. Cash book is both a ledger account and subsidiary book. True/False
Answers
Answer:
True
Explanation:
when you prepare cash book you nedd not open a cash a/c in the ledger
Answer:
"Cash book is both a ledger account and a subsidiary book." This statement is true.
Explanation:
Original Entry books are called as the subsidiary books. These are also called special journals or day books. In subsidiary books, we record transactions of a similar sort. They assist in getting around the drawbacks of journal books or journal entries. Cash book is one type of subsidiary books.
Business transactions are tracked in a ledger account. Each asset, liability, equity item, revenue type, and expense type has its own unique entry in the general ledger.
Cash Book: It keeps track of every bank transaction and cash payment. As we record transactions in it for the first time from the source papers, such as vouchers, invoices, etc., it is a book of original entry.
A cash book has both a credit side and a debit side. As a result, it resembles a ledger account. As a result, it serves as both a ledger account and a subsidiary book.
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