SS1: FINANCIAL ACCOUNTING - 1ST TERM
Introduction to Booking Keeping and Accounting | Week 19 Topics|1 Quiz
Introduction to Booking Keeping and Accounting
Introduction to History of Accounting in Nigeria
Professional Bodies in Accounting
Benefits of Accounting to the Profession & Society
Regulatory Bodies that Checkmate Unethical Practices
Determine Debtors and Creditors
- Introduction to Booking Keeping and Accounting
Introduction to Books of Account | Week 25 Topics|1 Quiz
Subsidiary Books of Account I | Week 34 Topics|1 Quiz
Subsidiary Books of Account II | Week 44 Topics|1 Quiz
Principles of Double Entry Book Keeping | Week 51 Topic|1 Quiz
Cash Book | Week 66 Topics|1 Quiz
Petty Cash Book | Week 71 Topic|1 Quiz
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Cash Book is the book for recording receipts and payments of money in cash or cheque. The cash book performs the function of receiving and paying out money in form of cash and cheque.
The cash book is a subsidiary book and it is really part of the principal book called the ledger. No credit transaction should be recorded in the cash book. Cash book plays a dual role as a subsidiary and principal book of account.
Uses of Cash Book:
1. Balances of cash and bank can be obtained at a glance.
2. Performs the function of a subsidiary book.
3. It also performs the function of a ledger.
4. The cashier can conveniently keep the account up to date without interfering with the use of the ledger for other purposes.
Nature of the Cash Book:
1. The cash book is divided into Dr and Cr sides.
2. Each side has columns for Date, Particulars, Folio, Cash and Bank.
3. Receipts of cash will be debited to cash column.
4. Payments of cash will be credited to cash column.
5. Receipts of cheque will be debited to the bank column.
6. Payments of cheque will be credited to bank column.
Types of Cash Book:
1. Single column Cash Book
2. Double or two-column Cash Book
3. Three Column Cash Book
4. Petty Cash Book