Page 263 - VIRANSH COACHING CLASSES

Specimen of a bill of exchange :

BILL OF EXCHANGE

STAMP (Drawer’s Name)

(Drawer’s Address)
(Date of bill drawn)

`

(Amount in figures) .......

after date, pay Mr. /Ms.
(Period of bill) (Name and address of payee)
or his / her order, the sum of Rupees

only for the value received.
(Amount in words)
Sd. /-

(Drawer’s Name )

(Drawee’s Name) (Accepted)

(Drawee’s Address) (Drawee’s Name)

Date of bill accepted

Types of Acceptance :
a. General Acceptance : When the Drawee accepts the draft without any charges or condition,
it is called general acceptance. It is also known as unconditional acceptance.
b. Qualified Acceptance : When Drawee accepts the bill with certain qualifications, to the order
of the Drawer it is called qualified acceptance.

Following are the types of qualified Acceptance :

i) Qualified as to time : When Drawee accepts the bill subject to change in tenure or term of bill
it is known as qualified acceptance as to time.
ii) Qualified as to Place : When the Drawee mentions that bill will be payable at a particular
place only, it is known as qualified acceptance as to place.
iii) Qualified as to amount : When the Drawee accepts the bill, for a part of the amount of the bill
it is known as qualified as to amount.

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