What is Presentment? Presentment A Grand Jury statement that a crime was committed; a written notice‚ initiated by a grand jury‚ that states that a crime occurred and that an indictment should be drawn. Making a demand for payment of a promissory note when it is due A report to a court by a grand jury‚ made on its own initiative without a request or presentation of evidence by the local prosecutor‚ that a "public" crime (illegal act by public officials or affecting the public good) has been
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to represent BigCreditor Bank. In 2011‚ BigCreditor’s junior loan officer‚ Evan Elpus‚ made a $800‚000 loan to international teen singing sensation Bee Yonsay. Bee signed a negotiable promissory note for the $800‚000 loan; the money was to be used for Bee to create a new recording studio. In addition to the note representing the loan‚ Evan prepared the following document for Bee and her manager‚ Aie Jent. UNCONDITIONAL AGREEMENT I‚ we‚ and all of us unconditionally promise that any and all obligations
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Bills of Exchange‚ Cheques & Promissory Notes : 1 Bills of Exchange‚ Cheques & Promissory Notes Theory‚ principle‚ concept And Operational significance Objectives : 2 Objectives Theory and Principles Negotiable instruments. Definition and features of bill of exchange. Cheque‚ components‚ features and crossing To understand the components of cheques. Return cheques & BMC Difference between bills of exchange and cheques To define promissory notes. Theory : 3 Theory Money as
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are three receivables transactions. Indicate whether these receivables are reported as accounts receivable‚ notes receivable‚ or other receivables on a balance sheet. | (a) | Sold merchandise on account for $64‚000 to a customer. | | (b) | Received a promissory note of $57‚000 for services performed. | | (c) | Advanced $10‚000 to an employee.a. accounts receivableb. notes receivablec. other receivables | | BE9-1 The following expenditures were incurred by Obermeyer Company
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annually‚ and when material‚ generally accepted accounting principles (GAAP) require the use of the effective interest method (Kieso‚ Weygandt‚ & Warfield‚ 2007). Mortgage note payables are a second form of long-term liability‚ and are perhaps the most common type of long-term liability. A mortgage note payable‚ “is a promissory note secured by a document called a mortgage that pledges title to property as security for the loan” (Kieso‚
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2 Hours Note : Attempt any four questions‚ including question no. 1 which is compulsory. 1. Answer any two of the following : (a) 7+7 Distinguish between Income and Expenditure Account and Receipts and Payments Account. (b) What do you mean by invoice price ? Give reasons for consigning the goods at invoice price. (c) What is cost concept ? Explain its accounting implications with examples. (d) Discuss briefly the utility of debit note‚ credit note and invoice
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Petitioner: LAPULAPU FOUNDATION‚ INC. and ELIAS Q. TAN Respondents: COURT OF APPEALS (Seventeenth Division) and ALLIED BANKING CORP. Ponente: CALLEJO‚ SR.‚ J FACTS: In 1977‚ four loans from Allied Banking Corporation which is enclosed by four promissory notes amounting P100‚ 000 each was acquired by Elias Q. Tan‚ then President of Lapu-lapu Foundation‚ Inc. The bank was inhibited to file with the Regional Trial Court of Cebu City‚ Branch 15‚ a protest in looking for payment by Tan and the foundation
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on behalf of the company‚ on which the company’s name does not appear properly -Section 121(2) Companies Act 1956 states that “such officer will be personally liable” The name of the company must appear in letters on all bill of exchange‚ promissory notes‚ cheques‚ negotiable instrument‚ endorsements and orders. If the name of the company is not properly mentioned on any of these documents‚ the person who signed or issued the document is liable to the holder of the document for
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or attribute whereby a bill‚ note or check passes or may pass from hand to hand‚ similar to money‚ so as to give the holder in due course the right to hold the instrument and collect the sum payable for himself free from defenses. • The most important feature of negotiable instruments is the accumulation of secondary contracts as they are transferred from one person to another. Common forms of negotiable instruments 1. Bill of exchange 2. Promissory note 3. Check Bill of exchange
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transfer aforesaid right to any other person Applicability :- 1. Location: Whole India except state of J&K 2. Instrument based: Section 13 gives definition of NI B/E‚ Pro Note and Cheque - For DD it is applicable - Not App on share certificate - Not App on share warrant - Not App on Document of title - Not App on Currency note - Not App on Bonds/Commercial papers/ T Bills/ FDs - App on Hundi (traditional instruments) Local rules are applicable‚ if not then NI Act is applicable Two
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