Subsidiary Books 1s6o5q
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A PRESENTATION ON
SUBSIDIARY BOOKS PRESENTED BY
ØMANISH SINGH ØSMITA WANKHEDE ØSONAM AGGARWAL ØANKUR KHANDARE ØANKITA DWIVEDI
. I
. A
. M
. E 1
SUBSIDIARY BOOKS Subsidiary books or special journals are the various books of original entry maintained under the modern system of ing for recording first the various business transactions, as and when they take place . The subsidiary books are called special journals, as each such book is maintained for recording such transactions .
2
NEED FOR
SUBSIDIARY BOOKS
When business transactions were very few , only one book of original entry called journal was used . Even today for small transactions only one Journal is maintained . However for numerous transactions maintenance of various journals for record keeping is highly inconvenient and suffers certain defects like the periodical totals of transactions of same nature such as monthly credit sales or purchases , monthly sales returns etc . cannot be ascertained easily . To overcome the above drawback subsidiary books are introduced . Under this systems several journals are maintained for recording specific type of transactions .
3
objectives ØTo simplify the recording of business transactions in the book of original entry . Ø ØTo facilitate the classification of transactions according to their name . Ø ØTo make it easier to locate any transactions recorded in the book of original entry . Ø ØTo reduce the chances of errors and frauds in the recording of business transactions in the books of original entry .
4
Advantages of subsidiary books ØRecording of transactions in the books of original entry is specified and time and labor are saved . Ø ØIt reduces the chances of errors in ing because recording of transactions becomes simplified . Ø ØWhen different types of transactions are recorded separately the journals will not become bulky and hence can be handled easily by clerks . Ø ØUnder this system , the chances of fraud are minimized , as the work is distributed among the book - keepers .
5
Types of subsidiary books
6
Purchases book Purchases book records all credit purchases made by the organization . It is also called as purchases journal , invoice book or Bought - Day - Book . It is used to record all credit purchases of goods which are meant for resale in the business . Cash purchases of goods , cash and credit purchases of assets are not entered in this book . Credit purchases other than goods such as stationary items should not be recorded in purchases book .
7
FORMAT Date
Particulars Invoice No.
L.F.
Amount
Remarks
Where
Date Column – Represents the date on which the transaction took place . Particulars Column – This column includes the name of the seller and the particulars of goods purchased . Inward Invoice No . Column – Reveals the serial number of the inward invoice . LF . Column – This column shows the page number of the suppliers in the ledger s . Amount Column – This column represents the net price of the goods , i . e , the amount which is payable to the creditors after adjusting discount and expenses Remarks Column – Contains any extra information .
8
sales books It records all credit sales of goods made by the organization during a specific period. It is also called as Sales Day book or Sales Journal. Cash sales , cash and credit sales of assets are not entered in this book . The entries in the sales book are on the basis of the invoices issued to the customers with the net amount of sale.
9
format Date
Where
Particulars Invoice No.
L.F.
Amount
Remarks
Date Column – Represents the date on which the
transaction took place .
Particulars Column – Includes the name of the
customer and particulars of
the
goods sold .
Invoice No . Column – Reveals the serial number
of the outward invoice .
LF . Column – shows the page number of the
suppliers in
the ledger .
Amount Column – shows the net price of the
goods , i . e . the amount
which is
payable to the creditors .
Remarks Column – Contains any extra
10
Purchases returns book This book is used to record all returns of goods by the business to the suppliers . The entries in the Purchases Returns Book are usually made on the basis of debit note issued to the suppliers or credit note received from the suppliers . We called it a Debit note because suppliers is debited with the amount written in this note . The same note is termed as credit note from the receiving party ’ s point of view because he will credit the of the party from whom he has received the note together with goods . 11
format Date
Where
Particulars Debit Note No.
L.F. Amount
Remarks
Date Column – Represents the date on which the
transaction took place .
Particulars Column – includes the name of the
purchaser and the particulars
of goods purchased .
Debit Note No . Column -- records the serial
number each debit note .
LF . Column – shows the page number of the suppliers
in the ledger
s .
Amount Column – shows the net price of the goods ,
i . e , the amount which is
payable . Remarks Column – Contains any extra information .
12
Sales returns book This book is used to record all returns of goods to the business by the customers . The entries in the sales return book are usually on the basis of credit notes issued to the customers or debit notes issued by the customers .
13
format Date
Where
Particulars Credit Note No
L.F.
Amount
Remarks
Date Column – Represents the date on which the
transaction took place .
Particulars Column – includes the name of the
purchases and the particulars
of goods purchased .
Credit Note No . Column -- records the serial
number of each credit note .
LF . Column – shows the page number of the
suppliers in the ledger
s .
Amount Column –
shows the net price of the goods , i . e , the amount which is payable . Remarks Column – Contains any extra information .
14
THANK YOU QUERIES???
15
SUBSIDIARY BOOKS PRESENTED BY
ØMANISH SINGH ØSMITA WANKHEDE ØSONAM AGGARWAL ØANKUR KHANDARE ØANKITA DWIVEDI
. I
. A
. M
. E 1
SUBSIDIARY BOOKS Subsidiary books or special journals are the various books of original entry maintained under the modern system of ing for recording first the various business transactions, as and when they take place . The subsidiary books are called special journals, as each such book is maintained for recording such transactions .
2
NEED FOR
SUBSIDIARY BOOKS
When business transactions were very few , only one book of original entry called journal was used . Even today for small transactions only one Journal is maintained . However for numerous transactions maintenance of various journals for record keeping is highly inconvenient and suffers certain defects like the periodical totals of transactions of same nature such as monthly credit sales or purchases , monthly sales returns etc . cannot be ascertained easily . To overcome the above drawback subsidiary books are introduced . Under this systems several journals are maintained for recording specific type of transactions .
3
objectives ØTo simplify the recording of business transactions in the book of original entry . Ø ØTo facilitate the classification of transactions according to their name . Ø ØTo make it easier to locate any transactions recorded in the book of original entry . Ø ØTo reduce the chances of errors and frauds in the recording of business transactions in the books of original entry .
4
Advantages of subsidiary books ØRecording of transactions in the books of original entry is specified and time and labor are saved . Ø ØIt reduces the chances of errors in ing because recording of transactions becomes simplified . Ø ØWhen different types of transactions are recorded separately the journals will not become bulky and hence can be handled easily by clerks . Ø ØUnder this system , the chances of fraud are minimized , as the work is distributed among the book - keepers .
5
Types of subsidiary books
6
Purchases book Purchases book records all credit purchases made by the organization . It is also called as purchases journal , invoice book or Bought - Day - Book . It is used to record all credit purchases of goods which are meant for resale in the business . Cash purchases of goods , cash and credit purchases of assets are not entered in this book . Credit purchases other than goods such as stationary items should not be recorded in purchases book .
7
FORMAT Date
Particulars Invoice No.
L.F.
Amount
Remarks
Where
Date Column – Represents the date on which the transaction took place . Particulars Column – This column includes the name of the seller and the particulars of goods purchased . Inward Invoice No . Column – Reveals the serial number of the inward invoice . LF . Column – This column shows the page number of the suppliers in the ledger s . Amount Column – This column represents the net price of the goods , i . e , the amount which is payable to the creditors after adjusting discount and expenses Remarks Column – Contains any extra information .
8
sales books It records all credit sales of goods made by the organization during a specific period. It is also called as Sales Day book or Sales Journal. Cash sales , cash and credit sales of assets are not entered in this book . The entries in the sales book are on the basis of the invoices issued to the customers with the net amount of sale.
9
format Date
Where
Particulars Invoice No.
L.F.
Amount
Remarks
Date Column – Represents the date on which the
transaction took place .
Particulars Column – Includes the name of the
customer and particulars of
the
goods sold .
Invoice No . Column – Reveals the serial number
of the outward invoice .
LF . Column – shows the page number of the
suppliers in
the ledger .
Amount Column – shows the net price of the
goods , i . e . the amount
which is
payable to the creditors .
Remarks Column – Contains any extra
10
Purchases returns book This book is used to record all returns of goods by the business to the suppliers . The entries in the Purchases Returns Book are usually made on the basis of debit note issued to the suppliers or credit note received from the suppliers . We called it a Debit note because suppliers is debited with the amount written in this note . The same note is termed as credit note from the receiving party ’ s point of view because he will credit the of the party from whom he has received the note together with goods . 11
format Date
Where
Particulars Debit Note No.
L.F. Amount
Remarks
Date Column – Represents the date on which the
transaction took place .
Particulars Column – includes the name of the
purchaser and the particulars
of goods purchased .
Debit Note No . Column -- records the serial
number each debit note .
LF . Column – shows the page number of the suppliers
in the ledger
s .
Amount Column – shows the net price of the goods ,
i . e , the amount which is
payable . Remarks Column – Contains any extra information .
12
Sales returns book This book is used to record all returns of goods to the business by the customers . The entries in the sales return book are usually on the basis of credit notes issued to the customers or debit notes issued by the customers .
13
format Date
Where
Particulars Credit Note No
L.F.
Amount
Remarks
Date Column – Represents the date on which the
transaction took place .
Particulars Column – includes the name of the
purchases and the particulars
of goods purchased .
Credit Note No . Column -- records the serial
number of each credit note .
LF . Column – shows the page number of the
suppliers in the ledger
s .
Amount Column –
shows the net price of the goods , i . e , the amount which is payable . Remarks Column – Contains any extra information .
14
THANK YOU QUERIES???
15
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