Single column cash book

Topic: Single Column cash book

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 cash received must be debited while cash paid will be credited to the cash account.

Illustration 1:

Enter the following transactions in the cash account of Olaide

                                                   N

July 1 Cash in hand                   1,500

July 3 Cash to Okola                   250

July 5 Cash Sales                        500

July 6 Cash purchases                  700

July 7 Bought Stationery                50

July 9 Paid Insurance                      30

July 10 Paid wages                       25

July 12 cash sales                        155

Solution:

Illustration 2:

Enter the following transactions in the bank account of Ogundele.

	N
June 1 Cash in hand	2,500
June 3 Paid to Okocha by cheque	650
June 5 Sold goods and received cheque	450
June 6 Received Cheque from Agali	230
June 7 Sent Cheque to Komolafe
June 9 Bought goods with cheque	300

SOLUTION