Question
Mr. Arvind drew a bill of exchange of ₹1,00,000
payable after 3 months on Mr. Rohit, who accepted the bill. Before maturity, Mr. Arvind endorsed the bill to Mr. Suresh. On the due date, Mr. Rohit defaulted. Who is primarily liable now?Solution
The acceptor of a bill (Mr. Rohit) is primarily liable to pay on the due date. Endorsement transfers the right to receive payment, not the liability to pay unless the endorser guaranteed it (which is secondary).
The term 'Days of Grace' in relation to a bill of exchange refers to:
A bill of exchange drawn on 15th March for 2 months will mature on:
When a bill is discounted with the bank, the party that bears the loss if the bill is dishonored at maturity is the:
Noting charges are recoverable from:
Which of the following is an example of transaction in money under GST laws
Noting charges are ultimately borne by the:
Accounts relating to income, revenue, gain expenses, and losses are termed as:
If revenue from operations is Rs.60,00,000 Gross Profit ratio is 60%, Operating expenses are Rs.4,00,000 and Income tax rate is 30%, what will be the op...
Mr. A draws a bill of exchange for ₹1,00,000 on Mr. B for 90 days. Mr. B accepts it and it is discounted by Mr. A from the bank. On maturity, Mr. B fa...
A bill of ₹50,000 discounted @12% p.a. for 3 months. Bank discount = ?
