#accounts #commerce #Bill_of_exchange
Journal Entries | Bills Of Exchange | Part 1

Bill of Exchange introduction:
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Bill of Exchange- Journal Entry Part-2
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Meaning of Bill of Exchange:

According to the Negotiable Instruments Act 1881, ‘a bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument.’

Journal Entries | Bills Of Exchange | Part 1
Features of Bill of Exchange:

It is important to have a bill of exchange in writing
It must contain a confirmation order to make a payment and not just the request
The order should not have any condition
The bill of exchange amount should be definite
Fixed date for the amount to be paid
The bill must be signed by both the drawee and the drawer
The amount stated on the bill should be paid on-demand or on the expiry of a fixed time
The amount is paid to the beneficiary of the bill, a specific person, or against a definite order

Journal Entries | Bills Of Exchange | Part 1
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