Knowledge of Cash Book with Discount and Bank Column or Three Column Cash Book
Cash book is the most important part of accounting. However, a lot of things are important for a student to understand this. Three column cash book is a prominent part of accountings and to know it in a proper way, assignments should be done properly. If you have any hesitation in assignments, then 24x7assignmenthelp.com is always there with you. You can take assistance of Cash Book with Discount and Bank Column or Three Column Cash Book assignment help services.
What do you mean by three column cash book?
Importance of money transaction through bank is increasing. Rather than cash people pay and receive amount through online bank transfer or through checks. People always avoid giving high amount in cash to anyone. It means the amounts provided by a party or to a party through bank must be mentioned in the cash book to avoid any confusion in future. So in the cash book along with cash and discount column there is another column known as bank column and that’s is why the term is Three column cash book. IT means three columns are –
- Cash column
- Discount column
- Bank Column.
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What important things are there related to a three column cash book?
- Whatever money has deposited and whatever is withdrawn must be shown in cash column as well as in bank column.
- These entries through bank must be shown at bank column as well as in cash column known as contra entries and it must be signify properly. You can put ‘c’ to denote these entries.
- Before anyone shows discount column, it is important for a person to show ledger folio in the statement’s both side.
- In case of receiving any check as endorsed to someone else, then record should be entered in the journal entry and not is bank column.
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What are the ways in ledger posting?
- Opening balance are not posted as cash in bank or cash in hand.
- No post of ‘C’ or contra entries marked.
- Debit side item need to be posted in the credit side and vise versa to the respective account.
- Total discount must be posted clearly.
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