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[Music] hi there and welcome to this lecture my name is sherwin by the way and this video is ought to provide the concepts of notes receivable so sit back and enjoy this video first what do we mean when we say notes receivable its receivable is a claim supported by a formal promise to pay a certain sum of money at a specific future date usually in the form of a promissory note the negotiable promissory note means that there is an unconditional promise in writing made by one person to another a promissory note is a written contract in which one person known as the maker promises to pay another person known as the pay who holds the note receivable and who expects receive a definite sum of money for example company a sells machinery to company b for 300 000 with payment due within 30 days after 45 days of non-payment by company b both parties agree that company b will issue a note payable for the principal amount of 300 000 at an interest rate of 10 in this example company a records a no