School Arithmetics Volume 3

School Arithmetics Volume 3

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...does a merchant save by borrowing the money and taking advantage of the cash discount? Draft. A written order by which one person directs another to pay a certain sum of money is called a draft. Explain to the class that a check is a kind of draft. Usually the word "check " is used for an order on a bank, signed by any person except a representative of another bank; the word "draft" is used for an order other than a check. A draft may therefore be made by an individual on a company, by one bank on another, by a company on an individual or firm, and so on. A draft made by a cashier on his own bank is called a cashier's check. Commercial Draft. A draft made to secure the payment of a debt is called a commercial draft. The following is a form of commercial draft payable at sight: Parties to a Draft. Here the Cash Register Company is the drawer, Mr. James X. Wye is the drawee, and the First National Bank is the payee. Explain to the class that the Cash Register Co. deposits this draft with the First National Bank, which sends it to some bank in Cleveland. The Cleveland bank collects the money from Mr. AVye and sends its own draft to the Dayton bank. The Dayton bank then notifies the company that the draft on Mr. Wye is paid, and the amount, called the proceeds of the draft, is added to the company's account in the First National Bank. This is a convenient method of collecting money. The bank usually charges the drawer a small commission for this work. Trade Acceptance. There has recently come into extensive use the acceptance of a draft payable some time in the future; that is, a time draft. If this is for goods purchased it is called a trade acceptance. The following is a common form for such a draft: Explain to the class...
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Product details

  • Paperback
  • 189 x 246 x 4mm | 159g
  • United States
  • English
  • black & white illustrations
  • 1236969049
  • 9781236969040