Who is drawer drawee and payee?
Also question is, who is drawer and drawee?
A drawer is a person who draws a cheque in favour of someone. The bank of the drawer is the drawee and the person in whose favour the cheque is drawn is called a payee.
Also, who is drawer drawee and payee in bill of exchange? The drawer after writing the bill of exchange has to sign it as maker of the bill of exchange. (2) Drawee is the person upon whom the bill of exchange is drawn. Drawee is the purchaser or debtor of the goods upon whom the bill of exchange is drawn. (3) Payee is the person to whom the payment is to be made.
Then, who is drawer drawee payee in Cheque?
In case of Cheque payment The person who has a bank account and draw/write a cheque is the Drawer and his bank is the Drawee and to whom it is payable is the Payee. In case of self cheque the Drawer himself is the Payee.
Who is called drawee?
Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.