Salient features of a promissory note, accounting, Basic Statistics

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What are the salient features of a Promissory Note?

Ans. a) A Promissory Note is made by the promiser who undertakes to pay the mentioned amount of Bill to the bearer of the Promissory Note.

b) Promissory Note is signed by a promiser.

c) A required stamp duty is levied on the Promissory Note.

d) The payment is done to the seller or person who is payee by the promiser

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