Question

Journal entry of honoured our own acceptance by cheque??

Answer 1

bills payable a/c Dr.
to bank a/c

because bills payable(cheque) is liability so it is credited but in this case the cheque is honored so bills payable will be debited.
hope it helps...

Answer 2

Bills payable a/c Dr.  

to bank a/c  

Explanation:

In this transaction we are posting a journal entry of honoured our own acceptance by cheque. Here we are choosing bills payable due to the fact that bills payable is a liability and bills payable can also be considered as a cheque since liabilities must be credited when they increase we will credit bills payable but in this case the cheque is honoured as in the cheque is deposited therefore we will debit bills payable account.

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