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1. You have to give all the instruments and documents used in Banks.
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The question is ..............
Write all the documents and instruments used in banks in detail.
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Answers
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The various instrument which are used in banks are CHEQUES, DRAFTS, BILLS OF EXCHANGE, PROMISSORY NOTE, DEBIT NOTE, CREDIT NOTE and some other transferable instruments.
1) CHEQUES :- cheques are the negotiable instruments that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
2) DRAFTS :- these are the instruments which are usually used by banks to communicate with other banks for the purpose of payment to their customers.
3) BILLS OF EXCHANGE :- it is the 2nd type of legally negotiable instrument in which an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer.
PROMISSORY NOTE :- it is a financial legal document in which Written, signed, unconditional, and unsecured promise by one party (the maker or promisor) to another (the payee or promisee) that commits the maker to pay a specified sum on demand, or on a fixed or a determinable date. Promissory notes (such as bank or currency notes) are negotiable instruments.
DEBIT NOTE :-
A debit note is a document used by a vendor to inform the buyer of current debt obligations, or a document created by a buyer when returning goods received on credit. The debit note can provide information regarding an upcoming invoice, or may serve as a reminder for funds currently due.
CREDIT NOTE :- A credit note or credit memorandum (memo) is a commercial document issued by a seller to a buyer. Credit notes act as a Source document for the Sales return journal. In other words the credit note is evidence of the reduction in sales.
1) CHEQUES :- cheques are the negotiable instruments that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
2) DRAFTS :- these are the instruments which are usually used by banks to communicate with other banks for the purpose of payment to their customers.
3) BILLS OF EXCHANGE :- it is the 2nd type of legally negotiable instrument in which an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer.
PROMISSORY NOTE :- it is a financial legal document in which Written, signed, unconditional, and unsecured promise by one party (the maker or promisor) to another (the payee or promisee) that commits the maker to pay a specified sum on demand, or on a fixed or a determinable date. Promissory notes (such as bank or currency notes) are negotiable instruments.
DEBIT NOTE :-
A debit note is a document used by a vendor to inform the buyer of current debt obligations, or a document created by a buyer when returning goods received on credit. The debit note can provide information regarding an upcoming invoice, or may serve as a reminder for funds currently due.
CREDIT NOTE :- A credit note or credit memorandum (memo) is a commercial document issued by a seller to a buyer. Credit notes act as a Source document for the Sales return journal. In other words the credit note is evidence of the reduction in sales.
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Answered by
19
Answer:
The various instruments used are credit card , debit card , bills of exchange , drafts , cheques , promisorry notes....
Explanation:
DRAFTS :- They are used for communication....
CREDIT NOTE :- It is issued by a seller....
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