Very often, we hear terms like dishonored cheque and bank overdraft. Dishonored cheque is a cheque which, when presented, is REFUSED payment by the bank because of insufficient fund or because it is not in order. Bank overdraft is a facility that allows the current account holder to overdraw from his account up to an [...]
Normally, Cash account and Bank account are simple to understand. Perhaps this is for the unfamiliar. In business, the owner/responsible officer would keep a small amount of money in the office and most of the cash is kept in a current account at a bank. Cash account simply records money kept in the OFFICE.
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If someone ask you whether the Cash book is a book of original entry- what would you say – yes or no?
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