Difference Between Bills of Exchange vs Promissory Note | Accounting | CA CPT | CS & CMA | Class11
Drawing a Bill of Exchange
This section discusses the process of drawing a bill of exchange and the key differences between a bill of exchange and a promissory note.
Drawing a Bill of Exchange
A bill of exchange is drawn by the creditor, the person who has sold the goods.
When X sells goods to Y, X makes the bill of exchange. In contrast, a promissory note is made by the debtor, the person who bought the goods.
A bill of exchange contains an order to pay, while a promissory note contains a promise to pay.
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