Definition: Double entry book keeping is the system of keeping account, which take advantages of the two-fold aspect of every transaction, whereby one account that receives is debited and another account, which gives, is credited. The following simple rules of double entry should be fully understood and memorized. for every credited entry in an account […]
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Contra is a latin word which shows that cash has been withdrawn from the office and deposited in the bank or withdrawals of cash from bank for office use. It is an entry involving the payment of cash into the bank and is denoted by “C” in the folio column. It may simply be defined
Meaning: The two column Cash book so-called because for both debit and credit entries, it has two columns, one for recording cash transactions and the other for bank transactions. It is therefore used for recording mixed cash and bank transaction. Accounting Entries All payments in cash are recorded by crediting the cash column of the
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INTRODUCTION: This is the book for recording receipts and payments of money in cash or cheque. NOTE: No credit transaction should be recorded in the cash book. CASH ACCOUNT This is the account which is used for recording money received and paid with cash. The balance is referred to as CASH IN HAND. All
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