Distinction Between Bills of Exchange and Promissory Note
Distinction Between Bills of
Exchange and Promissory Note:
|
Bill of Exchange |
Promissory Notes |
|
w It is an unconditional
order directing a certain person to pay a certain sum of money w Generally,
there are three parties in the bill of exchange- the drawer, the drawee and
the payee. w A bill of exchange requires acceptance by the drawee after if is
drawn by the drawer. w Bill of exchange may be payable either on order or to the bearer. w In case of
Bills of exchange
notice of dishonour is given
to all parties concerned. w The maker (Drawer) of the Bill is liable only when drawee does
not make payment. w In Case of foreign bills protest is necessary if it is required
as per law of the country where bill has been drawn. |
w It is an unconditional
promise to pay a certain sum of money. w There are
two parties in a promissory note- the promisor or maker and the payee. w This does
not require acceptance. It is writtenby the person who will pay the amount. w Promissory
note can not be payable to bearer w In case of
promissory note, notice of dishonour is not required. w The maker is
primarily liable to pay the amount. w Protest is
not required for promissory note. |
Demo Classes of Accounts (CA/CMA/CS/B.Com/11-12th) by CA/CMA Santosh Kumar Sir
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