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Summary of Rules of Posting from Subsidiary Book Homework Answers Solved Out!

Accounting subject is slightly more complex for students, requiring them to be an ace in both math and precise on concepts as well. In recent years, accounting has spawned in flourishing business throughout.

But without gaining finesse in this particular subject one cannot apprehend the significance of accounting in real time world. For this, starting from the grassroots is necessary that is from students.

 Students find it difficult to cope with the surplus of assignments or homework because they fall short on understanding the concept. A lot of times, inaccuracy in calculations and incapability in learning of facts play confusion on student’s part. Summary of rules of posting from subsidiary book homework answers is an explanation to the problems of the students on that particular topic of the subject.

Categories of Subsidiary Books:

  • Bills Receivable Book
  • Bills Payable Book
  • Journal Proper
  • Purchase Book
  • Sales Book
  • Purchase Return Book
  • Sales Return Book

Summary of rules of posting from subsidiary book homework answers-a quick fix to student’s problems:

It is a prime book of entry of all kind of transactions of a firm in its original form as it takes into account of daily transactions in a sequential manner. It saves lots of time of students in writing down of all the records in a classified way rather than clerkly manner.

It is an aid in minimizing all kinds of frauds and calculation errors and follows a systematic routine of updating of a book. As transactions are grouped together in a book, a further note to a particular item among them is facilitated.

Different kinds of summary of rules of posting from subsidiary book homework answers can be availed by the students:

     Purchase Book:

All the goods which are purchased on credit their transaction are recorded in purchase book.

Transactions that are not documented in the Purchase book are mentioned as follows:

  • Purchase in Cash: All kinds of cash purchase are recorded in the cash book hence they are not recorded in the purchase book.
  • Purchase of Assets: All sorts of assets, for instance, machinery, land, and buildings, vehicles and vehicles etc. are not recorded in this book; instead, they are recorded in cash book when purchased on cash. Only goods purchased on credit are documented in this book.

The basis on which everyday transactions are recorded in the subsidiary book is invoice and bills.

Sales Book: All credit sales are recorded in the sale book. Anything sold by the firm on credit other than goods are not entered in the sales book but in the journal. Sales Book is also known as Sales Day Book.

Transactions that are not documented in the Sales book are mentioned as follows:

  • Sales in Cash: All kinds of cash sales are recorded in the cash book hence they are not recorded in the sales book.
  • Sale of Asset: Only the sales of goods in credit are recorded in sales book. If any other item instead of goods is sold in credit, these transactions are not recorded in the sales book.

Journal Proper

It records those transactions for which no separate book is maintained. The following transactions are well recorded in journal proper:

  • It records all first entries of any firm at the start of a financial year or at the end one accounting duration.
  • Entry is made at the end of an accounting time and transfers all the balances from a temporary account to permanent account in a firm closing the former account at the end of each year.
  • It records all the entries of financial statements of a firm keeping the book updated.
  • It also records those entries which transfer balances from one account to another account.
  • It records all those transactions which rectify all errors during balancing, totaling etc.
  • It includes entries of bad debts, canceling bill payable, discounts, goods were taken for personal use by the proprietor etc.

Sales return book:The goods returned by the customer are recorded in this book in a business.

Purchase return book:It records all kind of goods returned to the supplier in a business. There can be many reasons which can lead to return of goods to the suppliers. Such as:

  • When goods are not according to the sample.
  • When the goods are of inferior quality.
  • When the goods are damaged or defective.

Bills payable book: This book records all original bills accepted by any business.

Accounts Receivable Book: This book records all accepted bills of a business that are received.In some cases in exchange of goods business does not get cash. It receives a written document which consists of amount to be paid by the other party to the business with the signature of payer.

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