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bill discounted at his bank for ` 9,800. On the due date, B approached A for renewal of the bill. Mr. A agreed on condition that ` 2,000 be paid immediately along with interest on the remaining amount at 12% p.a. for 3 months and that for the remaining balance B should accept a new bill for 3 months. These arrangements were carried through. In case of a bearer cheque, the paying banker need not seek the identification of the holder of the cheque.
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(i) Commenced business with cash ₹ 50,000, cheque ₹ 1,00,000, goods ₹ 30,000 and furniture ₹ 20,000. (ii) Car, personal asset of the proprietor, was sold for ₹ 1,00,000 against cheque which he deposited in his Savings Account. (iii) An amount of ₹ 50,000 was transferred from … Mr. Kumar, the proprietor of Kumar& Co., gave an annual maintenance contract for maintenance of office air-conditioners to Mr. Shan.
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Sona Ltd. purchased machinery costing ₹ 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of ₹ 100 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Sona Ltd .Show your working notes clearly. STILL COLLECTING CHEQUES FROM SUBSIDIARY PROPRIETORS? SUBSIDIARY PROPRIETOR One click QR payment Use Bank Account , Credit Card , Alipay or Wechat Overseas owners pay in own currency Alerts when payment due Instant confirmation of payment No more lost cheques Enhanced cash flow Pay via portal even if bill is not received Auto credit to MCST
If drawer’s signature (already on the cheque) is forged by the holder in order to open the crossing and the payment is obtained at the counter, the banker will remain liable to the true owner of the cheque. The banker is under an obligation to pay the cheque according to the direction of the drawer conveyed through the crossing on the cheque.
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