Posting of the Cash Book Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1375 videos|1309 docs|994 tests

FAQs on Posting of the Cash Book Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is a cash book?
Ans. A cash book is a financial record that tracks all cash transactions, including both receipts and payments, in a business. It serves as a subsidiary book and provides a detailed record of cash inflows and outflows.
2. Why is it important to post entries in the cash book?
Ans. Posting entries in the cash book is important because it helps in maintaining an accurate record of cash transactions. It allows businesses to monitor their cash flow, track expenses, reconcile bank statements, and ensure that all cash transactions are recorded correctly.
3. What are the different types of cash books?
Ans. There are three main types of cash books: - Single-column cash book: Records only cash transactions. - Double-column cash book: Records cash as well as bank transactions. - Triple-column cash book: Records cash, bank, and discount allowed or received transactions.
4. How often should cash book entries be posted?
Ans. Cash book entries should be posted regularly, preferably on a daily basis. This ensures that the cash book reflects the most up-to-date and accurate information about cash inflows and outflows. Regular posting also helps in identifying any discrepancies or errors promptly.
5. What is the process of posting entries in the cash book?
Ans. The process of posting entries in the cash book involves the following steps: 1. Identify the nature of the transaction (receipt or payment). 2. Determine the amount involved in the transaction. 3. Choose the appropriate column in the cash book based on the transaction type (e.g., cash, bank, or discount). 4. Enter the date, transaction details, and amount in the respective columns. 5. Calculate the new balance after each entry and update it accordingly.
1375 videos|1309 docs|994 tests

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