Answered: As on 30 July the Cash book reports a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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As on 30 July the Cash book reports a bank balance of RO 4,250, without recording a credit transfer from a customer of RO 7,200 and a standing order payment of RO 4,500. Deposits awaiting clearance were RO 22,400 and the value of cheques yet to be presented on this date was RO 9,480. The bank balance is. a. 19870 b. 14470 c. 5970 overdraft d. 11370 overdraft

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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