X issued a check in favor of his creditor, Y. It reads: " Pay to Y the amount of Seven Thousand Hundred Pesos (Php700,000.00). Signed, X". What amount should be construed as true in such a case?
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- Z wrote out an instrument that states: "Pay to X the amount of Php1 Million for collection only. Signed, Z." X indorsed it to his creditor, Y, to whom he owed Php1 million. Y now wants to collect and satisfy X's debt through the Php1 million on the check. May he validly do so? a. Yes, since the indorsement to Y is for Php1 Million. b. No, since Z is not a party to the loan between X and Y. c. No, since X is merely an agent of Z, his only right being to collect. d. Yes, since X owed Y Php1 Million.Which of the following bills of exchange may be treated as promissory note by the holder? a. To BDO. Pay Php10,000 to bearer. Signed Mr. Lit. b. To C. Pay Php10,000 to the order of P. Signed A. c. To X. Pay Php10,000 to P or bearer. Signed X. d. To Drawee. Pay Php10,000 to P or order. Signed Drawer.3. Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons. ( My country Oman)
- On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…Jenna issued a check amounting to P50,000 on January 15, 2021 knowing that she has a balance of P25,000 on her checking account. The said check was post dated on January 30, 2021, thus, she has 15 days fund the account. The said check was issued to Ruben for the payment of 20 bags of Japanese rice. On April 10, 2021, Ruben encashed the check but it was dishonored by the bank for insufficiency of funds. Can Ruben file an action against Jenna for violating BP 22? A. No because the check was post dated and that Jenna has 5 banking days to fund the check from notice of dishonor. B. No, because Ruben failed to encsash within a reasonable period C. Yes, because Jenna issued with knowledge that she has no sufficient fund at the time of issuing the check D. Yes because Jenna failed to keep sufficient balance for a period of 90 days from the date appearing on the checkOn December 1, 2020, RB Company issued accounts receivable of Php6,000,000 to a bank in exchange for a loan of 80% of the accounts minus a 5% service charge on the accounts assigned. The entity signed a bank loan note. On December 31, 2020, the company collected Php2,000,000 in assigned accounts minus a discount of Php200,000. The collections were submitted to the bank as partial payment for the loan. The bank applied the collection first to the interest and then to the principal. On the loan balance, the agreed-upon interest rate is 1% each month. On the allotted accounts, the organisation took sales refunds of Php 100,000 and wrote down assigned accounts totaling Php300,000.
- . Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons.13. In 2022, Mr. Sun Ho was charged interest expense on a business related loan in the amount of PHP 60,000. His interest income on bank account with BPI is PHP 720. How much is the deductible interest expense? a. None b. PHP 59,856 c. PHP 144 d. PHP 60,000Arjan provides a cheque to Mohammad on 1 Oct 2020. the check is dated 1 Dec 2020, and in the amount of $25,000. Mohammad signs the back of the check "Mohammad payable to Tim" and gives the check to Tim for $22,000 in currency on 15 Oct 2020. please fully describe the legal effects of the 2 transactions that occurred?
- On April 1, Moore gave Pipkin a check properly drawnby Moore on Zebra Bank for $5,000 in payment of apainting to be framed and delivered the next day. Pipkinimmediately indorsed the check and gave it to YeagerBank as payment in full of his indebtedness to thebank on a note he previously had signed. Yeager Bankcanceled the note and returned it to Pipkin.On April 2, upon learning that the painting had beendestroyed in a fire at Pipkin’s studio, Moore promptlywent to Zebra Bank, signed a printed form of stop payment order, and gave it to the cashier. Zebra Bankrefused payment on the check upon proper presentmentby Yeager Bank.a. What are the rights of Yeager Bank against Zebra Bank?b. What are the rights of Yeager Bank against Moore?c. Assuming that Zebra Bank inadvertently paid theamount of the check to Yeager Bank and debitedMoore’s account, what are the rights of Mooreagainst Zebra Bank?Mr. X received a letter from Mr. Y, his brother, to withdraw $1,000 from the PNB(philippine ational bank). The teller of PNB, however, issued $10,000 to Mr. X in which the latter took the entire money and spent the $9,000 immediately. Assuming that the exchange rate is P50 per $1, how much is the reportable income received by error by Mr. X? P50,000 P450,000 P500,000 P05. Mr. Salim has an overdraft limit of RO 40,000 with Bank Muscat. Today the debit balance in the account is RO 38,200/- and cheque for RO 5,800 is issued by Mr. Salim for payment to the third party.
