Subsidary ledgers and special journals

It reduces the amount of the debtors debt. The journal proper or general journal. The special journal and b. The difference between what he owes and what he pays is called discount allowed.

It gives details of Subsidary ledgers and special journals goods and the value of the transaction s.

Thus receipt issued to customer in the post firefly the post clerk in respect of the registered packets are not of interest to us because they do not give rise to any entry in the ledger or subsidiary book of accounts. Sub-division of the journal The journal is broadly sub-divided into 2: This means that all business transactions are to be finish recorded in the journal before posting them to the other book or ledger.

It is called discount received since it reduces liability to creditors. The correction of this error will be made in the journal proper. Adjustment vouchers AVS —which are used in effecting the transfer of debit or credit balance from one account to the another when physical transfer of cash is not involved.

Discount allowed and discount received are all cash in settling accounts where as discount allowed and discount received are entered in the respective accounts in the general ledge, no ledger account is usually opened to record a trade discount.

Conveniences sub-division of the journal reduces the size of the journal especially in big organizations and makes it convenient to handle.

Payment vouchers PVS -which are used as evidence of payment of payment of cash or cheque to a customer or supplier. It is entered on the debit side of the creditors accounts. This is sometimes included by the supplier in the terms of sale and is shown on the invoice to enable the retailer to sell the item to the financial consumer at the stated price and make a profit.

It is made up of various types including: A typical example is payment of inter departmental services. This is a commercial document that is normally sent by the seller to the buyer notifying him or her that his or her account has been credited, this may due to over payment or receipts of goods returned by the buyer.

The good journal, which is meant for recording, all transactions relating to goods meant for resale.

SOURCE DOCUMENTS, SUBSIDIARY BOOKS AND METHOD OF KEEPING THEM

The date and details of the transaction as well as the receipt number must be stated on the document. This is the allowance given to the debtor or one who owes the business money for credit sales or services in order to encourage him to settle his account promptly.

Vouchers fall into 3 main classifications:Double Entry Bookkeeping. The journal is normally sub-divided into a number of special journals for posting similar types of transactions, and a general journal. is not part of the double entry posting and is simply a list of information relating to cash receipts used to post the subsidiary and general ledgers.

Cash Receipts Journal. Learn special journals with free interactive flashcards. Choose from different sets of special journals flashcards on Quizlet. Please verify work below is correct, and seriously need help on the Subsidary Ledgers and General Ledger!

Please help me mate! one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after a of the transactions for the period have been recorded. However. Used in conjunction with subsidiary ledgers 27 General journal 28 Special from ACCT at University of New South Wales.

SOURCE DOCUMENTS, SUBSIDIARY BOOKS AND METHOD OF KEEPING THEM clerk in respect of the registered packets are not of interest to us because they do not give rise to any entry in the ledger or subsidiary book of accounts.

Is meant for recording all such transactions for which no special Journal has been kept by the business it is infact. A special accounts receivable subsidiary ledger that lists all amounts due from guests still at the hotel who have to pay their bills before leaving the hotel. A special accounts receivable subsidiary ledger that lists the amount due from guests who are invoiced after they leave the hotel.

Download
Subsidary ledgers and special journals
Rated 0/5 based on 32 review