Name the parties to a promissory note. | Class 11 Accountancy Chapter Bill of Exchange, Bill of Exchange NCERT Solutions

Question:

Name the parties to a promissory note.

Answer:

  1. Maker: He is the person who writes a promissory note and signs it. In the above specimen form of the Promissory Note, Gopal Krishan Yadav is the maker.
  2. Payee: He is the person who is entitled to get the payment. There is no acceptor in case of a promissory note because the maker himself is liable to pay the amount.


Study Tips for Answering NCERT Questions:

NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

  • Read the question carefully and focus on the core concept being asked.
  • Reference examples and data from the chapter when answering questions about Bill of Exchange.
  • Review previous year question papers to get an idea of how such questions may be framed in exams.
  • Practice answering questions within the time limit to improve your speed and accuracy.
  • Discuss your answers with your teachers or peers to get feedback and improve your understanding.

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Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 7: Name the parties to a promissory note.....