10 Books of Original Entry - lecture notes

10 Books of Original Entry - lecture notes - This is for...

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Lecture 10 MG1052 Notes ACC Books of Original Entry Types of books of original entry 1. Sales day book ( Sales journal) - Used for credit sales. 2. Purchases day book (Purchases journal) – Used for credit purchases. 3. Returns inwards day book (Returns inwards journal) – for sales returns. 4. Returns outwards day book (Returns outwards journal) – for purchases returns. 5. Cash book – for receipts and payments of cash and cheques. 6. General journal – for other types of entry. 7. Petty Cash book – for one off small purchases. Types of ledgers 1. Sales ledger –
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Unformatted text preview: This is for customer’s personal accounts. 2. Purchases ledger – This is for supplier’s personal accounts. 3. General ledger – This contains impersonal accounts, such as those relating to expenses, non-current assets and capital. Impersonal accounts Impersonal accounts are divided between “real” and “nominal” accounts. Real accounts: accounts in which possessions are recorded. E.g. buildings, inventory. Nominal accounts: accounts in which expenses, income and capital are recorded....
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This note was uploaded on 02/25/2012 for the course CHEM 1341 taught by Professor Compton during the Fall '08 term at Texas State.

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