Books of Original Entries in Accounting

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What type of accounts are maintained in the General Ledger Book?

Assets accounts, expenses account, losses account, and total purchases and sales accounts

What is the purpose of a Debit Note?

To report faulty goods, shortages, or overcharges to the supplier

What is the main purpose of a Trade Discount?

To encourage bulk buying and increase profit for the buyer

Which business document is used to remind the customer about their due amount?

Statement of Account

In which book are entries made with the help of an Invoice?

Purchases Ledger Book

What is the purpose of the Sales Returns Journal?

To record all returns inwards

Which book is used to record all credit sales of goods?

Sales Journal

What type of transactions are recorded in the General Journal (or Journal)?

Transactions that cannot be recorded in any other book of original entry

What is the purpose of the Cash Book?

To record all receipts and payments of cash and cheques

Test your knowledge about the books of original entries in accounting, which are the first place where transactions are recorded before being posted to the ledger. Learn about purchases journal, sales journal, and other subsidiary books used in accounting.

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