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Bills of Exchange how important
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If I don't prepare Bills of Exchange properly now will it impact my studies in future for CA Inter and Final exams ? Is it important for understanding the chapters in Inter and Final ? PS- I have basic knowledge of the chapter but I am not able to solve difficult questions from it. I am going to decide to leave it in Foundation exam
Answers (20)
Manoj Raj
You have to understand the concepts behind this bills of exchange... Like what is bills receivable , Bills payable, Discounting the bills, Dishonour of bills.. Their entries as well
These basic things I know I am easily able to solve Std 12 level questions but not able to solve the questions given in Icai study mat and Mtp Rtp like this one (ques no 10)
You may have to change your view since you were able to solve questions in 12 th standard it doesn't mean you can solve CA questions. It requires some in depth knowledge and thinking about the question. Analyse the question and try to understand the wordings given in the question then try to proceed. If you are strong in entries You can win over this mindset easily.
Manoj Raj
You may have to change your view since you were able to solve questions in 12 th standard it doesn't mean you can solve CA questions. It requires some in depth knowledge and thinking about the question. Analyse the question and try to understand the wordings given in the question then try to proceed. If you are strong in entries You can win over this mindset easily.
That is why I am asking it being strong in this chapter necessary for future like for CA Inter and Final exams ?
Brother.. Being concept wise you need understanding . But for example there is no question will be asked in inter about only BOE entries. It'll be a part of a concept in inter level.. You don't have to worry about that now itself. You can learn easily at that level of examination and preparation. Now you should concentrate on your studies having examination purpose. Prepare and do well in your foundation exams. Rest of the thing like this you can think later.
CA Suraj Lakhotia Admin
Pls take up individual chapter if you want. This is a highly scoring chapter.
Sir I had contacted the team of Indigo Learning but they told me that Individual chapter sale for Foundation is not available till now
Thread Starter
Ardhendu Sekhar AcharyaSir I had contacted the team of Indigo Learning but they told me that Individual chapter sale for Foundation is not available till now
Bro this is not as difficult as it seems and addressing your question even if you leave it this will not have any impact on your subsequent levels of CA so at your discretion u can leave this..but I recommend u to try once more and read because u have 1months time
B A
Sir I have doubt in this question onlyâ?¦ In case (ii) Journal Entry should be B/R Ac ________dr 3160 Discount ______dr 40 To James____________ 3200 Why ICAI considering Bills Payable?? We are taking money from James so how payable? Please tell me about this
Bills Payable was to Ralph which is now destroyed. So Bill's payable which was a liability gets reduced to zero. So it is debited
Thread Starter
Ardhendu Sekhar AcharyaBills Payable was to Ralph which is now destroyed. So Bill's payable which was a liability gets reduced to zero. So it is debited
But we are just taking money from James by giving him discount We are not considering Ralph here.. so why Bills Payable
B A
But we are just taking money from James by giving him discount We are not considering Ralph here.. so why Bills Payable
You should read the question. We accepted Don's Bill Payable which means that Don had given a Bill Payable to Ralph. Ralph gave that bill to James as the security for payment. James returns our Bill Payable which was given by us to Ralph which means we will need not to pay anything to Ralph now as we paying Ralph's debts to James for full settlement. So our Bill Payable to Ralph is reduced to zero. Since Bills Payable is liability and it is reduced to zero. So it is debited
Are First of all we are Don And na question says that James will give us Rs.3200 via Bill of Exchange (assuming). And we need to pay Ralph Rs.3160 in full settlement. So as they said in full settlement, while taking money from James we will give him discount of Rs. 40. Thats it. We dont need to immediately endorse the bill to Ralph. To how Bill Payable i am asking about
B A
Are First of all we are Don And na question says that James will give us Rs.3200 via Bill of Exchange (assuming). And we need to pay Ralph Rs.3160 in full settlement. So as they said in full settlement, while taking money from James we will give him discount of Rs. 40. Thats it. We dont need to immediately endorse the bill to Ralph. To how Bill Payable i am asking about
Accha I understood they said dons OWN acceptance. He is getting his bill back like that umm Thankyou :))
B A
Accha I understood they said dons OWN acceptance. He is getting his bill back like that umm Thankyou :))
Yes Don is just getting the Bill Payable he gave to Ralph few days back. Ralph gave the bill to James as he couldn't pay money to James. James came to us and give us that bill and took money from us. So actually we paid Ralph's debts off and hence our Bill Payable to Ralph was destroyed or reduced to zero. So it was debited
B A
Accha I understood they said dons OWN acceptance. He is getting his bill back like that umm Thankyou :))
Itâ??s something like this
B A
Itâ??s something like this
Yes this is correct. Extra Rs 40 is paid by us so that is also debited along with Bills Payable