Advertisements
Advertisements
Question
The person on whom a bill is drawn is called a ______.
Options
Drawee
Payee
Drawer
Acceptor
Solution
The person on whom a bill is drawn is called a Drawee.
Explanation:
Drawee is the person on whom the bill is drawn. He has to accept the bill drawn on him. He is the debtor who has to pay money to creditor. For the Drawee the instrument is his “Bills payable”, since he has to pay the amount of the bill.
RELATED QUESTIONS
Nothing charges are borne by ____________.
There are ___________ parties to bill of exchange.
The person who accepts the bill treats the bill as ________.
Give one word/phrase/term which can substitute the following statement:-
A person who is entitled to receive the amount of bill of exchange.
Give one word/phrase/term which can substitute the following statement:-
A person in whose favour a bill endorsed.
State True or False with reason:-
Retirement of bill means payment of the bill before due date.
State True or False with reason:-
Drawee can transfer the ownership of the bill.
Find the odd one:-
Find the odd one:-
Answer in one sentence.
Who is payee of the bill?
Do you agree or disagree with the following statement:-
The party which is ordered to pay the amount is known as the payee.
Do you agree or disagree with the following statement:-
Rebate or discount given on retiring a bill is an income to the Drawee.
Do you agree or disagree with the following statement:-
A bill from the point of view of debtor is called Bills payable.
Do you agree or disagree with the following statement:-
A bill is required to be accepted by Drawer.
Do you agree or disagree with the following statement:-
Renewal is request by Drawee to extend the credit period of the bill.
Find the odd one:
