Accountancy, asked by dendyalpareek613, 5 months ago

cheque is drawn upon​

Answers

Answered by gumnaambadshah
46

answer

The person or entity writing the check is known as the payor or drawer, while the person to whom the check is written is the payee. The drawee, on the other hand, is the bank on which the check is drawn. Checks may be cashed or deposited.

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Answered by swethassynergy
0

A bank(drawee) is the one a cheque is drawn upon.

Explanation:

  • A document that directs a bank to pay a particular amount of money from one person's account to another person's account is termed a "Cheque."
  • A Drawer is any person who issues a cheque to a bank and Payee is any person whose name a cheque has been written (he is the one who will receive the amount written on the cheque.
  • A bank is a party on whom a cheque is drawn upon (upon the bank, the drawer has an account with) as it is an order for the bank to make the payment. The bank here is the drawee as it is the bank on whom the check is drawn.
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