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Bills of Exchange and Promissory notes
Accountancy
answered on 06-Jun-23 12:03
For the mutual accommodation of 'X' and 'Y' on 1st April, 2019, 'X' drew a four months' bill on " Y' * for ₹4,000."Y^ prime returned the bill after acceptance of the same date. 'X' discounts the bill from his bankers @ 6% per annum and remit 50% of the proceeds to 'Y'. On due date 'X' is unable to send the amount due and therefore 'Y' draws a bill for 7,000) which is duly accepted by 'X' 'Y' discounts the bill for 6,600 and sends 1,300 to 'X'. Before the bill is due for payment 'X' becomes insolvent. Later 25 paise in a rupee received from his estate. What is the Journal entry if y pay full amount to bank after x becomes insolvent
latest answer
https://youtu.be/HDceE0BGnCE Please refer to the above video.
Rohan Kumar
CA Foundation
★ 5
3
1K+
National income
Economics
answered on 01-Jun-23 22:48
Can I take GDP Deflator as 150 ??
latest answer
Because the Base year 2019 price level is 100 and it has increased to 150 in 2020. It means GDP Deflator is 150. Formula for GDP Deflator is = (Nominal GDP / Real GDP) x 100 Now, we have GDP Deflator and you can find Nominal GDP with the given information. Then, substitute these in the formula to find Real GDP.
Reetikaa R
CA Final
★ 7K+
4
491
National income
Economics
answered on 01-Jun-23 22:57
How come net domestic product received by household is NDP (FC) ?? Y NOT ( MP )
latest answer
Where in the photo it has been given as NDPmp? If you look carefully, neither mp nor fc has been mentioned. It is just given as NDP received by households. For calculating personal income, we always take it to be NDPfc. Only if it is specifically given as mp, convert to fc and then solve. Otherwise, if the question is silent, assume it to be fc and solve the problem.
Reetikaa R
CA Final
★ 7K+
4
560
Non funded exposure to real estate
Accountancy
answered on 01-Jun-23 20:11
What is the meaning of non funded exposure to real estate in banking and nbfc
latest answer
Anything which include money is Funded Exposure Anything Which not include money is Non Funded Exposure (Eg:Bill Discounting,Bank credit etc)
Atharv Sankliya
CA Final
★ 3K+
1
521
Marginal costing
Costing
answered on 02-Jun-23 20:20
What is ' mix ' ?
latest answer
Mix refers to a combination of products produced / sold.
Amit Pandit
CA Final
★ 33K+
4
437
Relative definition
Corporate & Other Laws
answered on 02-Jun-23 08:05
Why step daughter is not included in the definition of relative?
latest answer
https://www.caclubindia.com/articles/relative-section-2-77-of-the-companies-act-2013-25503.asp
Punitha Krishnaraj
CA Final
★ 5K+
3
871
AUDIT REPORT CHAPTER MISSING
Auditing
answered on 01-Jun-23 20:12
I cannot find Audit Report chapter in the List ?
latest answer
Covered in SA 700 to 720
Suresh Krishna
CA Inter
★ 0
2
414
Gmcs and advanced itt
Others
answered on 02-Jun-23 20:28
Sir my inter group 2 is not cleared yet but article ship is completed can I join gmcs and adv itt courses before 2nd group results come out and since we don't have icai bhawan in town i live should I complete both courses simultaneously. Please suggest something
latest answer
GMCS and Adv ITT have to be done one by one. Both are of 15 days. They cannot be done simultaneously. You have to do it one by one.
Pihu Jain
CA Inter
★ 3K+
4
645
Ca foundation doubt, ica,1872
Corporate & Other Laws
answered on 08-Jun-23 16:33
In case A want to sell his car and he has set C to auction it. if A sells his car to B without informing the auctioneer C and without the knowledge C also sells it to D then who will get the car?
latest answer
Ok, are you sure about it?😊 like A is still the owner right, so B wouldn't be the answer?
Sarthak Gupta
CA Foundation
★ 0
2
456
Indian contact act,1872 ca foundation doubt
Corporate & Other Laws
answered on 03-Jun-23 06:37
What if a offer is not valid because of an element of non compliance which is acceptance due to this the offer is not valid, but the other party has accepted it. is the acceptance valid?
latest answer
Under the Indian Contract Act, 1872, an acceptance must comply with the prescribed conditions to be considered valid. Section 7 of the Act defines acceptance as "the signification by the offeree of his willingness to be bound by the terms of the offer." If the acceptance does not meet the requirements outlined in the Act, it may not be considered valid. In situations where an offer is not valid due to non-compliance with the prescribed conditions, and the other party accepts the offer, the acceptance would generally not be valid. The Indian Contract Act requires a valid offer and a valid acceptance to form a legally enforceable contract
Sarthak Gupta
CA Foundation
★ 0
1
408