Books of prime entry questions and answers

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books of prime entry questions and answers

Chapter Books of prime entry and control accounts

These are not accounts; they are simply books that records the details of transactions, almost like a diary. The firm will have a separate book for each kind of transaction. The type of the transaction will affect which book it, is entered into. Sales will be entered in one book, purchases in another book, cash in another book, and so on. Books of prime entry are also known as books of original entry or subsidiary books. Types of books of prime entry Books of prime entry are also known as either journals or daybooks. The term day book is, perhaps, more commonly used, as it more clearly indicates the nature of these books of prime entry entries are made to them every day.
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Questions and Answers - Journal - Ledger - CA CPT - CS & CMA Foundation - Class 11

Which of the following is not a book of prime entry? Enter the transaction in the appropriate book of prime entry Decide on the Ledger account to be debited and the one to be credited Post the transactions to the appropriate Ledger accounts Study the voucher to identify the nature of the transaction Which of the following steps is wrong when accounting for a credit sale? The posting date is recorded in the Journal as well as in the Ledger The invoice amount is recorded in the appropriate Journal and posted to the Ledger The Cash book folio number is entered in the cross reference column of the Ledger The Journal folio number is entered in the cross reference column of the Ledger Which of the following statements is not correct when accounting for a credit sale?

Books of prime entry

The commonly used books of prime entry are: Book of prime entry Sales daybook Sales journal Purchases daybook Purchases journal Sales Returns daybook Sales Returns journal Purchases Returns daybook Purchases Returns journal Cash book Type of transaction questionns credit sales for credit purchases for returns from customers for returns to suppliers for receipts and payments of cash 5 urgent positions left. Related titles. Download Now. The kf a business owes its proprietor decreases by the Net Profit it makes in the year.

At 30 November the balances in the Receivables and Payables ledgers, as extracted. Assets minus liabilities of the business on any date. Every payment made by the Petty Cashier should be supported by evidence? Student Resources.

Your browser either does not support scripting or you have turned scripting off. A business that has registered for VAT. Purchases ledger or Trade Payables ledger. Businesses which do not have to add VAT to the price of goods and services supplied to them.

A copy issued by a bank to a customer showing the customer's current account maintained at the bank. Copies of sales invoices. Which of the following is not a subsidiary book of accounts. The trial balance will balance!

Debit cards are usually combined with other facilities such as ATM and cheque guarantee functions. Leave a Reply Cancel reply You must be logged in to post a comment. These are sometimes referred to as 'Books of original Entry'. The details are then posted from the boiks books to the ledger accounts.

A system that allows a debit card to be used to pay for goods and services in the UK. I luv it…Am currently doing T1 and T2 and this lecture is so much of a great help……. Start on. I think it best if you watch my lecture on double entry to see how we balance of faccounts neatly.

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Books of Prime Entry - Sales Day book, Return Inward Outward Journal, Cash Book, Journal - English

The table below summarises the main types of businessdocumentation and sources of data for an accounting system, togetherwith their content and purpose. An account to summarise this information, the receivables control account , is normally contained within the general ledger. An account to summarise this information, the payables control account , is normally contained within the general ledger. Where there are individual accounts in a receivables or payablesledger AND a control account in the general ledger, only one can formpart of the double entry system. The other exists for memorandumpurposes.

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  1. Embed Size px. The general ledger is also known as -! He started business on the same date, with arrangements to supply Wheelietrash to a wholesaler in West Africa. The following Submit Answers for Grading button is provided in its place and will clear your answers: The Clear Answers and Start Over feature requires scripting to function.

  2. answer choices. A book of prime entry for recording all sales. A book of prime entry for recording credit sales. A book of prime entry for recording cash sales.

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