alleryStart learning →The person named in a bill to whom the money is directed to be paid is the:
APayee of it
BEndorser of it
CAcceptor of it
DDrawee of it
Answer & Solution
Correct answer: A. Payee of it
The party in whose favour the sum is ordered to be paid is known as the payee.
Keep practising Bills of Exchange and Promissory Notes
Browse all Bills of Exchange and Promissory Notes questions for CA Foundation, or explore more Accounting topics.
Related questions
What sets a demand promissory note apart from one payable at a fixed future date?What does a promissory note contain that an IOU lacks?A bill of exchange requires, at its inception, how many parties?A holder in due course must acquire the instrument for consideration:A sum payable may still be 'certain' although it includes:A signs 'I promise to pay B or order Rs.500.' This is:A signed writing 'Mr B I.O.U Rs.1,000' is, under section 4:Where an instrument may be read as a promissory note or as a bill, the holder: