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Different, between, Biil, difference between bill of exchange and promissory note

Posted by Har Ha 4 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 4 years, 9 months ago

Bill of Exchange	Promissory Note
Definition
A negotiable instrument issued to order the debtor to pay the creditor a certain sum of money within a specific date or on demand.	A negotiable instrument issued by the debtor with a written promise to pay the creditor a certain amount within a specific date or on demand.
Section
Mentioned in Section 5 of the Negotiable Instruments Act, 1881	Mentioned in Section 4 of the Negotiable Instruments Act, 1881
Issued By
Creditor	Debtor
Parties Involved
Three parties involved i.e a drawer, the drawee and a payee.	Two parties involved i.e a drawer/maker and the payee
Acceptance
Drawee needs to accept the bill of exchange before payment.	No acceptance required from the drawee.
Liability
Liability of drawer is secondary and conditional.	Liability of drawer is primary and absolute.
Dishonouring of instrument
Notice served to all the concerned parties involved in the transaction on dishonouring the instrument.	No notice served to the drawer in case of dishonouring the instrument.
Copies
Bill of exchange can have copies.	The promissory note allows no copies.
Is it Payable to drawer/maker
Yes, the same person can be drawer and payee.	The same person cannot be drawer and payee.

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