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Difference Between Bill of Exchange and Cheque/Check

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Hom e Accounting For Bills of Ex change Diffe re nce Be twe e n Bill of Ex change and C he que /C he ck

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Difference Between Bill of Exchange and Cheque/Check:

Learning Objectives:

1. What is the difference between bill of exchange and cheque/check?

Check It is drawn on a banker It has three parties - the drawer, the drawee, and payee. It is seldom drawn in sets It does not require acceptance by the drawee. Days of grace are not allowed to a banker No stamp duty is payable on checks Bill of Exchange It may be drawn on any party or individual. There are three parties - the drawer, the drawee, and the payee. Foreign bills are drawn in sets It must be accepted by the drawee before he can be made liable to pay the bill. Three days of grace are always allowed to the drawee. Stamp duty has to be paid on bill of exchange. It may be drawn in any paper and need not necessarily be printed.

Financial Accounting
Bookkeeping and Bookkeeping Terms Accounting Principles and Accounting
Equation

Journal Ledger Accounting For Bills of Exchange Subdivision of Journal Final Accounts Capital and Revenue Items Single Entry System/Accounting From
Incomplete Records

It is usually drawn on the printed f

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Difference Between Bill of Exchange and Cheque/Check

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