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Ask QuestionPosted by Rachana Dwivedi 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
When goods are returned to a supplier, a debit note is prepared to represent the difference in the quantity. It contains the name of the party (supplier) whose account has been debited, along with the amount and details of the bill and the reason for the debit, in reference to which his account has been debited.
On the other hand, when goods are received back from the customer, a credit note is sent to him, indicating that the customer’s account has been credited in the books.
Posted by Aman Sharma 5 years, 1 month ago
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Gaurav Seth 5 years, 1 month ago
Single Column Cash Book:
In this Cash Book entry and posting are made for purely cash transactions. It has only one amount column in each of the debit and credit sides.
See the design of Single Column Cash Book. It is just like any other ledger account in the T-form.
ADVERTISEMENTS:
In both the debit and credit sides, it has five columns:
(i) Date,
(ii) Particulars,
(iii) Voucher No.,
ADVERTISEMENTS:
(iv) Ledger Folio, and
(v) Amount.
In any other ledger account, there is no Voucher No. column, instead there is Journal Folio column. This is so in the Cash Book because it is also a Journal. Reference must be given here about the evidence of occurrence of the transactions. Amount column gives debit or credit amount as per the nature of the transaction.
Double Column Cash Book:
In this Cash Book entry and posting are made for cash and bank transactions. The design of this Cash Book is like the single column Cash Book except that it has two amount columns on both the debit and credit sides.
Triple Column Cash Book:
In this Cash Book three amount columns are maintained on both the debit and credit sides—the first column is for discount, the second for cash and the third for bank.
Posted by Ajit Kumar 5 years, 1 month ago
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Amit Singh 5 years, 1 month ago
Yogita Ingle 5 years, 1 month ago
Any valuable thing which has monetary value and owned by a business, is its asset. In other words, assets are the monetary values of the properties or the legal rights that are owned by the business organisations.
Fixed Assets− These are those assets that are hold for the long term and increase the profit earning capacity and productive capacity of the business. These assets are not meant for sale, for example, land, building machinery, etc.
Current Assets− Assets that can be easily converted into cash or cash equivalents are termed as current assets. These are required to run day to day business activities; for example, cash, debtors, stock, etc.
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Yogita Ingle 5 years, 1 month ago
A cash voucher is prepared for cash purchases or sales. It serves as the source document to record entries in the cash book.
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Prachi Janwani 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
|
Basis of Difference |
Source Documents |
Vouchers |
|
Meaning |
It refers to the documents in writing, containing the details of events or transactions. |
When source document is considered as evidence of an event or transaction, then it is called voucher. |
|
Purpose |
It is used for preparing accounting vouchers. |
It is used for analysing the transactions. |
|
Recording |
It acts as a basis for preparing accounting voucher that helps in recording. |
It acts as a basis for recording transactions. |
|
Preparation |
It is prepared at the time when an event or a transaction occurs. |
It can be prepared either when an event or a transaction occurs, or later on. |
|
Legality/Validity |
It can be used as evidence in the court of law. |
It can be used for assessing the authentication of transactions. |
|
Prepared By |
It is prepared by the persons who are directly involved in the transactions, or who are authorised to prepare or approve these documents. |
It is prepared by the authorised persons or by the accountants. |
|
Examples |
Cash memo, invoice, and pay-in-slip, etc. |
Cash memo, invoice, pay-in-slip (if used as evidence), debit note, credit note, cash vouchers, transfer vouchers, etc. |
Posted by Ashok S 5 years, 1 month ago
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