Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X supplies rice and wheat worth Rs. 20,000.Y supplied a mobile phone worth Rs 30,000 and Z lent Rs. 50,000 for the purchase of necessaries

X supplies rice and wheat worth Rs. 20,000.Y supplied a mobile phone worth Rs 30,000 and Z lent Rs. 50,000 for the purchase of necessaries to the wife and children of M, a minor . M had assets worth Rs. 100,000 . Can X, Y ,Z recover anything from M. S gives guarantee for the loans given by C to P. P owes Rs. 100,000 to P. P becomes insolvent and a dividend of 20 rupee is declared. Discuss the righs of C and S if

S gives the guarantee for the payment of the loan of Rs. 60,000. S gives guarantee for the payment of loan subject to a limit of Rs. 60,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management and Cost Accounting

Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

6th edition

1292063467, 978-1292063461

More Books

Students also viewed these Accounting questions

Question

Explain limitations on confidentiality inherent in group therapy.

Answered: 1 week ago