After depreciation and ledger, here is another test for topic “Bill of Exchange” which is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque which is also a bill of exchange drawn on a banker and payable on demand.Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. The bills of exchange were a common means of exchange prior to the advent of paper currency.
Quick 10 questions on Accountancy-Bills of Exchange-Part 2
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