A ________ serves the purpose of both journal and ledger accounts

A. Journal proper

B. Purchase day book

C. Cash book

D. Any of the above

Answer: Option C

Solution(By Examveda Team)

A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger. Details or narration about the source or use of funds are required in a cash book but not in a cash account.