Sources Records & Books Of Prime Entry - 50% Flashcards
What are the 5 source documents ?
- sales and purchase orders
- delivery notes
- invoices ( sales & purchase)
- credit notes
Remittance advise notes
Where source documents recorded
In the books of prime entry
What are the 6 books of prime entry
- sales day book
- sales returns day book
- Purchase day book
- purchase returns daybook
- cash book
- Petty cash book
What are sales day books used for ?
Used to keep a list of all invoices sent out to customers each day
What are purchase day books used for
They are used to keep a record of invoices which a business receives
What does the sales ad purchase returns say book record ?
This records goods received from customers to suppliers
What is the cash book used to record?
The receipts and payments are recorded
What is the petty cash book used to record ?
Used to record small payments e.g stamps coffee
What is the impress system ?
This is a method used to control petty cash using a voucher system to an agreed preset limit. Expense limits are recorded on vouchers as they occur
