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What is invoice and statement?
An invoice is a document issued by a seller to a buyer that details the products or services provided, along with their prices, payment terms, and due date. It serves as a request for payment. A statement, on the other hand, is a summary of all transactions between a buyer and seller over a specific period, detailing outstanding balances, payments made, and any new charges. While invoices are specific to individual transactions, statements provide a broader overview of account activity.
Why are domestic goods cheaper for consumers to purchase than imported goods?
Imported goods will be costlier than the domestic, because the following costs added extra. Transporting charges from factory to port. Freight charges. Import duty. Taxes. Transport charges from port to the buyer's warehouse. Buyer's profit. Distribution cost to the shops all over the country with retailer's profit.
You sold a car signed the title over and have not gotten paid. What should you do?
This is a civil matter. You should not sign over the title without being paid or without having the buyer sign a valid promissory note. You need to sue the buyer in civil court.
What are the examples of a dummy invoice?
A dummy invoice is a fake invoice created for various purposes such as accounting entries, tax evasion, money laundering, etc. Here are some examples of dummy invoices: 1- Fictitious Sales Invoice: A fake invoice created to show sales that never actually took place. 2- Shell Company Invoice: A false invoice from a shell company that does not actually provide goods or services. 3- Double Invoice: Two invoices are created for the same transaction, one for the actual price and another for a higher price to show an inflated cost. 4- Over-Invoicing: An invoice that shows an exaggerated price for goods or services that were actually provided. 5- Under-Invoicing: An invoice that shows a lower price for goods or services to reduce the amount of taxes owed. It is important to note that creating dummy invoices is illegal and can result in severe consequences such as fines, imprisonment, and damage to a company's reputation.
When items are bought on credit and paid for over a long period of time the cost to the buyer?
When items are bought on credit and paid for over a long period of time, the total cost to the buyer often increases due to interest charges and potential fees associated with the credit. This can lead to paying significantly more than the initial price of the item, particularly if the buyer does not pay off the balance quickly. Additionally, extending payments over time can impact the buyer's credit score and financial flexibility. Overall, while credit offers immediate access to items, it can result in higher long-term costs.
What is the difference between hire hypothecation and hire purchase?
Hire purcase is somthing to similar to instalment purcase through intermideary oa lender the ownershpi passes on it the byer no only after paying all the dues and installment but also when the lender agrees to sell. In Practical Hire Purchase, where only 2 parties are involved, the buyer and seller. Seller sells the goods with proper Invoice with Sales Tax, buyer ask him to charge some interest and give him facility to pay in installments. Property is of seller till contract is over. Hire Purchase finance, where 3 parties are involved, the buyer, the seller and the financier. Seller sells the goods with proper Invoice with Sales Tax, buyer pays whatever possible by him, and ask its financier to pay the balance. The seller is out of picture now. Property is of financier now till the contract is over. The financier recieves its money in installments, and nothing to do with Sales Tax. Hypothecation: Hypothecation is a position where the owner assigns the right of ownership to the lender through still holding the possession. In practical Hypothecation, where 3 parties are involved, the buyer, the seller and the financier. Seller sells the goods with proper Invoice with Sales Tax, buyer pays whatever possible by him, and ask its financier to pay the balance to be treated as "loan" against the property which he is about to acquire. The seller is out of picture now. Property is of buyer now. It is given as security against the loan which buyer has taken from financier.recieves its money in installments, and nothing to do with Sales Tax.
When shipping FCA who is responsible for the Terminal handling charges?
Under FCA (Free Carrier) Incoterms, the seller is responsible for delivering the goods to a specified location, typically a carrier or a terminal, but the buyer assumes responsibility for the goods once they are handed over. Therefore, terminal handling charges are typically the responsibility of the buyer, as these charges occur after the seller has fulfilled their obligation by delivering the goods to the carrier. However, specific terms can vary based on the contract between the parties involved, so it's essential to clarify responsibilities in the agreement.
If there is a buyer and co-buyer and the buyer does not want the auto can the co-buyer take over the loan because the buyer gets all the credit?
The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.
What is a buyer's market?
A buyer's market is an excess of supply over demand, which leads to abnormally low prices.
When a lien is in place against a home for nonpayment of HOA dues as the amount due increases with time does one have to update the amount due on the lien?
The answer depends on the details and the laws in the jurisdiction and whether the buyer is represented by a competent attorney if the property is sold. The original lien is only good for the amount set forth in the lien. A new lien must be recorded that reflects new charges. Some liens do not recite an amount only that unpaid fees are due. A buyer's attorney would check with the HOA to determine the full amount due. If the property was sold, those charges would be paid off from the proceeds of the sale before the net proceeds are turned over to the seller.The answer depends on the details and the laws in the jurisdiction and whether the buyer is represented by a competent attorney if the property is sold. The original lien is only good for the amount set forth in the lien. A new lien must be recorded that reflects new charges. Some liens do not recite an amount only that unpaid fees are due. A buyer's attorney would check with the HOA to determine the full amount due. If the property was sold, those charges would be paid off from the proceeds of the sale before the net proceeds are turned over to the seller.The answer depends on the details and the laws in the jurisdiction and whether the buyer is represented by a competent attorney if the property is sold. The original lien is only good for the amount set forth in the lien. A new lien must be recorded that reflects new charges. Some liens do not recite an amount only that unpaid fees are due. A buyer's attorney would check with the HOA to determine the full amount due. If the property was sold, those charges would be paid off from the proceeds of the sale before the net proceeds are turned over to the seller.The answer depends on the details and the laws in the jurisdiction and whether the buyer is represented by a competent attorney if the property is sold. The original lien is only good for the amount set forth in the lien. A new lien must be recorded that reflects new charges. Some liens do not recite an amount only that unpaid fees are due. A buyer's attorney would check with the HOA to determine the full amount due. If the property was sold, those charges would be paid off from the proceeds of the sale before the net proceeds are turned over to the seller.
If the buyer hasent made any payments over a car and the co buyer has. What are the co buyers rights?
The co-buyer can sue the buyer in court and provide proof of payments and be repaid the amount put in.
What do you do with a car title when you sell the car privately?
Take the title along with the buyer to your local DMV and have the car transferred over from you to the buyer. Do not sign the title over until you have the money in your hand, and do not let the buyer have the car until you have it transferred out of your name.
