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Which of the following statements is/are true ?
Accountingmedium
Ais false. Total of Return Outwards book (being purchase return) has a credit balance. The total is transferred at the end of the period to the credit of the Purchase Account and not debited to Return Outwards Account. Statement
Bis false. The balance of Petty Cash book is not a liability, it is an asset as it is the balance of cash left with the petty cashier. Statement
Cis incorrect. Cash Book is both a subsidiary book or book of original entry where all cash transactions are directly recorded and a ledger, it plays the role as a Cash Account (a ledger). Hence statement
is true.
Correct Answer: D. is true.
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