Books of prime entry Flashcards
What does a sales day book consist of?
List of invoices sent out to credit customers
Dates
Invoice numbers
Customer name/Account codes
Invoice total analysed into Net/VAT/Gross
Total sum of all entries Net/VAT/Gross
What is the definition of an analysed sales day book?
The net figure in a sale can be analysed into different types of sale/product type.
What does a sales returns day book consist of?
List of credit notes sent out to customers
Dates
Credit note number
Customer name/account code
Credit note analysed into net/VAT/gross
What does a purchase day book consist of?
List of invoices received from credit customers
Dates
Purchase invoice number
Supplier name/account code
Invoice total analysed into net/VAT/gross
Sum of all entries into purchase day book analysed into net/VAT/gross
What the definition of an analysed purchase day book?
The net figure in the purchase day book is analysed into different types of purchase/product type.
What does a purchase returns day book consist of?
List of credit notes received from credit suppliers
Date
Credit note number
Supplier name/account code
Credit note total analysed into net/VAT/gross
Sum of all entries into purchase return day book analysed into net/VAT/gross
What is a cash receipts book?
Record of all money received to the business bank account.
What is a cash payments book?
A record of all money paid out of the business bank account.
What is a discounts allowed day book?
A record of all credit notes issued due to a customer taking advantage of a prompt payment discount.
What is a discount received day book?
A record of all credit notes received from a supplier due to the business taking advantage of a prompt payment discount.
What is a petty cash book.
Petty cash is a small amount of company cash, kept on hand to pay for minor/incidental expenses or employee reimbursements.
A book of prime entry often part of the general ledger as well.
Broken down into receipts and payments.
Receipts being balance b/d and payments in cash from bank.
Payments being analysed transactions of typical expenditure with a sequential voucher number and VAT column.
