Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 37 - No. 32)
A business owner deposits the cash takings from the day's sales into the company's bank account. How is this transaction recorded in the cash book?
Debit cash column, credit bank column.
Debit bank column, credit cash column.
Debit cash column, credit sales.
Debit bank column, credit purchases.
Explanation
Depositing cash into the bank increases the bank balance(debit) while reducing the cash in hand (credit).
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