Here we detail about the five heads for accounting treatment of bill of exchange, i.e., (I) On the Due Date, Bill is Honoured; (II) On the Due Date, Bill is Dishonoured; (III) Renewal of Bill; (IV) Retiring of Bill; and (V) Insolvency of Acceptor. I. On The Due Date Bill Is Honoured: The accounting treatment under this heading is based [...]
Let us make in-depth study of the definition, features and parties of a promissory note. Definition of Promissory Note: "A promissory note is defined as an instrument in writing (not being a bank note or a currency note), containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to or to the order of [...]
Let us make in-depth study of the definition, features, contents, parties and advantages of bills of exchange. Definition of Bills of Exchange: A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person, [...]