The person to whom the amount mentioned in the promissory note is payable is known as _________.

In a promissory note, the person who makes the promise to pay is called as _________.

A promissory note is drawn by __________ in favour of his ___________.

There are _________ parties to a promissory note.

Bill of exchange in India languages is called _________.

A bill of exchange must be accepted by the payee.

A bill of exchange is drawn for all cash transaction.

The person to whom payment is to be made in a bill or exchange is called payee.

A negotiable instrument is not freely transferable.

The time of payment of a negotiable instrument need not be certain.

Define negotiable instruments.

What is Bill of Exchange?

Name the parties to bills of exchange.

Who is a drawer of bills of exchange?

Who is a drawee of bill of exchange?

Name any two types of commonly used negotiable instruments.

Write two points of distinction between Bills of Exchange and Promissory Note.

State any four essential features of Bills of Exchange.

Define Bill of Exchange. Explain its advantages.

A two months Bill for Rs 60,000 is drawn by B & Company and accepted by C & Co., payable at the Bank of India. B & Co. give the bill to their banker for collection. On due date, bill is honoured. Show the entries will be passed in the books of B & Co.