Can any body give answer for this comment

This query is : Resolved

Share Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2010
Delivery of goods under Bailment may be actual or constructive

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

05 August 2010 Actual possession of or control over property must be delivered to a bailee in order to create a bailment. The delivery of actual possession of an item allows the bailee to accomplish his or her duties toward the property without the interference of others. Control over property is not necessarily the same as physical custody of it but, rather, is a type of constructive delivery. The bailor gives the bailee the means of access to taking custody of it, without its actual delivery. The law construes such action as the equivalent of the physical transfer of the item. The delivery of the keys to a safe-deposit box is constructive delivery of its contents.

Message likes : 1 times

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

05 August 2010 Bailment is the act of placing property in the custody and control of another, usually by agreement in which the holder (bailee) is responsible for their safe keeping and return of the property. Examples: bonds left with the bank, autos parked in a garage, animals lodged with a kennel, or a storage facility (as long as the goods can be moved and are under the control of the custodian). While most are "bailments for hire" in which the custodian (bailee) is paid, there is also "constructive bailment" when the circumstances create an obligation upon the custodian to protect the goods, and "gratuitous bailment" in which there is no payment, but the bailee is still responsible, such as when a finder of a lost diamond ring places it with a custodian pending finding the owner. 2) the goods themselves which are held by a bailee. Thus, the "bailor" (owner) leaves the "bailment" (goods) with the "bailee" (custodian), and the entire transaction is a "bailment."

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2010 Thanks sir,
can i know where u geting the answers, because i have to send answers for ICWA CC papers. Can u give suggestions for 2 marks questions of Law & Auditing

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2010 Can u give answers for this statements

TEST PAPER — I/6/CIA/2008/T-1
LAW

1. (a) Comment on the following :
(i) An auctioneer X advertised that sale of furniture would take place on
21/2/09 on Ice Skating Ring in Kolkata. Y travelled from Dhanbad to the
auction but found that it has been withdrawn. Y sued X for loss of time and
expenses.
(ii) A, a partner of XYZ & Co buys office furnitures on behalf of the firm without
the consent of other partners.
(iii) B just signs the back of a cheque.
(iv) Y, a dealer in motorcycles sales a Yahama bike to B. B leaves it possession
The bike gets damaged. B sues Y for compensation.
(v) D, met an accident in factory premises. He filed a suit against the owner for
claim of compensation.
(vi) An A. C installed in office of ABC & CO stopped working within 2 months
of purchase. The proprietor made an complaint with District forum against
seller.
(vii) A earns a salary of Rs 10,000 per month. Bonus declared by employer was
10% of salary. Bonus received by A was Rs 3000.
(viii) X owes G. Bank a sum of Rs 100,000 repayable on 31/3/2008. Y is guarantor
of the said loan. X fails to pay up. The bank does not take any action against
X. Y feels he is no longer party to the contract.
(ix) All dealership agreements require registration (Competition Act)
(x) Limited Liability Partnership is distinct from limited partnership. (2×10)

Auditing
6. State with reasons whether the following statements are True/False (any six)
i) Auditing, in India can be traced back to the days of Vedas .
ii) The concept of evidence is fundamental to auditing.
iii) Test check approach and random sampling approach are same
iv) By obtaining inventory valuation certificate from management, the auditor is
no longer responsible for verifying Closing Stock.
v) Indirect expenditure relating to construction of a project should not be capitalized.
vi) National Advisory committee on Accounting Standards may be constituted by
Central Government u/s 210A.
vii) An Auditor is always appointed by passing a special resolution to this effect.
viii) When separate Branch Auditors are appointed, the company auditor may not
visit the branches.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now