What is a triple column cash book?
Understand the Problem
The question is inquiring about the concept or structure of a triple column cash book, which is used in accounting to record cash transactions, bank transactions, and discounts. Understanding this might involve explaining its format and purpose.
Answer
A triple column cash book records cash discounts, cash, and bank transactions.
A triple column cash book is an accounting record that has three columns on each side (debit and credit) to record cash discounts (allowed and received), cash transactions, and bank transactions.
Answer for screen readers
A triple column cash book is an accounting record that has three columns on each side (debit and credit) to record cash discounts (allowed and received), cash transactions, and bank transactions.
More Information
The triple column cash book integrates features of both a cash and bank account, and is commonly used to facilitate the recording of detailed cash management and discounts in accounting.
Tips
Common mistakes include confusing discount columns with actual accounts or failing to accurately balance the book.
Sources
- Three Column Cash Book | Format, Calculation, and Example - financestrategists.com
- Triple Column Cash Book | Explained with Example - Tutor's Tips - tutorstips.com
