I.Com Part 1 Principles of Accounting chapter 6 Accounting for Bills of Exchange Short Question Preparation


11th Class Principles of Accounting
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Principles of Accounting - ICOM Part 1 Principles of Accounting Chapter 6 Short Question Preparation

Question # 1

How many parties are involved in bill of exchange?

  • Ans 1: There are three parties involve in bill of exchange
    Drawer: The person who draws the bill of exchange is known as drawer.
    Drawee: The person who signs the bill of exchange and thereby accepts to pay the money on demanded is known as drawee.
    Payee: Sometimes the bill of exchange is endorsed or transferred to other person in exchange of a payment.
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ICOM Part 1 Principles of Accounting Chapter 6 Short Question Preparation - Set 1

Question # 1

How many parties are involved in bill of exchange?

  • Ans 1: There are three parties involve in bill of exchange
    Drawer: The person who draws the bill of exchange is known as drawer.
    Drawee: The person who signs the bill of exchange and thereby accepts to pay the money on demanded is known as drawee.
    Payee: Sometimes the bill of exchange is endorsed or transferred to other person in exchange of a payment.
Submit

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Principles of Accounting
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11th Class Principles of Accounting Chapter 6 Preparation

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