Subsidiary Books

Question 1

Subsidiary Book

Answer 1

separate accounting book that details a specific type of transaction. Instead of recording all transactions in one general journal, businesses use subsidiary books to group similar transactions together.

Question 2

Transaction :
All cash and bank transaction

Answer 2

Types of subsidiary Book :
Cash book - has columns for cash , bank and discount

Question 3

All credit purchase of Goods -
Only those goods that are purchased for resale are covered here

Answer 3

Purchase Day book or purchase register

Question 4

All credit sales of goods

Answer 4

Sales day book or sales register

Question 5

Subsidiary Book

Question 6

All purchase returns -
Return of Goods back from customers

Answer 6

Purchase return book or return outward book

Question 7

All sales return -
Return of goods back from customers

Answer 7

Sales return book or return inward book

Question 8

All bills receivable -
These r bills to be honoured at an agreed date.this is dealt with in depth later in the study note

Answer 8

Bills receivable book

Question 9

all bills payable -
These are bills accepted by the business to be honoured by paying to suppliers at an agreed rate

Answer 9

Bills payable book

Question 10

For all the other transactions not covered in any of the above categories - i.e purchase of sales of assets, expense accruals, rectification entries, adjusting entries, opening and closing entries

Answer 10

Journal proper