Question

From the following details prepare a format of
bill of exchange.
1) Drawer: mr prakash Rao, 48, Coral plaza ,S-B, Road Pune
2) Drawer: mr.Rahul Deo, 236, Rajapur Road, Jalgau
3) Amount: 44,500
4) Tenure: Three months.
5) Date of Bill : 3 June, 2019
6. Date of Acceptance : 7th June 2019.​

Answer 1

Explanation:

Drawer : Mr. Prakash Rao, Coral Plaza, S.B Road, Pune

Drawee : Mr. Rahul Deo, 236, Rajapur Road, Jalgaon

Amount : Rs. 44500

Tenure : 3 months

Date of bill : 3rd June 2019

Date of Acceptance : 7th June 2019

Answer 2

BILLS OF EXCHANGE

"A written order to a person requiring them to make a specified payment to the signatory or to a named payee; a promissory note"

The bill of exchange contains an unconditional order to pay a certain amount on an agreed date between 2 parties, which are drawer and drawee.

• Drawer: This is the maker of the Bills of Exchange.

• Drawee: The person who has been directed to pay the sum of money mentioned in the Bill is referred to as the drawee.

• Payee: The person who will be receiving the money is termed as the payee.

• Holder: When the payee is in Bill's custody, he is referred to as the holder.