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Cash Book

 

Cash book

This is a ledger that specializes in keeping records involving receipts or payments inform of cash and cheques.Below is a picture of a cash book.

Meaning of cash book

It is a book used to keep records involving receipts or payments in terms of cash and cheques.The debit side records receipts while the credit side records the payment.Credit transactions are not recorded in the cash book.

Types of cashbook

There are three types of cashbooks, namely;

i. Single column

ii. Two or double column

iii. Three column.

 

Single column cashbook

This is a cashbook with separate cash and bank accounts. The two accounts are kept on different pages of the cashbook. In situations where a business is too small such that it does not have a business bank account then it will have one account of cash with both cash in hand and cash at bank account. The amounts of cash received in the business are recorded on the debit side {left side} whereas the amounts paid out by the business are recorded on the credit side [right side].

Two/Double column cash book

It records receipts and payments of both cash and cheques.The amount column on each side is divided into two cash and bank.The receipts and payments in cash and cheques are posted on the debit and credit sides respectively.

The three - column cashbook

This ledger has three columns which are used to record cash,cheques and discounts on either side.Discount allowed is recorded on the debit side while discount received on the credit side.

Single column cashbook

The following diagram illustrates the format of single column cashbook.

The example below shows how a single column cashbook can be prepared.

On 1st December, 2002, Chebet Traders had an opening balance of Kshs. 20,000 in cash. During the month, the following transactions took place.

2 : Sold goods worth Kshs. 40,000 in cash.

10: Paid Kshs. 12,000 for wages in cash.

15: Paid Kshs. 15,000 for rent in cash.

25: Sold goods worth Kshs. 75,000 in cash.

28: Paid Kshs. 4,800 for insurance in cash.

30: Paid Kshs. 15,000 for rent in cash.

31:Received Kshs. 7,800 from Kamau in cash.

Record the above transactions in a single column cashbook.

Chebet Traders cash book is prepared as follows.

Balancing the single column cash book

The procedure for balancing the single column cashbook is as follows:

i. Find the totals for debit side.

ii. Find the totals for credit side.

iii. Deduct the smaller total from the bigger total.

iv. Insert the difference of totals as balance carried down [ c/d or c/f ] on the small side and as balance brought down on bigger side below the totals.

v. Confirm that the totals of the two sides agree.

The two-column cashbook

The format of two column cashbook is shown below.

The following is an example of a two column cashbook.

The following cash transactions took place in the business of Muniu during the first week of January, 2011.

January 1: balances brought down cash Kshs. 12,000

and bank Kshs. 35,000

January 2: sold a piece of furniture for cash Kshs. 8,000.

January 3: cash sales Kshs. 10,000 paid directly to the bank.

January 4: Muniu took cash Kshs. 1,500 for personal use.

January 5: bought goods worth Kshs. 15,000 paying partly

by cheque Kshs.10,000 and the rest by cash.

Record the transactions in a double column cashbook.

Muniu's double column cashbook is prepared as follows.

The three column cashbook

The format of a three column cashbook is shown below.

Lebi's three column cashbook is prepared as follows.

 

Determination of various discounts

The various discounts are determined as shown below;

The various discounts are determined as shown below; May 2: 10% X 12,000 = Kshs.1, 200 [discount allowed Kshs.1, 200 and discount received Kshs.11, 800 in bank] May 3: 10% X 10,000 = Kshs. 1,000 [discount received paid Kshs. 9,000 by cheque to Makori] May 8: 10% X 28,000 = Kshs.2, 800 [discount allowed Kshs.2, 800, discount received Kshs.25, 200 bank] May 20: 10% X 4,000 = Kshs.2, 800 [discount allowed Kshs.400, discount received Kshs.3, 600 bank account] May 30: 5% X 44,000 = Kshs.2, 200 [discount received] {paid Kshs.41, 800 to bank account of Kairo]

 




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