The document discusses the four main types of subsidiary books used to record business transactions: purchase book, sales book, purchase return book, and sales return book. Each book is used to record a specific type of credit transaction - purchase book for credit purchases, sales book for credit sales, purchase return book for goods returned to suppliers, and sales return book for goods returned by customers. The document provides the format, ruling, posting process, and purpose of each type of subsidiary book.
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
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Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
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The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
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Understand the Meaning, Kinds and Advantages of Subsidiary Books.
Know the Purpose, Format, Posting and Balancing of Purchases, Sales, Purchases Return and Sales Return Books.
The golden rules in accounting or rules of debit and creditkaslinsas
Journal Entries cannot be recorded without some rules. The rules which are used to record a journal entry are called Golden rules of Accounting. It means debit the person who receives something from the business
Cash Book is a special Journal
in which all cash and bank transactions
of a business are recorded first
in a chronological order.
It serves the purpose of the Ledger also, so far as the Cash and Bank Accounts are concerned.
The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
#manufacturing #manufacturer #accountingsource #mrpeasy #manufacturingsoftware #mrp #erp #erpsystem #mrpsoftware
Understand the Meaning, Kinds and Advantages of Subsidiary Books.
Know the Purpose, Format, Posting and Balancing of Purchases, Sales, Purchases Return and Sales Return Books.
The golden rules in accounting or rules of debit and creditkaslinsas
Journal Entries cannot be recorded without some rules. The rules which are used to record a journal entry are called Golden rules of Accounting. It means debit the person who receives something from the business
Cash Book is a special Journal
in which all cash and bank transactions
of a business are recorded first
in a chronological order.
It serves the purpose of the Ledger also, so far as the Cash and Bank Accounts are concerned.
Download Accountancy Project of Class 12th Strictly according to the latest rules and regulations of CBSE for free (including Comprehensive Problem,Specific Problem on Ratios,Specific Problem on cash Flow Statement)
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2. TYPES OF SUBSIDAIRY BOOKS
•PURCHASE BOOK
•PURCHASE RETURN BOOK
•SALES BOOK
•SALES RETURN BOOK
3. •PURCHASE BOOK
MEANING & PURPOSE
Purchases book or purchases day book is
a book of original entry maintained
to record credit purchases. You must note that
cash purchases will not be entered in
purchases day book because entries in respect
of cash purchases must have been entered in
the cash book. At the end of each month, the
purchases book is totaled. The total shows
the total amount of goods purchased on
credit. Purchases book is written up daily
from the invoices received. The invoices are
consecutively numbered. The invoice of each
number is noted in the purchases book.
4. FORMAT
The following is the format of purchases day book:
DATE NAME OF SUPPLIER INVOICE L. F. AMOUNT
NO.
5. RULING
It is not ruled like the ordinary journal. The first column in this
book is for date. In the second column, the name of the
supplier or the seller, quantity of each article bought,
description of the article, rate etc., are recorded. Sometimes a
separate column to record the details of the transactions is
added in the purchases day book. The third column is for
invoice number. The fourth column is for ledger folio. The last
column gives the total amount due to the supplier.
6. POSTING
The total of the purchases book is posted to the debit of
purchases account. Names of the suppliers appear in the
purchases book. These parties have supplied the goods.
They are, therefore, credited with the amount appearing
against their respective names. The double entry will thus
be completed.
7. •
Sales Day Book
MEANING and PURPOSE
A sales book is also known
as sales day book. It is a book of
original entry in which the details of
credit sales are recorded by a
businessman. Total of sales
book shows the total credit sales of
goods during the period concerned.
Usually the sales book is totaled
every month. The sales day book is
written up daily from the copies of
invoices sent out.
8. FORMAT
FOLLOWING IS THE FORMAT OF SALES BOOK
DATE NAME OF THE CUSTOMERS INVOICE L.F. AMOUNT
NO.
9. RULING
It is ruled like purchase book. The first column in this book
is for date. In the second column, the name of the
customer or the buyer, quantity of each article bought,
description of the article, rate etc., are recorded.
Sometimes a separate column to record the details of the
transactions is added in the purchases day book. The third
column is for invoice number. The fourth column is for
ledger folio. The last column gives the total amount due
from the customer.
10. POSTING
The total of the sales book is credited
to sales account. Customers whose names appear
in the sales book are debited with the amount
appearing against their names. Double entry is
thus completed.
11. •PURCHASE RETURN BOOK
MEANING & PURPOSE
• Purchases returns book is a book in
which the goods returned to suppliers
are recorded. It is also called returns
outward book or purchases returns day
book. Goods may be returned because
they are of the wrong kind or not up
to sample or because they are damaged
etc. The ruling of this book is absolutely
the same as of purchases day book.
12. FORMAT
FOLLOWING IS THE FORMAT OF PURCHASE RETURN BOOK
DATE NAME OF THE CUSTOMERS DEBIT L.F. AMOUNT
NOTE
13. DEBIT NOTE
When the goods are returned to the suppliers, an intimation is
sent to them through what is known as a debit note. These
debit notes serve as vouchers for these entries. A debit note is
a statement sent by a businessman to another person,
showing the amount debited to the account of the later. Debit
notes are usually serially numbered and are prepared in the
same form as that of the invoice.
14. POSTING
The total of the purchases returns or returns
outwards book is credited to returns outward
account or purchases return account (being the
goods sent out). Individual suppliers to whom
goods are returned are debited (because they
receive the goods).
15. •SALES RETURN BOOK
MEANING & PURPOSE
Sales returns book is also
called returns inwards book. It is
used for recording goods returned
to us by our customers. The
ruling of this books is exactly as
the sales day book.
16. FORMAT
FOLLOWING IS THE FORMAT OF SALES RETURN BOOK
DATE NAME OF THE CUSTOMERS CREDIT L.F. AMOUNT
NOTE
17. CREDIT NOTE
Customers who return goods should be sent a credit note.
It is a statement sent by a business to another person
showing the amount credited to the account of the later.
Credit notes are serially numbered and are similar in form
to the invoices. These are usually printed in red ink. Credit
notes issued to customers are vouchers for the entries
appearing in the sales returns book.
18. POSTING
The total of the returns inwards book or sales
returns book is debited to returns inwards
account or sales returns account. The customers
who have returned the goods are credited
with the amount shown against their names.
19. POINTS TO REMEMBER
ONLY CREDIT
TRANSACTIONS OF GOODS
ARE RECORDED IN
SUBSIDIARY BOOKS LIKE
PURCHASE BOOK,
SALES BOOK,
PURCHASE RETURN BOOK,
SALES RETURN BOOK