He becomes an acceptor when he indicates his willingness to pay the bill. He is the person to whom the bill is addressed and who is ordered to pay. The party upon whom the bill is drawn is called the drawee. The party which is ordered to pay the amount of bill of exchange is called : How many parties are involved in case of discounting of bill?Ī bill of exchange consist of three parties namely: In case of term bill extra three days are given to acceptor are called? When a drawer discounts the bill, he gets? When an acceptor refuses to pay the amount of bill to the holder of bill on its maturity is called?Ī person who writes out the order to pay is called? (d) Accommodation bill is for an imaginary transaction Answer (a) There is no difference in appearance between trade and accommodation bill In case if endorsement of bill the endorser debits? If the drawer is in need of money and cannot wait till due date and receive the money form bank is called? It is a period of time after which a bill becomes payable? (b) When both parties are in need of fundsĪnswer: (b) When both parties are in need of funds Which bill is not allowed 3 days of grace What are the parties to a bill of exchange Person to whom the bill is endorsed called _ Noting charges are paid by the _ but these are recordable from the _ If the due date is public holiday what will be the due date of the billįee paid in cash to Notary Public is charged by (d) Amount of Bill Discounted + Rate × Unexpired Period AnswerĪnswer: (d) Amount of Bill Discounted + Rate × Unexpired PeriodĪccording to Negotiable Instrument Act, 1881, which of the following refers to “an instrument in writing (not being a bank note or a currency note) containing unconditional undertaking, signed by the maker to pay on demand or at a fixed or determinable future time a certain sum of money only to or to the order of a certain person, or to the bearer of the instrument”? (c) Amount of Bill Discounted × Rate + Unexpired Period (b) Amount of Bill Discounted × Rate / Unexpired Period (a) Amount of Bill Discounted × Rate × Unexpired Period The party who is entitled to receive the cash of a bill receivable is called
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