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P2 C4 Bills of Exchange — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C4 Bills of Exchange3 Marks
Question
Give the specimen of a bill and explain its details:
✓

Answer

Specimen of Bill of exchange are as follows:
$25,000/-$   Sharan-II
  New Vasna, A'bad-$7$
  Dt. : $15-8-2016$
For the value received by you, pay rupees twenty five thousand only to Dheyay or as per his order after two months from today.
To, Shri Keyur $(Keyur)$ $(Parth)$ Revenue Stamp  
Ashlesh Flat, Bhatha, Signature of Signature
Paldi, Ahmedabad the acceptor of the drawer  
           
Details of the bills of Exchange:
$(1)$ In the bill each person must be definite individuals.Here Parth is drawer while Keyur is acceptor and Dheyay is receiver. $(2)$ The amountpayable by the acceptor must be clearly shown in the bill. In the specimen, the amountis shown both in figures and words. $(3)$ The date on which the bill is drawn & the period after which the amount is payable, both must be shown clearly in the bill. $(4)$ The billmust contain the signature of two persons - the drawer and the acceptor $(5)$ In order torecognise a bill legally, it is necessary to affix a revenue stamp in the proportion of theamount of the bill. A document without a revenue stamp cannot be considered legal.

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