hope you got it!
All the best!
>Gk
X draws a bill on Y for Rs.3000
{means Y has liability to pay X Rs.3000}
X endorsed to Z
{means whom payment was to made he authorised Z to take payment on his(X) behalf and give money in advance to him(X) }
So, now Y will pay the amount of the bill to the Endorsee (Z)
Hope you got it!
All the best!
>Gk
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Community Answer
X draws a bill on Y for Rs 3000. X endorsed to Z. Y will pay the amoun...
Explanation:
When X draws a bill on Y for Rs 3000, it means that X is requesting Y to pay him Rs 3000. However, X endorses the bill to Z, indicating that X transfers the rights to receive the payment to Z.
Endorsement:
Endorsement is a legal process by which the holder of a bill of exchange transfers his rights to receive the payment to another person. In this case, X endorses the bill to Z, which means that Z becomes the new holder of the bill and has the right to receive the payment from Y.
The Payee:
The payee is the person to whom the payment is to be made. In this case, since X has endorsed the bill to Z, Y will pay the amount of the bill to Z.
Correct Answer:
Therefore, the correct answer is option 'B' - Z. Y will pay the amount of the bill to Z, the person to whom the bill has been endorsed.
To summarize:
- X draws a bill on Y for Rs 3000.
- X endorses the bill to Z.
- Y is required to pay the amount of the bill to Z, the new holder of the bill.
- Hence, the correct answer is option 'B' - Z.
When X draws a bill on Y for Rs 3000, it means that X is requesting Y to pay him Rs 3000. However, X endorses the bill to Z, indicating that X transfers the rights to receive the payment to Z.
Endorsement:
Endorsement is a legal process by which the holder of a bill of exchange transfers his rights to receive the payment to another person. In this case, X endorses the bill to Z, which means that Z becomes the new holder of the bill and has the right to receive the payment from Y.
The Payee:
The payee is the person to whom the payment is to be made. In this case, since X has endorsed the bill to Z, Y will pay the amount of the bill to Z.
Correct Answer:
Therefore, the correct answer is option 'B' - Z. Y will pay the amount of the bill to Z, the person to whom the bill has been endorsed.
To summarize:
- X draws a bill on Y for Rs 3000.
- X endorses the bill to Z.
- Y is required to pay the amount of the bill to Z, the new holder of the bill.
- Hence, the correct answer is option 'B' - Z.
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X draws a bill on Y for Rs 3000. X endorsed to Z. Y will pay the amount of the bill to:a)Xb)Zc)To himselfd)NoneCorrect answer is option 'B'. Can you explain this answer?
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