Bills of Exchange – Bills of Exchange is an instrument in writing containing an unconditional order signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.
Parties to a Bill of Exchange
1) The Drawer- the party who makes the order
2) The Drawee- The party who accepts the order
3) The payee- the party to whom the amount is to be paid
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Sir, I am a very big fan of your teaching ,Iam a average student in accounting but after watching your. Vedios it is easy for me to understand concepts really you made subject easy for me . But if you can make vedio on problems of bill exchange I'll be very thank ful to you
There are three parties to a bill of exchange:
1. Drawer is the maker of the bill of exchange. A seller/creditor who
is entitled to receive money from the debtor can draw a bill of
exchange upon the buyer/debtor. The drawer after writing the bill of
exchange has to sign it as maker of the bill of exchange.
2. Drawee is the person upon whom the bill of exchange is drawn. Drawee
is the purchaser or debtor of the goods upon whom the bill of
exchange is drawn.
3. Payee is the person to whom the payment is to be made. The drawer of
the bill himself will be the payee if he keeps the bill with him
till the date of its payment.
The payee may change in the following situations:
1. In case the drawer has got the bill discounted, the person who has
discounted the bill will become the payee;
2. In case the bill is endorsed in favour of a creditor of the drawer,
the creditor will become the payee.
Normally, the drawer and the payee is the same person. Similarly, the
drawee and the acceptor is the person.
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