Question:
Who should accept a bill of exchange?
Who should accept a bill of exchange?
Updated On: Dec 16, 2024
- Drawer
- Drawee
- Payee
- Creditor
Hide Solution
Verified By Collegedunia
The Correct Option is B
Solution and Explanation
The drawee is the person on whom the bill of exchange is drawn and who is required to accept it. Acceptance by the drawee signifies their agreement to pay the amount specified in the bill on the due date.
Was this answer helpful?
0
0
Top Questions on Bills of Exchange
- On 1st December, 2023 Z purchased goods from R for Rs. 35,000 and accepted a bill for two months. The bill was met on due date. Pass journal entries for the above transactions in the books of Z.
- On 15th March, 2023 Y accepted a bill drawn upon him by X for four months for Rs. 10,000. X discounted the bill on 15th April, 2023 at 18% p.a. from his bank and Y met the bill on maturity. Give the Journal Entries in the books of X and Y.
- On 1st January, 2023, X sold goods to Y for Rs. 50,000. On the same date X drew a bill on Y for Rs. 50,000 due after three months. Y accepted the bill and returned it to X. X retained the bill till the due date, and Y met the bill on due date. Pass journal entries for the above transactions in the books of X.
- A bill of exchange consists of:
- A bill dated 1st February, 2023 is payable three months after date. The maturity date of the bill will be:
View More Questions
Questions Asked in CBSE X exam
- Enumerate the benefits of having an access control system installed in a premise.
- CBSE Class X - 2024
- Security Structure
- Enlist any four formatting options provided by Gmail for you to compose an email.
- CBSE Class X - 2024
- Email Messaging
- You are a security supervisor in a hospital. Your security manager has asked you to check the signage system in the hospital building and prepare a report. What all aspects would you check in this regard?
- CBSE Class X - 2024
- Security Structure
- Write about any two provisions of Rajiv Gandhi Shramik Kalyan Yojna, 2005.
- CBSE Class X - 2024
- Laws Governing Private Security
- Why are ground search and rescue services increasingly required in urban and sub-urban areas to locate which persons?
- CBSE Class X - 2024
- Disaster Management and Emergency Response
View More Questions