How to maintain cash book in school

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how to maintain cash book in school

You should document the operating income and expenditures of your company well, not least because doing so helps to assess its success and financial state. At the end of the fiscal year, the HMRC also needs a detailed final balance sheet for your company in order to determine the amount and type of your taxation. But how do daily account dealings look? To be able to document your cash payments in accordance with regulations, you need a cash book. But what exactly is that?
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Double column cash book

A Cash Book is a ledger that is used to keep the record of income and expenditure. Each page is for one month. On the left side incomes during the month are shown while the right side is for expenditures during the same month. I have made the maintenance of Cash Book easy with the help of excel sheet. All the formulas have been put there.

Simple Bookkeeping

The double column cash book also known as two column cash book has two money columns on both debit and credit sides — one to record cash transactions and one to record bank transactions. In other words, we can say that if we add a bank column to both sides of a single column cash book , it would become a double column cash book. The cash column is used to record all cash transactions and works as a cash account whereas bank column is used to record all receipts and payments made by checks and works as a bank account. Both the columns are totaled and balanced like a traditional T-account at the end of an appropriate period which is usually one month. Since a double column cash book provides cash as well as bank balance at the end of a period, some organizations prefer to maintain a double column cash book rather than maintaining two separate ledger accounts for recording cash and bank transactions.

5 thoughts on “

  1. Maintaining a cash book is the only method for simple bookkeeping. You could just buy a school exercise book which already has rows printed in it, so all you.

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