S1: A triple column cash book records cash, bank, and discount transactions. S2: A contra entry in a cash book involves both cash and bank columns. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: A triple column cash book records cash, bank, and discount transactions. S2: A contra entry in a cash book involves both cash and bank columns. Which statement(s) is/are correct?
A. S1 only
B. Both S1 and S2
C. S2 only
D. Neither S1 nor S2
Answer: Option B
Solution (By JKSSB Mock Tests)
A triple column cash book has columns for cash, bank, and discount on both sides. A contra entry occurs when transactions involve both cash and bank (e.g., cash deposited into bank), affecting both columns.
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