Question

The day-to-day transactions of a club would be recorded in ____________.

• A. Cash Book
• B. Income and Expenditure A/c
• C. Receipts and Payments A/c
• D. None of the above

Answer 1

Answer: (A)

Cash Book

A journal is divided into subsidiary books in which only the specific transactions are to be recorded like purchase book for credit purchases, sales book for credit sale, cash book for cash transactions, etc.

Sales book records only credit sale of goods made in the course of business. It does not record cash sales of goods or credit sales of assets.