CDCS Examination 2012
To All,
I will be attempting the 13 April CDCS Examination and I am looking for Sample Practice tests different from the one posted on the CDCS website.
If you can help, please use my e-mail address: [email protected]
Many thanks in advance.
Galia
thanks for explanation and correct answer.
A documentary credit is issued for USD 10000 on 01 Jan. The credit expires on 31 Oct The terms of the credit state “This credit is revolving on a cumulative basis on the first of every month”. The following drawing have taken place under the credit
Þ 15 Jan – USD 8000
Þ 15 Feb – USD 12000
Þ 15 April – USD 10000
Þ 15 June – USD 15000
What is the balance available under the Credit as of 01 July ?
A) 25,000
B) 10,000
C) 35,000
D) 15,000
anyone know the answer of this question.
C. $35,000.
Since it's cumulative, the credit value adds 10,000 on the first of each month (January through July = $70,000). There have been $35,000 in drawings. Thus, $35,000 remains (assuming that there are no skipped shipments or the credit excludes UCP Article 32).
Sorry for my misunderstanding but can you explain where you got $35,000 as drawings? I got $45,000 as drawings up to 15 June.
- USD 8000 (15Jan)
- USD 12000 (15Feb)
- USD 10000 (15Apr)
- USD 15000 (15June)
For a cumulative revolving L/C, the sum unutilized in a period is carried over to be utilized in the next period. We all agree to that. Hence my calculation below gives $25,000 as credit as at 1st July.
Month Opening Bal. Credit Drawing Cum. Bal
Jan NIL 10000 -8000 2000
Feb 2000 10000 -12000 NIL
March NIL 10000 UNUTILIZED 10000
April 10000 10000 -10000 10000
May 10000 10000 UNUTILIZED 20000
June 20000 10000 -15000 15000
July 15000 10000 UNUTILIZED 25000
May I have your feedback?
Goodness, it looks like I misread one of the drawing amounts. You're right, $25000 should be the correct answer.
[quote=nasir_skp]
Which of the following scenarios will be considered as partial shipment by banks?
A. Documents presented included two truck way bills both dated 13 Oct and showing Chennai as the place of receipt and Bangalore as the place of delivery. One stated truck registration no. as TN07 4122 and the other stated registration no. as TN09 7845
B. Documents presented include two sets of charter party bills of lading showing two different ports of loading and onboard date but with the same vessel name, voyage number and port of discharge
C. Documents presented include two sets of railway bills evidencing shipment from Chennai to Mumbai. One stated shipment on Train no. 6216, Wagon no. 20 and the other stated shipment on Train no. 6216, Wagon no. 21
D. Documents presented include two sets of postal receipts both stamped at Chennai on 15 Oct 05 showing goods dispatched to New Delhi.
anyone knows the answer of this question.
[/quote]
Correct answer is A.
Article 31:
"A presentation consisting of more than one set of transport documents evidencing shipment commencing on the same means of conveyance and for the same journey, provided they indicate the same destination, will not be regarded as covering a partial shipment, even if they indicate different dates of shipment or different ports of loading, places of taking in charge or dispatch. If the presentation consists of more than one set of transport documents, the latest date of shipment as evidenced on any of the sets of transport documents will be regarded as the date of shipment.
"A presentation consisting of one or more sets of transport documents evidencing shipment on more than one means of conveyance with the same mode of transport will be regarded as covering a partial shipment, even if the means of conveyance leave on the same day for the same destination."
The two trucks are more than one means of conveyance. The train cars are not, nor is the vessel. The standard for postal reciepts is that they must be stamped/signed by same coureir or postal service at the same place and date and for the same destination.
Agree
rgds
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