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✅ Bills of Exchange A bill of exchange is a legally binding document that instructs one party (the drawee) to pay a specified sum to another party (the payee) on a specified date. It operates as a form of short-term debt and is commonly used in international trade transactions as a method of payment. Here's an example: Suppose a British company, ABC Ltd., imports goods from a Chinese company, XYZ Inc. ABC Ltd. may issue a bill of exchange to XYZ Inc. to pay for the goods. The bill of exchange would state that ABC Ltd. owes XYZ Inc. a certain amount of money and instructs ABC Ltd.'s bank (the drawee) to pay the specified sum to XYZ Inc. (the payee) on a specified date. In this example, the British company (ABC Ltd.) is the drawer, the Chinese company (XYZ Inc.) is the payee, and the British company's bank is the drawee. Bills of exchange can be traded or discounted to raise funds, and they represent a debt that is payable on a specified date. They are considered a secure form of payment because they are backed by the creditworthiness of the drawee, usually a bank. In summary, a bill of exchange is a written order from one party (the drawer) to another party (the drawee) to pay a specified sum to a third party (the payee) on a specified date. It operates as a form of short-term debt and is commonly used in international trade as a method of payment.

✅ Rectification of Errors Rectification of errors is the process of identifying and correcting errors in a company's financial records. This process is important to ensure the accuracy and reliability of financial statements and to prevent errors from affecting decisions made by stakeholders. Errors can occur in a company's financial records due to a variety of reasons, including incorrect postings, miscalculations, transposition of numbers, or mistakes in the application of accounting principles. Rectification of errors involves identifying the source of the error, correcting the error in the financial records, and making any necessary adjusting entries to ensure the accuracy of the financial statements. The process of rectifying errors can be performed at any time, but it is typically performed during the preparation of financial statements or during an audit. The company's accounting team or an external auditor may perform the rectification of errors, depending on the scope of the review and the requirements of the stakeholders. In summary, rectification of errors is the process of identifying and correcting errors in a company's financial records to ensure the accuracy and reliability of financial statements and to prevent errors from affecting decisions made by stakeholders.

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➡️ Balance Sheet vs Consolidated Balance Sheet

Difference between Convertible and Non-convertible debentures Definition ➖ Convertible debentures are those type of debentures that can be converted into equity shares of the company Non-convertible debentures are those debentures that cannot be converted into equity shares of the company Rate of Interest ➖ Convertible debentures have low rate of interest ➖ Non-convertible debentures have high rate of interest Value at maturity ➖ The value of maturity of convertible debentures is dependent on the stock price of the company at that time, which means a high stock price will give higher returns while a low stock price will give low returns ➖ The value of non-convertible debentures is fixed and hence they will receive fixed returns on maturity Effect of market conditions ➖ During bad market conditions, the holders of the convertible debentures have the option to convert into equity shares ➖ During bad market conditions, the non-convertible debentures cannot be converted and can only be redeemed at maturity Status ➖ Holders of the convertible debentures enjoy dual status as they can be creditor as well as owner of the company ➖ Holders of the non-convertible debentures are only creditors of the company Risk factor ➖ Convertible debentures are less risky ➖ Non-convertible debentures are riskier compared to convertible debentures

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