“Budgeting is the first step in money management.”In this context

1.	“Budgeting is the first step in money management.”In this context explain the Precautions while writing a cheque.
Answer» Precautions while, writing a cheque: • Date – correct date should be written. • Payee’s name must be correctly written. The word Self is written if the cheque is drawn for himself. • Amount should be written carefully both in words and figures and must be suffixed with the word‘only’. • Drawers signature should be complete, genuine and in ink. It must tally with the specimen signature in the bank otherwise the cheque is dishonored. • Alterations can be done in date, amount or the name of the payee and must be confirmed by the drawers signature. The bank does not honor a cheque that has alterations withouta drawer’s sign.

“Budgeting is the first step in money management.”In this context explain the Precautions while writing a cheque.

Answer»

Precautions while, writing a cheque:

• Date – correct date should be written.

• Payee’s name must be correctly written. The word Self is written if the cheque is drawn for himself.

• Amount should be written carefully both in words and figures and must be suffixed with the word‘only’.

• Drawers signature should be complete, genuine and in ink. It must tally with the specimen signature in the bank otherwise the cheque is dishonored.

• Alterations can be done in date, amount or the name of the payee and must be confirmed by the drawers signature. The bank does not honor a cheque that has alterations withouta drawer’s sign.

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