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Two Column Cash Book

Two Column Cash Book #accountingbasics #accountingtutorials This video provides a detailed explanation of the Two Column Cash Book, also known as the Double Column Cash Book, in accounting. It contrasts it with the single-column cash book and delves into the roles and functions of a bank, different types of bank accounts, and various types of financial transactions and their accounting entries. Here's a summary of the key topics: Introduction to Two Column Cash Book (0:21-1:04) Format of Two Column Cash Book (1:10-2:10) Understanding Banks and their Functions (2:13-5:55) Covers main functions like accepting deposits (2:51), allowing withdrawals (3:04), facilitating payments by cheques (3:20), providing loans (3:41), and offering cash credit (3:46). Introduces the Overdraft Facility (4:10) Recording Transactions in a Two Column Cash Book (6:27-19:12): Opening Balance (6:31) A debit balance signifies a positive balance (6:51) A credit balance indicates a negative balance, which is essentially an overdraft or a loan from the bank (7:01-8:50). Checks Received (9:18) Dishonored Cheques (11:04) Checks Issued (11:55) Cash Withdrawn for Personal Use (Drawings) (13:03) Bank Advices and Statements (13:43) Direct deposits by customers (13:48) Interest allowed by the bank (14:13) Interest charged on overdraft (14:39) Bank charges (15:05) Collection of dividends/interest on investments by the bank (15:43) Payments made by the bank on instructions (e.g., insurance premium) (16:14) Transfer of amounts between different accounts (17:25) Contra Entries (19:16-21:20) Provides examples like depositing cash into the bank (20:07) Withdrawing cash from the bank (20:29). Balancing the Cash Book (21:22-22:18) Types of Bank Accounts (22:25-25:45): Current Account (22:28) Savings Account (23:00) Fixed Deposit (FD) Account (23:28) One-time deposit only (24:41). Recurring Deposit (RD) Account (25:00)