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Chapter-4. Recording of transaction-II Accounts class 11 in english Medium CBSE Notes
CBSE Class 11 Accounts Notes in English Medium based on latest NCERT syllabus, covering definitions, diagrams, formulas, and exam-oriented explanations.
4. Recording of transaction-II
Sales and Sales Return (Journal) Book
SALES BOOK –
- It is used to record all credit sales of goods of the company.
- Cash sales of goods and non goods items like, fixed assets are not recorded in sales book.
FEATURES OF SALES BOOK –
- Cash sales of goods are not recorded in sales book.
- Entries in sales book are made on the basis of invoices.
- Transactions are recorded in sales book in chronological order.
- Only credit sales of goods are recorded in sales book.
UTILITIES OF SALES BOOK –
- It makes easy to check price charged and other information.
- It provide periodical total of credit sales of goods.
- Ledger posting becomes easier.
- It helps to reduce volume of work.
DIFFERENCE BETWEEN PURCHASE BOOK AND PURCHASE ACCOUNT –
|
SALES ACCOUNT |
SALES BOOK |
|
1. It is a part of ledger. 2. It has debit and credit columns.
3. It records both cash and credit sales of goods. 4. Balance in sales account is transferred to trading account.
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1. It is a part journal. 2. Like ledge, it does not have debut and credit columns. 3. It only records credit sales of goods.
4. Total of sales book is transferred to sales account. |
See other sub-topics of this chapter:
2. Purchase and Purchase Return (Journal) Book