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Format, Example Illustration, Solution | Accountancy - Sales book | 11th Accountancy : Subsidiary Books - I

Chapter: 11th Accountancy : Subsidiary Books - I

Sales book

Sales book is a subsidiary book maintained to record credit sale of goods.

Sales book

Sales book is a subsidiary book maintained to record credit sale of goods. Goods mean the items in which the business is dealing. These are meant for regular sale. Cash sale of goods and sale of property and assets whether for cash or on credit are not recorded in the sales book. This book is also named as sales day book, sold day book, sales journal or sale register.

The preparation of the sales book is similar to that of purchases book. The entries are made in the sales book on the basis of copies of the invoice sent to the buyer.

Format


In the date column of the sales book, the date of credit sales is recorded. Particulars column contains the name of party purchasing goods or the party to whom goods have been sold. It also shows the details of goods as regards its quantity, quality, other descriptions and the rate of trade discount allowed. In Ledger Folio (L.F.) column the page number of debtors account in the ledger is recorded for reference. The amount of various items of the goods sold is entered in the details column. Adjustments for trade discount, packing charges, etc., are made in the details column. In the total column, the net amount payable by individual customer is recorded. The total of the amount column is the total credit sales during the period.


1. Posting from sales book

After the transactions are recorded in the sales book, posting them to ledger involves two steps:

Step 1: Posting to personal accounts of debtors: Every day, each entry is posted to the debit side of the respective personal account of the debtor.

Step 2: Posting to Sales account: At the end of the month, the aggregate of the sales is posted to the credit side of sales account by writing the words ‘By Sundry debtors A/c’.


Illustration 5

From the transactions given below, prepare the sales book of Kumar Stationery for July 2017.

2017

 

July 5

Sold on credit to Saravana Traders of Sayalkudi

 10 packs of A4 sheets @ Rs. 250 per pack

 10 dozens of writing pads @ Rs. 850 per dozen

 Less : 10% trade discount for both

 

July 8

 Sold to Raja for cash

 15 packs of A4 sheets @ Rs. 250 per pack

 

July 20

 Sold to Mohan & Co. of Mudukulathur

 5 white boards @ Rs. 2,200 each

 10 dozens of writing pads @ Rs. 850 per dozen

 

July 23

 Sold on credit to Narayanan old motor car for Rs. 5,000

 

July 28

 Sold to Kumaran for cash 15 packets of marker pens @ Rs. 250 per packet

 

Solution





Note:

·        Sales on 8th July and 28th July will not be recorded in the sales because they are cash sales.

·        Sale of old motor car on 23rd July will not be recorded in the sales book, because motor car is an asset for the firm dealing in stationery.

 

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