CBSE Class 11-commerce Answered
Who is drawee nd payee nd drawer
Asked by prabhiaggarwal | 10 Jan, 2019, 01:28: PM
Expert Answer
Parties to a Bill of Exchange:
1. Drawer is the person who makes the bill of exchange. She/he is a person who has granted credit to the person on whom the bill of exchange is drawn. The drawer is entitled to receive money from the drawee (acceptor).
1. Drawer is the person who makes the bill of exchange. She/he is a person who has granted credit to the person on whom the bill of exchange is drawn. The drawer is entitled to receive money from the drawee (acceptor).
2. Drawee is the person on whom the bill of exchange is drawn for acceptanceandto whom credit has been granted by the drawer. He/sheis liable to pay money to the creditor/drawer.
3. Payee is the person who receives the payment from the drawee. Usually the drawer and the payee are the same person.
In certain cases, drawer and payee are treated as two different persons. For example,When the bill is discounted by the drawer from his bank, payee is the bank oWhen the bill is endorsed by the drawer to his creditors, payee is the endorsee
Answered by Surabhi Gawade | 10 Jan, 2019, 02:59: PM
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