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Question
Correct the following sentences and rewrite the same:
Cash Book records cash trnasactions as well as credit transactions.
Solution
Cash Book records only cash transactions.
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RELATED QUESTIONS
Answer the following question in one sentence:
State the meaning of 'Contra entry'.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
Any entry recorded on both sides of Cash Book is known as ______ entry
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
Direct deposit made by customer into our bank is recorded in the ______ side of the Cash Book.
Complete the following sentence:
Double column Cash Book records transactions relating to cash and ______
Complete the following sentence:
Credit balance shown by a bank column in Cash Book is ______
| Opening cash Balance | Cash Receipts | Cash Payments | Total cash | |||
| ? | + | 60,000 | - | 45,000 | = | 23,000 |
Prepare a two-column Cash Book from the following transaction for the year July 2018.
| July 2018 | Amt (₹) | |
| 01 | Cash in hand | 17,500 |
| 01 | Cash at Bank | 5,000 |
| 03 | Purchased goods for cash | 3,000 |
| 05 | Received cheque from Arun | 10,000 |
| 08 | Sold goods for cash | 8,000 |
| 10 | Arun’s cheque deposited into the bank | – |
| 12 | Purchased goods and paid by cheque | 20,000 |
| 15 | Paid establishment expenses through bank | 1,000 |
| 18 | Cash Sales | 7,000 |
| 20 | Deposited into bank | 10,000 |
| 24 | Paid General Expenses | 500 |
| 27 | Received commission by Cross cheque | 6,000 |
| 29 | Paid Rent | 2,000 |
| 30 | Withdrew cash for personal use | 1,200 |
| 31 | Wages paid | 6,000 |
