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Articles by Nagasravan Tamma
Page 20 of 27
Give an example of a triple column cash book
Refer the data given below −TransactionsOn Nov 5th check received is not deposited on same dateNov 1 Cash in hand $950, cash at bank $4500Nov 3 Paid to J & Co by check $1500 discount received $20Nov 5 Amount received from D & Co $1150 discount allowed $12Nov 7 Deposited cheque from D & CoNov 10 Stationary purchased by cash $250Nov 15 Merchandise purchased by cash $1450Nov 15 Cash sales (first half) $2700Nov 16 Deposited into bank ...
Read MoreHow to prepare accounts receivable and accounts payable ledger postings?
The ledger postings for accounts receivable and accounts payable can be done with the help of the double column cash book entries.Refer the data given below −DateDescriptionPRVNDiscount($)Cash($)DateDescriptionPRVNDiscount($)Cash($)Sep 1balance b/d6000Sep 5K & Co A/c106153600Sep 3D &Co110122500Sep 7purchases126850Sep 9Income (interest)122200Sep 12Machinery1203800Sep 15Sales1287800Sep 17Stationary expenses105500Sep 28D & Co11025650Sep 20Office furniture107620Sep 30Sales1248000Sep 23K &Co10625870Sep 30salary1091800Sep 28balance c/d1311037251404025140Oct 1By balance b/d13110SolutionThe solution is as follows −Accounts payable ledger K&CO ...
Read MoreHow to prepare the Double column cash book?
Refer the data given below −TransactionsFeb 1 Cash balance $120000Feb 1 Bank account balance $200000Feb 2 Received cheque from Mr. B ...
Read MoreExplain double column cash book and its format
In double column cash books, there will be two cash columns on both the credit side and debit side. One column records the cash transactions and the other column records bank transactions.Single column cash books will become double column cash books, if we add bank transaction column to single column cash book format.Most of the organisations will prefer a double column cash book than single column cash book, because it has bank balances at the end each period. Ledgers for both cash transactions and bank transactions are maintained separately.FormatThe format of double column cash book is as follows −DebitCreditDateDescriptionVNPRCashBankDateDescriptionVRPRCashBankFor recording ...
Read MoreHow to prepare a bank account in a ledger?\\n
Refer the data given below to prepare a bank account in a ledger with a single column cashbook −DATEPARTICULARSVNLF$DATEPARTICULARSVNLF$2010Balance b/d700002010Mar 1Customer(Beingcheque A/creceived)20000Mar 1Bank A/c(Beingcheque deposited)22000Mar 5Bank A/c(Being amount withdrawn)25000Mar 12Purchases(Being goods bought for cash)47000Mar 9Sales A/C(Beinggoods sold for cash)35000Mar 24Bank A/c (Beingcash deposited)17500Mar 20Sales A/c(Beinggoods sold for cash)38000Mar 31Salary A/c(Beingsalary paid)14000Mar 31Balance c/d87500188000188000April 1Balance b/d87500Mar 1 - Bank balance $180000Mar 21 - Paid Mr.B by cheque $20000Mar 31 - Paid rent by cheque $8000Mar 5 - Deposited cheque from A $22000May 25 - Deposited into bank $17500SolutionThe solution is as follows −DATEReferenceJ/F$DATEPARTICULARSJ/F$20102010Mar 1Balance b/d18000mar 5Cash A/c25000Mar 5Cash A/c22000mar 21Mr.B20000Mar 25Cash A/c17500mar 31Rent ...
Read MoreHow to prepare a single column cash book?
Let us understand how to make the respective entries in the single column cash book with the help of the given data.May 1 Cash in hand $50000May 1 Bank balance $160000May 4 Received a cheque from a customer “A” of $18000May 5 Deposited customer “A” cheque in Bank.May 8 Cash withdrawn from bank for business purpose is $15000May 11 Goods sold for cash $28000May 14 Goods bought for cash $53000May 19 Goods sold for cash $40000May 21 Paid Mr.B by cheque $16000May 25 Deposited into bank $18000May 30 Paid salary in cash $12000May 31 Paid rent by cheque $7500SolutionThe solution ...
Read MoreWhat are reversing entries and their journal entries?\\n
This is the final step in the accounting cycle. Reversing entries are made at the start of an accounting period to reverse the adjusting journal entries made at the end of the previous period.These are made because of last year’s accruals. Also, the prepayments which will be paid during the New Year are no longer needed to be recorded as liabilities and assets.These entries will make bookkeeping simple or simplify the bookkeeping. If the entry is not reversed, the amounts recorded in previous years are adjusted and account for the new portion. For new adjusted entries, the keeper can’t keep ...
Read MoreCalculate provision expenses and write its journal entry
A finance institution has loan portfolio and the respective details are as given below −Loan portfolio (%)31-12-15Rate to calculate (%)On schedule5286914Loan in arrearsFor first 30 days2851472Next 30 days17582322Next 30 days7525922Next 90 days6523153Next 180 days46327100360 days up25423100SolutionCalculations of provisions are as follows −Loan portfolio31-12-15Rate to calculate (%)On schedule528691400For first 30 days28514725702.94Next 30 days1758232238681.06Next 30 days752592216556.98Next 90 days652315334572.43Next 180 days4632710046327360 days up2542310025423Total5960124167263.41The journal entry for the provision expenses as per the above calculations is as follows −AccountDebitCreditProvision expenses Loan loss reserves167263.41167263.41
Read MoreHow postings are made in ledger accounts with single column cash books?
Following steps are followed while making entries in ledger account −Opening balance and closing balance in cash books are not posted in ledger accounts.Debit side entries of the cash book are posted in relevant accounts on the credit side in the ledger.Credit side entries of the cash book are posted in relevant accounts on the debit side in the ledger.Page numbers or account numbers of ledger accounts of respective entries are recorded and written in PR or posting reference columns of single column cash books.ExampleConsider an example for using the below cash book column to prepare general ledger (salaries)DebitCreditDateDescriptionVRPRAmountDateDescriptionVRPRAmountYYYY July ...
Read MoreWhat is a single column cash book and explain its format?
Single column cash book is a T shaped cash book. It is called a single column cash book because; it has only a money column on both credit and debit sides and records cash transactions.It is divided into two parts having debit on the left hand side and credit on the right hand side.FormatThe format of a single column cash book is as follows −DebitCreditDateDescriptionVRPRAmountDateDescriptionVRPRAmountPurposeThe purpose of each column in single column cash book is explained below −DateIt records date, month and year of transaction (both receipts and payments). If more than one transaction happened in the same month and ...
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