NCERT Solutions Class 11 Accountancy Chapter 8 Bills of Exchange

NCERT Solutions class 11 Accountancy Chapter 8 Bills of Exchange. NCERT book for Accountancy in class 11 is strongly recommened by teachers and the CBSE and NCERT boards. Please download the NCERT solutions for class 11 Accountancy free in PDF made by teachers of the best schools in India. These solutions are carefully compiled to give detailed understanding of the concepts and also steps of solutions. The NCERT solutions are free to download in pdf format. Please refer to the download link below to download the pdf file and also refer to other chapters and subjects to get the solutions to Accounts NCERT book questions and exercises.

Q1. Name any two types of commonly used negotiable instruments.

Solution: Cheques and Bills of exchange are the commonly used negotiable instruments.

Q2. Write two points of distinction between bills of exchange and promissory note.

Solution:

Bills of Exchange                                                                       Promissory Note

A bill of exchange is an instrument in writing containing an    A promissory note is an instrument in writing containing an unconditional 

unconditional order, signed by the maker directing a certain    undertaking signed by the maker to pay a certain sum of money only to

person to pay a certain amount of money only to, or to the     , or to the order of a certain person or to the bearer of the instrument.

There are three parties involved, namely drawer, drawee and payee.      order of a certain person or to the bearer of the instrument.

                                                                                                       There are two parties involved, namely maker and payee.

 Q3. State any four essential features of bill of exchange.

Solution: Essential features of bills of exchange are as follows:

1. A bill of exchange is a written order to make payment.

2. It is an unconditional order to make payment by a person i.e. drawee.

3. The amount of bill of exchange and the date of payment are certain.

4. It is signed by the drawer of the bill.

5. It is accepted by the drawee by signing on it

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