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How does a bill of exchange …

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How does a bill of exchange different from promissory note?

    • Posted by Sabiha Shaikh 6 years, 10 months ago

    CBSE > Class 11 > Accountancy
    • 2 answers

    Himanshu Kumar 6 years, 10 months ago

    Promissory note means promisse its treatment are also similar to b/e .but it is promisse note .promissing by buyer to seller to pay his ammount.in promissory note only two parties. Drawee/drawer

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    Gaurav Seth 6 years, 10 months ago

    <th>BASIS FOR COMPARISON</th> <th>BILL OF EXCHANGE</th> <th>PROMISSORY NOTE</th>
    Meaning Bill of Exchange is an instrument in writing showing the indebtedness of a buyer towards the seller of goods. A promissory note is a written promise made by the debtor to pay a certain sum of money to the creditor at a future specified date.
    Defined in Section 5 of Negotiable Instrument Act, 1881. Section 4 of Negotiable Instrument Act, 1881.
    Parties Three parties, i.e. drawer, drawee and payee. Two parties, i.e. drawer and payee.
    Drawn by Creditor Debtor
    Liability of Maker Secondary and conditional Primary and absolute
    Can maker and payee be the same person? Yes No
    Copies Bill can be drawn in copies. Promissory Note cannot be drawn in copies.
    Dishonor Notice is necessary to be given to all the parties involved. Notice is not necessary to be given to the maker.

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