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Prepare a three-column cash book for the following transactions, including opening balances of cash and bank.
Accounting
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To prepare a three-column cash book, we will record all cash and bank transactions, including discounts allowed and received. The cash book has a debit side for receipts and a credit side for payments.
Step-by-step solution
2 stepsSet up the three-column cash book format and record opening balances.
The cash book will have columns for Date, Particulars, Folio, Discount Allowed, Cash, and Bank on the debit side, and Date, Particulars, Folio, Discount Received, Cash, and Bank on the credit side.
On May 1, the business starts with a cash balance of Sh 50,000 and a bank balance of Sh 180,000. These are recorded on the debit side.
Record transactions for
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