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Answer the following question in one sentence only. What are Noting Charges? - Book Keeping and Accountancy

One Line Answer

Answer the following question in one sentence only.

What are Noting Charges?

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Solution 1

Noting charges are the fees paid to the Notary public for recording the fact of dishonoured bill.

Solution 2

When a bill is presented for payment and the acceptor fails to make the payment, the bill gets dishonoured. In order to keep a legal proof of such dishonour, the bill gets noted by the Notary Public (who is approved by the government). In exchange for the notary service, the Notary Public charges fees known as noting charges.

Concept: Basic Term of Bills of Exchange - Noting Charges
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 9 Bill of Exchange (Trade Bill)
Exercise | Q 11 | Page 316
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