what is cheque?How payment made with it?
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Answer:
A cheque, or check , is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held. The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.
Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money.
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Cheque is a document which orders a bank to pay a particular amount of money from a person’s account to another individual’s or company’s account in whose name the cheque has been made or issued. The cheque is utilised to make safe, secure and convenient payments. It serves as a secure option since hard cash is not involved during the transfer process; hence the fear of loss or theft is minimised.
For instance, you are going to buy a set of furniture for the office. You can issue a check, indicate the amount of money to be paid to whom or to what company, then sign it as proof. The company owner then brings it to the bank, deposits it and the bank transacts with your bank in transferring the amount of money from your account to the furniture company owner's account.
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