Which of the following books serves both as journal and ledger?

Cash book

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Sales Return book

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Sales journal

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Purchase returns book

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Solution

The correct option is B Cash book
Cash book is a book which contains records about the receipt and payments of the firm. It also deals with all the bank deposits as well as withdrawals made. Entries in the cash book made are posted into general ledger so that cash in hand or cash at bank can be ascertained. It is the same as journal and then posting into ledger. Hence, cash book serves both as journal and ledger.

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Similar questions

Pass necessary Journal entries' to rectify the following errors:

(i) Goods returned to Mahima for Rs 5,000, entered into Sales Returns Book.

(ii) Kajol returned goods worth Rs 2,000, entered into Purchase Returns Book.

(iii) A credit purchase of Rs 3,000 from Ravina was recorded through Purchase Returns Book.

(iv) Goods worth Rs 1,160 returned to Karishma, were recorded in Purchase Book as Rs 1,106.

2018
January 3	Returned to Bata Shoe Co., Kolkata
	50 pairs of Chappals being not up to the approved sample @ ₹ 600 per pair
	Less: Trade Discount 20%
10	Guru Nanak & Co., Kolkata, returned to us :-
	10 pairs of Shoes, for being defective @ ₹ 1,200 per pair
	Less: Trade Discount 10%
15	Returned to Baluja Shoe Co., Kolkata
	20 pairs of ladies chappals @ ₹ 500 per pair
	Less: 15%
22	Partap Footwear Co., Patna (Bihar), returned to us :-
	50 pairs of Shoes @ ₹ 1,400 per pair
	Less: 5%
27	Manoj Shoe Co., Kolkata, returned to us :-
	20 pairs of Sandals @ ₹ 1,000 per pair
31	Returned to Liberty Shoe Co., Ranchi (Jharkhand) defective shoes worth ₹ 5,000.

2017
March 1	Sold to Chandra Light House :−
	50 Tubelights @ ₹ 60 each Less : 20%
	20 Heaters @ ₹120 each Less : 25%
5	Purchased from Charat Ram Electric Co. :−
	25 Table Fans @ ₹ 600 each
	20 Ceiling Fans @ ₹800 each
10	Chaudhary & Sons purchased from us :−
	80 Dozen Bulbs @ ₹ 90 per Dozen
12	Purchased from Ram Lal & Sons one Typewriter for ₹ 6,000 on credit, for office use.
16	Sri Ram & Sons sold to us :−
	10 Electric Irons @ ₹ 180 each less : 10%
20	Chandra Light House returned :−
	5 Tubelights sold on March 1.
22	Sold goods to Jai Bhagwan & Co. for cash ₹ 10,000.
25	Returned to Sri Ram & Sons 2 Electric Irons purchased on March 16.

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