CA Foundation Exam > CA Foundation Questions > While balancing three column cash book, the d...
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While balancing three column cash book, the discount columns are:
- a)Totaled but not adjusted
- b)Totaled and also adjusted
- c)Totaled but not balanced
- d)Balanced but not totaled
Correct answer is option 'C'. Can you explain this answer?
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While balancing three column cash book, the discount columns are:a)Tot...
Balancing Discount Columns in Three Column Cash Book
Discount columns are maintained in the three column cash book to record the discounts allowed and received on cash and credit transactions. While balancing the three column cash book, the discount columns are treated in a specific manner. The correct option is 'C', i.e., totaled but not balanced.
Explanation:
Totaling of Discount Columns:
During the process of balancing the three column cash book, the discount columns are totaled separately. The totals of both the discount columns are transferred to the debit and credit sides of the discount account respectively.
Not Adjusted:
After totaling the discount columns, the balances are not adjusted. Instead, the discount account is balanced with the help of the discounts allowed and received on credit transactions.
Not Balanced:
The discount columns are not balanced as they do not affect the double-entry system. They are merely used to record the discounts allowed and received on cash and credit transactions. Therefore, the discount columns are totaled but not balanced during the process of balancing the three column cash book.
Conclusion:
In conclusion, while balancing the three column cash book, the discount columns are totaled but not adjusted and balanced. The totals of both the discount columns are transferred to the debit and credit sides of the discount account respectively. This is done to record the discounts allowed and received on cash and credit transactions.
Discount columns are maintained in the three column cash book to record the discounts allowed and received on cash and credit transactions. While balancing the three column cash book, the discount columns are treated in a specific manner. The correct option is 'C', i.e., totaled but not balanced.
Explanation:
Totaling of Discount Columns:
During the process of balancing the three column cash book, the discount columns are totaled separately. The totals of both the discount columns are transferred to the debit and credit sides of the discount account respectively.
Not Adjusted:
After totaling the discount columns, the balances are not adjusted. Instead, the discount account is balanced with the help of the discounts allowed and received on credit transactions.
Not Balanced:
The discount columns are not balanced as they do not affect the double-entry system. They are merely used to record the discounts allowed and received on cash and credit transactions. Therefore, the discount columns are totaled but not balanced during the process of balancing the three column cash book.
Conclusion:
In conclusion, while balancing the three column cash book, the discount columns are totaled but not adjusted and balanced. The totals of both the discount columns are transferred to the debit and credit sides of the discount account respectively. This is done to record the discounts allowed and received on cash and credit transactions.
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Community Answer
While balancing three column cash book, the discount columns are:a)Tot...
Discount column is totaled not balanced. we just total it ,and dont carry the balance to the next period. the respective totals are recorded in discount allowed and discount received accounts. It doesn't sound logical to balance the discount column and treat the difference as discount received or allowed where we actually havent received or allowed such discount. Hence balancing and carrying forward is not required.
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While balancing three column cash book, the discount columns are:a)Totaled but not adjustedb)Totaled and also adjustedc)Totaled but not balancedd)Balanced but not totaledCorrect answer is option 'C'. Can you explain this answer?
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