ACCOUNTS ANSWER IN ONE SENTENCE

61. What is noting of bill of exchange?
When the bill is dishonoured notary public records the fact and reasons of dishonoured bill and issues noting certificate, it is called noting of bill.


62. What is draft?
A bill of exchange before acceptance is called a draft.


63. What is the relation between drawer and drawee?
The relation between the drawer and drawee is that of creditor and debtor.


64. What are days of grace?
Three additional days allowed for payment of bill are known as days of grace.


65. What do you mean by renewal of a bill?

Renewal of bill means cancellation of old bill and drawing of a new bill. 

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