Prepare Two Column Cash Book from the following transactions and balance the book on 31st Jan., 2021:-
2021

Jan. 1
Cash in hand 50,000; Bank overdraft 1,90,000.

Jan. 2
Purchased goods from Rajesh Kumar of the list price of 50,000 at 5% trade discount and payment made by cheque.

Jan. 6
Goods sold for 80,000 and payment received by cheque. Cheque deposited into Bank on same day.

Jan. 10
Goods purchased for cash 19,800.

Jan. 15
Furniture sold for 1,77,000 and payment received by cheque & cheque deposited into Bank on same day.

Jan. 18
Salaries paid 4,500.

Jan. 21
Settled the amount due to Ram 2,000 by paying cash 1,910.

Jan. 22
Cash received from Jai 14,780 in full settlement of his account of 15,000.

Jan. 23
Paid Life Insurance premium 1,500.

Jan. 31
Deposited with bank the entire balance after retaining 7,000 cash in hand.

Question

damarispaul173 damarispaul173

19-02-2021
Business

contestada

Prepare Two Column Cash Book from the following transactions and balance the book on 31st Jan., 2021:-
2021

Jan. 1
Cash in hand 50,000; Bank overdraft 1,90,000.

Jan. 2
Purchased goods from Rajesh Kumar of the list price of 50,000 at 5% trade discount and payment made by cheque.

Jan. 6
Goods sold for 80,000 and payment received by cheque. Cheque deposited into Bank on same day.

Jan. 10
Goods purchased for cash 19,800.

Jan. 15
Furniture sold for 1,77,000 and payment received by cheque & cheque deposited into Bank on same day.

Jan. 18
Salaries paid 4,500.

Jan. 21
Settled the amount due to Ram 2,000 by paying cash 1,910.

Jan. 22
Cash received from Jai 14,780 in full settlement of his account of 15,000.

Jan. 23
Paid Life Insurance premium 1,500.

Jan. 31
Deposited with bank the entire balance after retaining 7,000 cash in hand.

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amcool amcool · Answer 1 · 2021-02-24T02:58:59+01:00

Answer:

On January 21, Balance c/d are:

Cash = $7,000

Bank = $49,570

Explanation:

Note: See the attached excel file for the Two Column Cash Book.

Also note the following in the attached Two Column Cash Book:

(1) Jan. 1 Bank overdraft 1,90,000 is recorded in the Two Column Cash Book as 190,000 to correct the error in the figure.

(2) Jan. 15 Furniture sold for 1,77,000 is recorded in the Two Column Cash Book as 177,000 to correct the error in the figure.

(3) Jan. 18 Salaries paid 4,500 is assumed to be paid by cheque since no specific form of payment in indicated.

(4) Jan. 23 Paid Life Insurance premium 1,500 is assumed to be paid by cheque since no specific form of payment in indicated.

(5) VN represents Voucher Number.

(5) PR represents Posting Reference.

(6) C represents Contra entry.

(7) The Jan. 31 Bank and Cash (C) of $36,070 which is the entire balance deposited with bank after retaining 7,000 cash in hand is obtained as follows:

Entire balance deposited with bank = Total cash received - Total cash paid - $7,000 retained = $64,780 - ($19,800 + $1,910) - $7,000 = $36,070

(8) Balance c/d represents Balance carried down.

(8) Balance b/d represents Balance brought down.