what is the legal exercise carried out by nottary officer on dishonored of bill called
Answers
Answer:
Q.NO:9
A company purchased a machinery on 1.1.2000 for Rs. 30,000. It immediately spent on its Rs. 5,000. After having used it for six years, it was sold for Rs. 15,000.
You are required to prepare the machinery account for 6 years providing Depreciation at 10% on Original cost method.
Explanation:
can you explain me
Answer:
Noting and Protest
Explanation:
Noting :-
When a promissory note or bill of exchange ha s been dishonoured by non-acceptance or non-payment, the holder may cause such dishonour to be noted by a notary public upon the instrument, or upon a paper attached thereto, or partly upon each.
Such note must be made within a reasonable time after dishonour, and must specify the date of dishonour, the reason, if any, assigned for such dishonour, or, if the instrument has not been expressly dishonoured, the reason why the holder treats it as dishonoured, and the notarys charges.
Protest :-
When a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may, within a reasonable time, cause such dishonour to be noted and certified by a notary public. Such certificate is called a protest.
Protest for better security. When the acceptor of a bill of exchange has become insolvent, or his credit has been publicly impeached, before the maturity of the bill, the holder may, within a reasonable time, cause a notary public to demand better security of the acceptor, and on its being refused may, within a reasonable time, cause such facts to be noted and certified as aforesaid. Such certificate is called a protest for better security.