CA Foundation Exam > CA Foundation Questions > Q.4 mr. x has drawn a bill on mr. y for ₹ 10,...
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Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate?
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Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorse...
Introduction:
In this scenario, Mr. X drew a bill on Mr. Y for ₹10,000, but later endorsed it to Mr. Z in full settlement of ₹10,200. However, the bill was dishonored on the due date, resulting in noting charges amounting to ₹40. Mr. X then paid off Mr. Z in full and drew a new bill on Mr. Y with an interest of ₹60. Finally, Mr. Y retired this bill for a rebate.
Explanation:
The given scenario involves the following steps:
Step 1: Drawing the Bill
- Mr. X initially drew a bill on Mr. Y for ₹10,000. This means that Mr. Y owed Mr. X ₹10,000.
Step 2: Endorsement and Full Settlement
- Mr. X endorsed the bill to Mr. Z, which means that Mr. X transferred his rights to Mr. Z.
- This endorsement was done in full settlement of ₹10,200, which means that Mr. Z paid Mr. X ₹10,200 to acquire the rights to the bill.
Step 3: Dishonor of the Bill
- On the due date, the bill was dishonored, which means that Mr. Y did not make the payment as promised.
- As a result, noting charges amounting to ₹40 were incurred. Noting charges are the charges levied when a bill is dishonored.
Step 4: Payment to Mr. Z
- Mr. X, being liable for the bill, paid off Mr. Z in full. This means that Mr. X reimbursed Mr. Z with the full amount of ₹10,200 that he had received earlier.
Step 5: Drawing a New Bill with Interest
- After settling the payment with Mr. Z, Mr. X drew a new bill on Mr. Y. This new bill included an additional amount of ₹60 as interest. This indicates that Mr. X charged interest on the delayed payment by Mr. Y.
Step 6: Retirement of the Bill for a Rebate
- Finally, Mr. Y retired the new bill drawn by Mr. X for a rebate. Retiring a bill means that Mr. Y paid off the bill before its due date.
- The rebate is a deduction allowed by Mr. X to Mr. Y as an incentive for early payment.
Conclusion:
In this scenario, Mr. X initially drew a bill on Mr. Y, which was later endorsed to Mr. Z. However, the bill was dishonored and noting charges were incurred. Mr. X then paid off Mr. Z in full, drew a new bill on Mr. Y with interest, and Mr. Y retired the bill for a rebate. This sequence of events demonstrates the process of bill endorsement, dishonor, payment, and retirement for a rebate.
In this scenario, Mr. X drew a bill on Mr. Y for ₹10,000, but later endorsed it to Mr. Z in full settlement of ₹10,200. However, the bill was dishonored on the due date, resulting in noting charges amounting to ₹40. Mr. X then paid off Mr. Z in full and drew a new bill on Mr. Y with an interest of ₹60. Finally, Mr. Y retired this bill for a rebate.
Explanation:
The given scenario involves the following steps:
Step 1: Drawing the Bill
- Mr. X initially drew a bill on Mr. Y for ₹10,000. This means that Mr. Y owed Mr. X ₹10,000.
Step 2: Endorsement and Full Settlement
- Mr. X endorsed the bill to Mr. Z, which means that Mr. X transferred his rights to Mr. Z.
- This endorsement was done in full settlement of ₹10,200, which means that Mr. Z paid Mr. X ₹10,200 to acquire the rights to the bill.
Step 3: Dishonor of the Bill
- On the due date, the bill was dishonored, which means that Mr. Y did not make the payment as promised.
- As a result, noting charges amounting to ₹40 were incurred. Noting charges are the charges levied when a bill is dishonored.
Step 4: Payment to Mr. Z
- Mr. X, being liable for the bill, paid off Mr. Z in full. This means that Mr. X reimbursed Mr. Z with the full amount of ₹10,200 that he had received earlier.
Step 5: Drawing a New Bill with Interest
- After settling the payment with Mr. Z, Mr. X drew a new bill on Mr. Y. This new bill included an additional amount of ₹60 as interest. This indicates that Mr. X charged interest on the delayed payment by Mr. Y.
Step 6: Retirement of the Bill for a Rebate
- Finally, Mr. Y retired the new bill drawn by Mr. X for a rebate. Retiring a bill means that Mr. Y paid off the bill before its due date.
- The rebate is a deduction allowed by Mr. X to Mr. Y as an incentive for early payment.
Conclusion:
In this scenario, Mr. X initially drew a bill on Mr. Y, which was later endorsed to Mr. Z. However, the bill was dishonored and noting charges were incurred. Mr. X then paid off Mr. Z in full, drew a new bill on Mr. Y with interest, and Mr. Y retired the bill for a rebate. This sequence of events demonstrates the process of bill endorsement, dishonor, payment, and retirement for a rebate.
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Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate?
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Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? 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 Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate?.
Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? 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 Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate?.
Solutions for Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? defined & explained in the simplest way possible. Besides giving the explanation of
Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate?, a detailed solution for Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? has been provided alongside types of Q.4 mr. x has drawn a bill on mr. y for ₹ 10,000. the bill was endorsed by him to mr. z in full settlement of ₹10,200. however on the due date the bill was found to be dishonoured and noting charges amounted to ₹ 40. mr.x paid off mr.z in full and drew a new bill on mr. y with interest₹ 60. mr. y had retired this bill for rebate? theory, EduRev gives you an
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