. Rowe's bookkeeping and accountancy : complete text, presenting the art of bookkeeping in accordance with the principles of modern accountancy . items for which the draft is drawn. This is a popularaddition to the ordinary draft used for collecting bills. Note that the draft is madepayable to the drawer, the drawer and payee thus being the same party. Such draftsare usually remitted direct ly to the drawee, who writ es his acceptance across the faceof it and returns it to the drawer. It is then known as an acceptance. The drawerthen deposits it in bank f oi collection, writing the proper endo
. Rowe's bookkeeping and accountancy : complete text, presenting the art of bookkeeping in accordance with the principles of modern accountancy . items for which the draft is drawn. This is a popularaddition to the ordinary draft used for collecting bills. Note that the draft is madepayable to the drawer, the drawer and payee thus being the same party. Such draftsare usually remitted direct ly to the drawee, who writ es his acceptance across the faceof it and returns it to the drawer. It is then known as an acceptance. The drawerthen deposits it in bank f oi collection, writing the proper endorsement across the the drawee accepts the draft, he obligates himself to pay it the same as if hehad signed a promissory note. In some cases the draft is placed in bank for collec-tion before acceptance, when it is forwarded to a correspondent bank at the pointof payment, which presents it for acceptance and holds the acceptance until itis due, when it collects the money and forwards it to the l)ank from which the draft>vas received, the same as explained in illustration 5716. 178 An Accepted Draft. BOOKKEEPING AND ACCOUNTANCY. ^;^^:^,££^c^;<y^<<:--^:.,^^ Dqll-ars. rn ^^:^^ ^^-^-^ ^^r^t.^f-j 77-^:r.^^~
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Keywords: ., bookcentury1900, bookdecade1910, booksubjectbookkeeping, bookyear
