If the debit and credit aspects of a transaction are recorded in the cash book, it is ______. - Accountancy

If the debit and credit aspects of a transaction are recorded in the cash book, it is ______.

MCQ

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If the debit and credit aspects of a transaction are recorded in the cash book, it is contra entry.

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Three Column Cash Book (Cash Book with Cash, Discount and Bank Column)

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Chapter 7: Subsidiary Books - 2 - Multiple choice questions [Page 145]

Chapter 7 Subsidiary Books - 2
Multiple choice questions | Q I 7. | Page 145

A cash book with discount, cash and bank column is called ______.

In Triple column cash book, the balance of bank overdraft brought forward will appear in ______.

Which of the following is recorded as contra entry?

Enter the following transactions in the three column cash book of Kalyana Sundaram.

2017 Jan.
1	Balance in hand	42,500
	Balance at bank	35,000
3	Received for cash sales	15,700
4	Cash paid into bank	11,500
6	Cash purchases	14,300
9	Received dividend directly by the bank through ECS	2,000
10	Pongal advance to staff paid through bank	17,000
12	Received cash from Nagarajan	11,850
	and allowed him discount	150
17	Paid Magesh in full settlement of his account ` 20,000	19,700
20	Cash withdrawn for personal expenses	20,000
30	Withdrawn cash from ATM for office use	1,500

Record the following transactions in the three column cash book of John.

2017 Dec.		₹
1	Cash balance brought forward	12,600
1	Bank overdraft brought forward	36,000
1	Advance paid to petty cashier by cheque	3,000
5	Goods sold for cash	12,000
7	Dividend on shares collected by the banker	1,000
13	Cash paid into Bank	10,000
14	Interest charged by the bank for bank overdraft	1,500
18	Cheque issued to Siddique	8,000
	Discount received from him	200
24	Insurance claim received by cheque and deposited into bank	17,000
28	Cash received from Baskar	15,000
	Discount allowed to him	150
31	Deposited into Bank all cash excess of ₹ 18,600

Prepare a triple column cash book of Rahim from the following transactions:

2017 Feb.
1	Cash in hand	25,000
	Cash at bank	10,000
5	Water purifier purchased for office use by cheque	8,000
6	Purchased goods for cash	9,000
8	Received cash from Daniel	9,900
	Discount allowed to him	100
10	Cheque received for goods sold and deposited in the bank	40,000
12	Paid to Amala by cheque	14,500
	Discount received from her	500
13	Paid transport charges by cash	5,000
14	Withdrawn cash from bank for office use	20,000
24	Cheque received from Kumar and deposited into the bank	15,000
28	Kumar’s cheque dishonoured

What is three column cash book?

Brifly explain about contra entry with examples.