29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances: Sales P 1,250,000 Accounts receivable Sundry accounts (credit) Sales discount 650,000 3,026,500 ? If sales discount is 5% of sales balance, how much is the cash balance per cash receipts journal? *

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.