PPT - Bills of Exchange and Promissory Notes (Part - 2) CA Foundation Notes | EduRev

Principles and Practice of Accounting

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CA Foundation : PPT - Bills of Exchange and Promissory Notes (Part - 2) CA Foundation Notes | EduRev

 Page 1


Bills of Exchange and 
Promissory Notes-Part 2/6 
CPT Section A Fundamentals of 
Accountancy Chapter 7 Unit 3 
CA. Ajay Lunawat 
Page 2


Bills of Exchange and 
Promissory Notes-Part 2/6 
CPT Section A Fundamentals of 
Accountancy Chapter 7 Unit 3 
CA. Ajay Lunawat 
TERMS OF BILLS 
Page 3


Bills of Exchange and 
Promissory Notes-Part 2/6 
CPT Section A Fundamentals of 
Accountancy Chapter 7 Unit 3 
CA. Ajay Lunawat 
TERMS OF BILLS 
Types of Bills 
Bill At Sight Bill After Date 
Page 4


Bills of Exchange and 
Promissory Notes-Part 2/6 
CPT Section A Fundamentals of 
Accountancy Chapter 7 Unit 3 
CA. Ajay Lunawat 
TERMS OF BILLS 
Types of Bills 
Bill At Sight Bill After Date 
Bill At Sight 
No time for payment is mentioned. 
A promissory note or bill of exchange is payable on 
demand- 
(a) when no time for payment is specified, or 
(b) when it is expressed to be payable on demand, or at 
sight or on presentment. 
Page 5


Bills of Exchange and 
Promissory Notes-Part 2/6 
CPT Section A Fundamentals of 
Accountancy Chapter 7 Unit 3 
CA. Ajay Lunawat 
TERMS OF BILLS 
Types of Bills 
Bill At Sight Bill After Date 
Bill At Sight 
No time for payment is mentioned. 
A promissory note or bill of exchange is payable on 
demand- 
(a) when no time for payment is specified, or 
(b) when it is expressed to be payable on demand, or at 
sight or on presentment. 
Bill After Date 
The instrument in which time for payment is 
mentioned.  
A promissory note or bill of exchange is a time 
instrument when it is expressed to be payable 
• after a specified period. 
• on a specific day 
• after sight 
• on the happening of event which is certain to happen 
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