What is recorded in a journal proper?
Asked by Topperlearning User | 11th Jul, 2016, 04:49: PM
Journal proper records the transactions which cannot be recorded in any other subsidiary book such as cash book, purchases book, purchases return book, sales book, sales return book, bills receivable book and bills payable book.
For example, credit purchases of fixed assets, goods distributed as free sample, credit sales of fixed assets and depreciation on fixed assets.
Answered by | 11th Jul, 2016, 06:49: PM
- Following transactions are of M/s Rakesh Kumar and Sons for the month of April, 2015. Prepare their Purchase Book: Apr. 5 Purchase on credit from M/s Raj Mills: 100 pieces long cloth @ Rs.80 50 pieces shirting @ Rs.100 Apr. 8 Purchased for cash form M/s Ambika Mills: 50 pieces muslin @ Rs.120 Apr. 15 Purchased on credit from M/s Sagar Mills: 20 pieces coating @ Rs.1,000 10 pieces shirting @ Rs.90 Apr. 20 Purchased on credit from M/s Bharat Typewriters Ltd.: 5 Typewriters @ Rs.1,400 each
- Name all the subsidiary books which do not record cash transactions.
- Name the subsidiary book which records only cash transaction.
- Goods purchased on credit are recorded in which subsidiary book and why?
- Goods sold on credit are recorded in which subsidiary book and why?
- What is the difference between a purchases book and purchases account?
- Goods returned by debtors are recorded in which subsidiary book and why?
- Goods returned to creditors are recorded in which subsidiary book and why?
- What is return inward book? Explain briefly.
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