Recording of Transactions - II
Class 11 Accountancy · Financial Accounting Part I · Chapter 4
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Summary
As a business grows, journalising every transaction becomes cumbersome, so the journal is sub-divided into special purpose books (also called subsidiary books or daybooks), each recording transactions of a similar nature. The main special purpose books are the cash book, purchases (journal) book, purchases return (return outwards) book, sales (journal) book, sales return (return inwards) book and the journal proper, which records transactions that fit none of the others. The cash book records all cash receipts and payments and serves as both a journal and a ledger account; it may be a single column cash book, a double (cash and bank) column cash book, or a petty cash book. In a double column cash book a contra entry records the transfer of money between cash and bank, appearing on both sides. The petty cash book records small day-to-day expenses, often maintained on the imprest system where the petty cashier is reimbursed for the amount spent. Purchases and sales books record only credit purchases and credit sales of goods, while the return books record goods returned. Entries from these books are posted to the ledger and the accounts are then balanced. The chapter also shows the recording of GST in subsidiary books and explains the balancing of accounts.
Need for special purpose booksCash book: single column, double column and contra entriesPetty cash book and the imprest systemPurchases, sales and return booksJournal proper and balancing of accounts
Key terms
Special Purpose Books
Subsidiary books or daybooks into which the journal is sub-divided to record transactions of a similar nature.
Cash Book
A book recording all cash receipts and payments that serves as both a journal and a ledger account.
Contra Entry
An entry in the double column cash book that records the transfer of money between cash and bank, shown on both sides.
Petty Cash Book
A book maintained to record small day-to-day expenses, often under the imprest system.
Imprest System
A system in which the petty cashier is given a fixed sum and is reimbursed for the amount actually spent in a period.
Journal Proper
The book used to record transactions that cannot be entered in any other special purpose book.
Extra questions & answers
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Subsidiary books into which the journal is sub-divided are also called: