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Prepare a 3 column cashbook from the following information

1st jan cash in hand 50000


2nd jan paid into bank 10000
3rd jan bought good from hari for 200 cash
4th jan Paid for goods bought 2000 in cheque discount allowed 1 %
5th jan sold goods to mohan for cash rs 1175
6th jan Received cheque from shyanm to whom goods were sold for rs 800 discound allowed 12.5 %
7th jan shyam's cheque deposited into bank
8th Jan Bank notified that shyam's cheque has been returned dishonoured and debited the account in respect of charges of rs. 10/-
9th Jan Discounted a bill for rs 1000/- @ 1 % through bank
10th Jan Received payment of a loan of 5000 and deposited rs 3000 out of this into the bank
11th Jan Honoured our own acceptance by cheque rs 5000/-
Debit Balance
Date Particulars Ledger folio Discount
1st Jan To balance bought forward
2nd Jan To cash A/c C
3rd Jan -
4th Jan To sales A/c
5th Jan
6th Jan 12.5 % corresponse to 1/8, so 100 rs was the discount allowed,therefore cheque amount is 700 rs
whenever the cheque is received it wil be first entered into cash colum on the debit side of the cashbook
To sales A/c 100
7th Jan To cash A/c C
8th Jan
Food for thought
A company buys a draft from a bank with whom it is holding an account. The Bank's Processing system is integrated (Auto transfer of funds from company's Account with the bank to the bank's count.
The Value of the draft is 5000 rs with processing charges 100 rs
What will be the entries In the cash book of the company.
9th Jan To bills receivables 10
10th Jan To loan A/c
To Cash A/c C
when you do not have information whether the money is received is from cash or cheque, by default put it into the cash column.
11th Jan
4th Jan if the expenses done categorivcally for the purchase of good then it is best to classify it in the purchase account
Bank notified that shyam's cheque has been returned dishonoured and debited the account in respect of charges of rs. 10/-
Credit Balance
Cash (in RS) Bank(in RS) Date Particulars Ledger Folio
50000 1st Jan
10000 2nd Jan By bank A/c C
3rd Jan Purchases
1175 4th Jan (Cheque amount computed after taking discount into consideration)
Purchases
5th Jan
12.5 % corresponse to 1/8, so 100 rs was the discount allowed,therefore cheque amount is 700 rs 6th Jan
whenever the cheque is received it wil be first entered into cash colum on the debit side of the cashbook
700
700 7th Jan By Bank C
If an dishonoured cheque information comes from a bank to the company, the company should also reverse any earlier discounts associated with that transaction in the cash book
8th Jan By Shyam
8th Jan By Bank Charges
A company buys a draft from a bank with whom it is holding an account. The Bank's Processing system is integrated (Auto transfer of funds from company's Account with the bank to the bank's count.
990
5000 10th Jan
3000 By Bank A/c
when you do not have information whether the money is received is from cash or cheque, by default put it into the cash column.
11th Jan By Bills payable
if the expenses done categorivcally for the purchase of good then it is best to classify it in the purchase account
Discount Cash (in RS) Bank(in RS)
10000
200
(Cheque amount computed after taking discount into consideration) 1% 1980
700
If an dishonoured cheque information comes from a bank to the company, the company should also reverse any earlier discounts associated with that transaction in the cash book
100 700
10
3000
5000
If an dishonoured cheque information comes from a bank to the company, the company should also reverse any earlier discounts associated with that transaction in the cash book
28th Feb Balance bought forward from previous day
28th Feb Cash in hand 5000 Done
28th Feb Cash at bank 8000 Done
28th Feb Instructed the to issue a bank draft for rs 5000/- in favour of suresh Done
28th Feb Bank charged rs 10 for issuing the draft Done
28th Feb Received a bank draft for 5760/- from mahesh in full settlement of 6000 due from him.
28th Feb Sent the draft to the bank
28th Feb Received a cheque from rakesh rs 2000 Done
28th Feb Endorsed rakesh's cheque in favour of vishal
28th Feb Sent a Cheque of rs 50/- as school fees payment the schools fees are paid from the company's account by the prop
28th Feb Withdrew rs 500 from bank If it is not mentioned the purpose of withdrawal, we straight away assume that it is money taken pout from the bank account and kept as cash with the company
28th Feb Placed an order with vikas for goods worth rs 1000/- and send cheque for rs 1000 with the order. The goods are not yet in the possession pf the company, it is only an advance money it is given, Which means in the particulars it will be safe to record the vendors name rather than purchase account.
Debit Balance
Date Particulars Ledger folio Discount
28th Feb To Balance Bought Down
28th Feb To Bank A/c
28th Feb To Mahesh A/c 240
Incase of the demand draft we are assuming it to be as good as money directly received in the bank account
28th Feb Because the endorsement transfers the beneficiary to be sumone else, it clearly implies that the first receiver will not deposit into the bank for further processing, therefore the entry will be
28th Feb To rakesh A/c
28th Feb To Bank A/c C
6000
5760
240
the schools fees are paid from the company's account by the prop
If it is not mentioned the purpose of withdrawal, we straight away assume that it is money taken pout from the bank account and kept as cash with the company
The goods are not yet in the possession pf the company, it is only an advance money it is given, Which means in the particulars it will be safe to record the vendors name rather than purchase account.
Credit Balance
Cash (in RS) Bank(in RS) Date Particulars Ledger Folio
5000 28th Feb By Suresh
8000 28th Feb By Bank Charges
5760 28th Feb
Incase of the demand draft we are assuming it to be as good as money directly received in the bank account
Because the endorsement transfers the beneficiary to be sumone else, it clearly implies that the first receiver will not deposit into the bank for further processing, therefore the entry will be
2000 28th Feb By Vishal A/c
28th Feb By Withdrawals
500 28th Feb To cash A/c
28th Feb By Vikas A/c
If it is not mentioned the purpose of withdrawal, we straight away assume that it is money taken pout from the bank account and kept as cash with the company
The goods are not yet in the possession pf the company, it is only an advance money it is given, Which means in the particulars it will be safe to record the vendors name rather than purchase account.
Credit Balance
Ledger Folio Discount Cash (in RS) Bank(in RS)
5000
10
Because the endorsement transfers the beneficiary to be sumone else, it clearly implies that the first receiver will not deposit into the bank for further processing, therefore the entry will be
2000
50
C 500
1000