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JAMB Principles of Accounts 2014 Question 14

Question 14

Cash Book

I. Cash sales
II. Cash purchases
III. Cash discount allowed
IV. Cash payment
V. Cash receipts
Which of the following are recorded on the debit side of the cash book?

  1. A.I and II.
  2. B.I and III.
  3. C.I and V.
  4. D.I and IV.
Show the answer and explanation

Answer: C (I and V.)

Explanation

Money coming in (cash sales and cash receipts) is debited in the cash book; payments are credited.