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.3 Explain the following terms in your own words: a) On which side opening cash balance should be recorded in the cash book? b) Is it possible that we sale goods for Rs. 20,000 and receive Rs. 19,000, if yes than explain with reason? c) If bank credited interest on securities in our account than on which side we should record that interest in the double column cash book?

.3 Explain the following terms in your own words: a) On which side opening cash balance should be recorded in the cash book? b) Is it possible that we sale goods for Rs. 20,000 and receive Rs. 19,000, if yes than explain with reason? c) If bank credited interest on securities in our account than on which side we should record that interest in the double column cash book?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.9MCE
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Q.3 Explain the following terms in your own words:
a) On which side opening cash balance should be recorded in the cash book?
b) Is it possible that we sale goods for Rs. 20,000 and receive Rs. 19,000, if yes than explain
with reason?
c) If bank credited interest on securities in our account than on which side we should record
that interest in the double column cash book?
d) In which case bank debited our account and what will be the accounting treatment in our
books?
e) If owner pay his university dues from the bank balance of business, what will be the
effect of this transaction on cash book?

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