Special Journals And Ledgers (book of original entry)

The Book Of Original Entry:

Every transaction is recorded in "special journal", if not than in general journal. The books in which transactions are recorded are called "Book Of Original Entry"
Books Of Original Entry:

1 Cash Book: 

 Cash book is maintained in most of small medium size business organizations for recording "Cash Receipts And Payments". It object is recording of journal as well as accounts of cash and bank in general ledger.

2 Cash Receipts Journal:

This is the journal for recording of "Cash Receipts" only.

3 Cash Payments Journal:

This is the journal for recording of "Cash Payments" only.

4 Petty Cash Book:

This is the book for recording of "Minor Payments".

5 Purchases Journal:

This is the journal for recording of "Credit Purchases Of Merchandise"

6 Sales journal:

This is the journal for recording of "Credit Sales Of Merchandise".

7 Purchases Returns And Allowances Journal:

sometimes the goods are returned or given allowance to supplier due to inferior quality of any other reason. If cash is not received after such transaction then "goods return and allowance is recorded in this book".

8 Sales Returns And Allowances Journal:

similarly goods are returned or received allowance from customers is not paid to customers. Sales returns and allowance journal is a book for recording such" Sales Returns And Allowances Journal" .

9 General Journal:

Transaction such as purchase or sale of assets on credit except merchandise.

BOOKS OF FINAL ENTRY:

Every record in books of original entry is posted in general ledger except record of customers and suppliers.
Records of customers and suppliers are posted in "Subsidiary Ledgers".

The books of final entry are,
1 Subsidiary Ledger for Account Receivable.
2 Subsidiary Ledger for Account Payable.
3 General Ledger.




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