![if !IE]> <![endif]>
Types of subsidiary books
The number of subsidiary books may vary according to the requirements of each business. Based on the nature of business and the volume of transactions, the following subsidiary books are maintained:
i. Subsidiary book for entering cash transactions - Cash book
ii. Subsidiary books (special journal) for entering non-cash transactions:
· Purchases book or purchases journal – for recording only credit purchase of goods in which the trader deals.
· Sales book or sales journal–for recording only credit sale of goods dealt in by the trader.
· Purchases returns or returns outward book – for recording return of goods purchased by the trader, for which no cash is immediately received.
· Sales returns or returns inward book – for recording the goods returned (out of previous sale) by customers for which no cash is immediately paid.
· Bills receivable book – to record bills drawn or promissory notes received.
· Bills payable book – to record bills accepted or promissory notes given.
iii. Journal proper – The general journal or all purpose journal to record transactions which do not find a place in the above seven subsidiary books.
Copyright © 2018-2023 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.