Ca foundation (accounts)-bills of exchange and promissory notes
This query is : Resolved
14 October 2022
explain the sentence
g.gupta"s acceptance for rupees 4000 which was endorsed by katrak to mehta was dishonoured .mehta paid rs.20 noting charges. bill withdrawn against cheque
g.gupta"s acceptance for rupees 4000 which was endorsed by katrak to mehta was dishonoured .mehta paid rs.20 noting charges. bill withdrawn against cheque
06 July 2024
It seems like you're describing a financial transaction scenario involving the dishonour of a bill of exchange. Here's a breakdown of the situation based on your description:
1. **Acceptance**: G. Gupta accepted a bill for Rs. 4000.
2. **Endorsement**: The bill was endorsed by Katrak to Mehta.
3. **Dishonour**: The bill was dishonoured, meaning it was not honored upon presentation for payment.
4. **Noting Charges**: Mehta paid Rs. 20 as noting charges. Noting charges are fees charged by a notary or a bank when they officially record the dishonour of a bill.
5. **Bill Withdrawn**: The bill was withdrawn against a cheque, indicating a cancellation or settlement of the bill through another payment method (in this case, a cheque).
In essence, this sequence suggests that after the bill of exchange was dishonoured, Mehta paid noting charges, and the bill was settled or cancelled through another financial instrument like a cheque. This type of transaction is common in commercial and financial dealings involving bills of exchange.
1. **Acceptance**: G. Gupta accepted a bill for Rs. 4000.
2. **Endorsement**: The bill was endorsed by Katrak to Mehta.
3. **Dishonour**: The bill was dishonoured, meaning it was not honored upon presentation for payment.
4. **Noting Charges**: Mehta paid Rs. 20 as noting charges. Noting charges are fees charged by a notary or a bank when they officially record the dishonour of a bill.
5. **Bill Withdrawn**: The bill was withdrawn against a cheque, indicating a cancellation or settlement of the bill through another payment method (in this case, a cheque).
In essence, this sequence suggests that after the bill of exchange was dishonoured, Mehta paid noting charges, and the bill was settled or cancelled through another financial instrument like a cheque. This type of transaction is common in commercial and financial dealings involving bills of exchange.
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