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Question
Do you agree with the following statement:
Transactions recorded on both debit and credit side of Cash Book is known as Contra Entry.
Options
Agree
Disagree
Solution
Transactions recorded on both debit and credit side of Cash Book is known as Contra Entry. - Agree
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RELATED QUESTIONS
Answer the following question in one sentence:
What is a Cash Book?
Give word/term or phrase for the following statement:
The entry which is recorded on both sides of cash book.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
Cash column of Cash Book can never have ______ balance.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
Additional cash introduced in business is recorded in ______
State whether the following statement is True or False with reasons:
Cash Book records transactions relating to receipts and payments of cash.
Do you agree with the following statement:
Trade discount is recorded in Cash Book.
Do you agree with the following statement:
Cash received is entered on the debit side of Cash Book.
Complete the following sentence:
Cash Book does not record the ______ Transactions.
| Cash Sales | Credit Sales | Sales Return | Total Sales | |||
| ? | + | 60,000 | - | 3,000 | = | 1,02,000 |
Prepare a two-column Cash Book with the help of the following information for January 2018.
| January 2018 | Amt (₹) | |
| 01 | Started business with cash | 1,20,000 |
| 03 | Cash paid into Bank of Baroda | 50,000 |
| 05 | Purchased goods from Sakshi on credit | 20,000 |
| 06 | Sold goods to Divakar and received a bearer cheque | 20,000 |
| 10 | Paid to Sakshi cash | 20,000 |
| 14 | Cheque received on December 06, 2018, deposited into Bank | |
| 18 | Sold goods to Shivaji on credit | 12,000 |
| 20 | Cartage paid in cash | 500 |
| 22 | Received cash from Shivaji | 12,000 |
| 27 | Commission received | 5,000 |
| 30 | Drew cash for personal use | 2,000 |
Record the following transactions in the Cash Book of M/s Kamal Traders. Balance for the month of July 2018: Cash in hand ₹ 2,000 and balance in Bank Current account ₹ 8,000.
| July 2018 | Amt (₹) | |
| 03 | Cash Sales | 2,300 |
| 05 | Purchased goods and amount paid by cheque | 6,000 |
| 08 | Cash Sales | 10,000 |
| 12 | Paid General Expenses | 700 |
| 15 | Sold goods and amount received by Cheque and deposited into Bank | 20,000 |
| 18 | Purchased Motor Car paid by Cheque | 15,000 |
| 20 | Cheque received from Mrunal deposited into Bank | 10,000 |
| 22 | Cash Sales | 7,000 |
| 25 | Mrunal’s cheque returned dishonoured | |
| 28 | Paid Rent | 2,000 |
| 29 | Paid Telephone expenses by cheque | 500 |
| 31 | Cash is withdrawn from Bank for personal use | 2,000 |
