Bills of Exchange

Bill of exchange is like promissory that will pay to the person on a specific predetermined date in future with fix amount. Bills of exchange are drawn between three parties’ creditor, debtor & payee. In bill of exchange after specified fix time creditor will get a three days grace period for payment.

Promissory Note

Promissory Note: Learning Objectives: Define and explain promissory note. Definition and Explanation: There is another method of payment similar to bill of exchange i.e., promissory note. In this method, in place of the seller drawing a bill of exchange on the purchaser, the purchaser