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Negative cash balance
A I.t. small trader maintained accounting books( day book and all ledgers) and all accounting transactions upto date.if a trader recent some amount cash deposit (8 lacs) in bank account.but negative cash balance show in daybook.
How to solve the negative cash balance problem in daybook.
Cash balance cannot go negative. Find out the reasons and correct it. Temporary solution is that combining cash and bank balance together.
For example, Cash= -1.2 lacs and bank balance is 8 lacs
you can write bank and cash balance= 6.8 lakhs
Some expenses cash paid entries pass negative cash balance show in daybook.
You must have overbooked the expenses or not booked any cash income.
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