What is a Promissory Note .?

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Working & Pursuing CA - CPT
122 Points Posted on 22 October 2016
Qn : Mr. A who owed Rs. 5000/- for the Purchase made, gave a Promissory Note . .

What is a Promissory Note .?
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On 22 October 2016 at 16:21 Report
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CMA
13117 Points Posted on 22 October 2016
  1. It is an unconditional promise in writing by the maker to pay the payee
  2. It is payable on demand or after specified date
  3. Acceptance of payee is not required unlike bill of exchange
  4. For more details: https://www.investopedia.com/terms/p/promissorynote.asp
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On 22 October 2016 at 17:28
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Working & Pursuing CA - CPT
122 Points Posted on 22 October 2016
Thank you Poornima
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On 22 October 2016 at 21:18

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