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Double entry in Cash Book is completed when :
- a)Salaries are paid by cheque
- b)Withdrawal of money from bank for personal use
- c)Deposited cash into bank
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Double entry in Cash Book is completed when :a)Salaries are paid by ch...
Explanation:
Double Entry System is an accounting method that implies that every financial transaction has equal and opposite effects in at least two different accounts. In the Cash Book, double entry is completed when any transaction has been recorded in both debit and credit sides of the book. Let's see the options:
a) Salaries are paid by cheque: When salaries are paid by cheque, it will be recorded as a payment in the bank column of the Cash Book. This transaction will only have one entry in the Cash Book, so it is not a double entry.
b) Withdrawal of money from bank for personal use: When money is withdrawn from the bank for personal use, it will be recorded as a payment in the bank column of the Cash Book. This transaction will also only have one entry in the Cash Book, so it is not a double entry.
c) Deposited cash into bank: When cash is deposited into the bank, it will be recorded as a receipt in the bank column of the Cash Book. This transaction will have two entries, one in the bank column as a receipt and one in the cash column as a payment, completing the double entry.
d) None of these: Option D is not the correct answer as option C is the correct answer.
Therefore, the correct answer is option C, Deposited cash into bank, as it completes the double entry in the Cash Book.
Double Entry System is an accounting method that implies that every financial transaction has equal and opposite effects in at least two different accounts. In the Cash Book, double entry is completed when any transaction has been recorded in both debit and credit sides of the book. Let's see the options:
a) Salaries are paid by cheque: When salaries are paid by cheque, it will be recorded as a payment in the bank column of the Cash Book. This transaction will only have one entry in the Cash Book, so it is not a double entry.
b) Withdrawal of money from bank for personal use: When money is withdrawn from the bank for personal use, it will be recorded as a payment in the bank column of the Cash Book. This transaction will also only have one entry in the Cash Book, so it is not a double entry.
c) Deposited cash into bank: When cash is deposited into the bank, it will be recorded as a receipt in the bank column of the Cash Book. This transaction will have two entries, one in the bank column as a receipt and one in the cash column as a payment, completing the double entry.
d) None of these: Option D is not the correct answer as option C is the correct answer.
Therefore, the correct answer is option C, Deposited cash into bank, as it completes the double entry in the Cash Book.
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Double entry in Cash Book is completed when :a)Salaries are paid by chequeb)Withdrawal of money from bank for personal usec)Deposited cash into bankd)None of theseCorrect answer is option 'C'. Can you explain this answer?
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