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MAINTENANCE OF Cash And SUBSIDIARY BOOKS AND LEDGER
What is a Cash Book and how does it differ from a regular ledger account?
A Cash Book is a subsidiary book that records all cash receipts and payments; it serves the dual purpose of a journal and a ledger, so no separate cash account is maintained in the ledger.
What is the primary book of original entry where daily cash transactions are recorded?
Cash Book serves as the primary book of original entry.
What are the three types of Cash Books commonly maintained by banks and businesses?
The three types are the Single Column (Simple) Cash Book recording only cash transactions, the Double Column Cash Book recording both cash and bank transactions, and the Triple Column Cash Book adding a discount column to the double column format.
What is a Single Column Cash Book and what does it record?
Records only cash transactions in a single amount column.
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