Question

What will be the journal entry for honoured our own acceptance by cheque?

Answer 1

This is less used question in accounting, and there is no special or exact entry for this purpose.

A businessman issued tge the cheque and when payment is made against this cheque, then it said to honoured our own acceptance.

For example, if you give a cheque to someone, and when the amount is deducted from your bank account, the cheque is said to be honoured