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Cash book illustration 3
Sir ne jab video me question Ka answer karaya aur Jo book me answer hai dono aalag aab samaj Nahi aa Raha kon sa Sahi Mano. Please help me to solve this problem. Tell me which one is correct.
Answers (16)
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ICAI study material has incorrect solution. The 275 paid for cash purchases by Cheque should be shown in Bank column and not in cash column. Hope this clarifies your doubt.
ICAI study material has incorrect solution. The 275 paid for cash purchases by Cheque should be shown in Bank column and not in cash column. Hope this clarifies your doubt.
Sir I have small doubt it can also be cash purchases
Sir I have small doubt it can also be cash purchases
The payment for a cash purchase can be made by cheque or by cash. A cash purchase is recorded in cashbook and not in purchase book. If the payment is made by cash - it appears under the cash column. If the payment is made by cheque - it appears in the bank column. In the given case the purchase is made by cheque and hence it will come under bank column.
Sir I have small doubt it can also be cash purchases
It is clearly given that he has paid by cheque for cash purchases..so there was no cash out flow ultimately
Please check In icai corrigendum it is clearly given as cash purchase's not check purchases
While solving problems, please refer to the illustrations provided along with notes. If the question says paid through cheque/bank, it means the amount would be credited in bank column [The solution provided in video is according to the questions provided in notes]. If it is paid by cash, then amount would be credited in cash column.