Daybooks To Ledgers

Question 1

What is a sales day book?

Answer 1

Invoices to customers showing details of credit sale - increase asset of receivables (amount owed by customer)

Question 2

How to transfer from sales daybook to ledgers?

Answer 2

Debit SLCA (Gross)
Credit VAT (increase in liability to (HMRC)
Credit sales (our income is the net amount)
Debit individual customer account with invoice gross amount

Question 3

How do we post the sales returns day book into the general ledger?

Answer 3

Credit gross in receivables ledger control; debit net in sales returns and debit VAT in the VAT account

Question 4

How do we post the discounts allowed daybook to the general ledger?

Answer 4

Credit the gross to the receivables ledger control; debit the net to the discounts allowed account and debit the VAT to the VAT account

Question 5

How do we post the purchase day book to the general ledger?

Answer 5

Credit the gross to the payables ledger control; debit the net to the purchases account and debit the VAT to the VAT account

Question 6

How do we post the purchase returns daybook to the general ledger?

Answer 6

Debit the gross to the payables ledger control account; credit the net to the purchase returns account and credit the VAT to the VAT account

Question 7

How do we post the discounts received daybook to the general ledger?

Answer 7

Debit the gross to the payables ledger control account; credit the net to the discounts received and credit the VAT to the VAT account