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Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate?
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Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months...
Explanation of the transaction:
Ram sold goods worth ₹1200 to Shyam on credit and took a bill at 2 months dated 1st January 2018. After acceptance, Ram endorsed the bill in favour of Hari, a creditor. However, the bill was dishonoured on the due date.
Request for settlement:
Shyam requested Ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum. Ram accepted the request and settled the account.
Insolvency of Shyam:
Unfortunately, Shyam was declared insolvent on 30th April, and a first and final dividend of 50 paisa in the rupees was received from the estate.
Implications:
The implications of Shyam's insolvency on the transaction are:
- Ram will receive only 50 paisa in the rupee from the estate, i.e., ₹100, as the first and final dividend.
- Ram can claim the balance amount from Shyam's estate as an unsecured creditor.
Overall, the transaction highlights the importance of creditworthiness and the risks associated with selling goods on credit. As a business owner, it is essential to evaluate the creditworthiness of customers and take necessary precautions to minimise credit risks.
Ram sold goods worth ₹1200 to Shyam on credit and took a bill at 2 months dated 1st January 2018. After acceptance, Ram endorsed the bill in favour of Hari, a creditor. However, the bill was dishonoured on the due date.
Request for settlement:
Shyam requested Ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum. Ram accepted the request and settled the account.
Insolvency of Shyam:
Unfortunately, Shyam was declared insolvent on 30th April, and a first and final dividend of 50 paisa in the rupees was received from the estate.
Implications:
The implications of Shyam's insolvency on the transaction are:
- Ram will receive only 50 paisa in the rupee from the estate, i.e., ₹100, as the first and final dividend.
- Ram can claim the balance amount from Shyam's estate as an unsecured creditor.
Overall, the transaction highlights the importance of creditworthiness and the risks associated with selling goods on credit. As a business owner, it is essential to evaluate the creditworthiness of customers and take necessary precautions to minimise credit risks.
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Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate?
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Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate? 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 Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate?.
Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate? 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 Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate?.
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Here you can find the meaning of Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate? defined & explained in the simplest way possible. Besides giving the explanation of
Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate?, a detailed solution for Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate? has been provided alongside types of Ram sold goods to the value of₹ 12ooto shyam taking a bill at 2 months dated 1st january 2018 after acceptance ram endorsed the bill in favour of hari ,a creditor the bill was dishonored on due date and shyam request ram to accept ₹400 in cash and to draw a new bill at 6 months for the balance plus interest at 6% per annum .ram accept the request .shyam is decleared insolvent on 30th April and a first and final dividend of 50 paisa in the ruppes was received from estate? theory, EduRev gives you an
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