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Page 1 Bills of Exchange and Promissory Notes-Part 1/6 CPT Section A Fundamentals of Accountancy Chapter 7 Unit 3 CA. Ajay Lunawat Page 2 Bills of Exchange and Promissory Notes-Part 1/6 CPT Section A Fundamentals of Accountancy Chapter 7 Unit 3 CA. Ajay Lunawat Learning Objectives Meaning of Bills of Exchange & Promissory Notes Accounting in the books of Drawer and Drawee Accomodation Bills Insolvency and Retirement Page 3 Bills of Exchange and Promissory Notes-Part 1/6 CPT Section A Fundamentals of Accountancy Chapter 7 Unit 3 CA. Ajay Lunawat Learning Objectives Meaning of Bills of Exchange & Promissory Notes Accounting in the books of Drawer and Drawee Accomodation Bills Insolvency and Retirement Bills of Exchange Page 4 Bills of Exchange and Promissory Notes-Part 1/6 CPT Section A Fundamentals of Accountancy Chapter 7 Unit 3 CA. Ajay Lunawat Learning Objectives Meaning of Bills of Exchange & Promissory Notes Accounting in the books of Drawer and Drawee Accomodation Bills Insolvency and Retirement Bills of Exchange A Man goes for shopping Page 5 Bills of Exchange and Promissory Notes-Part 1/6 CPT Section A Fundamentals of Accountancy Chapter 7 Unit 3 CA. Ajay Lunawat Learning Objectives Meaning of Bills of Exchange & Promissory Notes Accounting in the books of Drawer and Drawee Accomodation Bills Insolvency and Retirement Bills of Exchange A Man goes for shopping 3 Options After Shopping 1 • Pay By Cash 2 • Pay By Card 3 • Ask for CreditRead More
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FAQs on PPT - Bills of Exchange and Promissory Notes - 1 - Principles and Practice of Accounting - CA Foundation
| 1. What is a bill of exchange? |  |
Ans. A bill of exchange is a negotiable instrument that represents an unconditional order given by one party (drawer) to another party (drawee) to pay a certain sum of money to a third party (payee) on a specific future date or upon demand.
| 2. What is a promissory note? | |
Ans. A promissory note is a written promise made by one party (maker) to another party (payee) to pay a certain sum of money on a specific future date or upon demand. It is an unconditional promise to pay and differs from a bill of exchange as it does not involve three parties.
| 3. What is the difference between a bill of exchange and a promissory note? | |
Ans. The main difference between a bill of exchange and a promissory note is that a bill of exchange involves three parties (drawer, drawee, and payee) while a promissory note involves only two parties (maker and payee). Additionally, a bill of exchange is an order to pay, whereas a promissory note is a promise to pay.
| 4. How does a bill of exchange work in practice? | |
Ans. In practice, a bill of exchange is typically used in commercial transactions. The drawer writes the bill, stating the amount, date of payment, and the payee's name. The drawee, who is usually the buyer or debtor, accepts the bill by signing it, thereby acknowledging the obligation to pay. The payee can either hold the bill until the due date or transfer it to someone else for immediate payment.
| 5. What are the advantages of using bills of exchange and promissory notes? | |
Ans. The advantages of using bills of exchange and promissory notes include providing a convenient method of payment and credit in commercial transactions, ensuring financial security for the payee, allowing flexibility in payment terms, and serving as legal evidence of debt in case of default. Additionally, they can be discounted or sold to obtain immediate cash.
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