CEVAP:

Promissory note is a written agreement or a commitment to pay a particular amount of promised money at a particular period of time. Normally this promissory note lengthens for the time period of 60- 90 days or sometimes even longer and hence debtor is required to pay interest on it. These notes receivable, along with account receivables, which results from credit sales transactions are sometimes known as trade receivables or just receivables.