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The Sales Book
- a)Is a part of journal,
- b)Is a part of the ledger,
- c)Is a part of the balance sheet.
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
The Sales Booka)Is a part of journal,b)Is a part of the ledger,c)Is a ...
A Sales book is a record of all credit sales made by a business. It is one of the secondary book of accounts and unlike cash sales which are recorded in cash book, sales book is only to record credit sales. The amount entered in the sales book is on behalf of invoices supplied to purchasers. A Sales book is also called Sales Journal or Sales Day Book.
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The Sales Booka)Is a part of journal,b)Is a part of the ledger,c)Is a ...
Sales Book as a Part of Journal
Sales book is a part of the journal in accounting. It is a book of original entry where all sales transactions are recorded chronologically. The sales book is used to record credit sales transactions made by the business entity. The sales book is also known as the sales day book or the sales journal.
Importance of Sales Book
The sales book is an essential book of account in accounting. Some of the reasons why the sales book is important are:
1. It helps in recording all sales transactions made by the business entity.
2. It provides a chronological record of all credit sales transactions.
3. It helps in the preparation of the financial statements.
4. It helps in the calculation of sales tax payable to the government.
Format of Sales Book
The format of the sales book may vary depending on the business entity. However, the common format of the sales book includes the following columns:
1. Date of the transaction
2. Invoice number
3. Name of the customer
4. Description of goods sold
5. Quantity of goods sold
6. Price per unit
7. Total amount of the sale
Conclusion
In conclusion, the sales book is an important book of account in accounting. It is a part of the journal and is used to record all credit sales transactions made by the business entity. The sales book helps in the preparation of financial statements, calculation of sales tax payable, and provides a chronological record of all credit sales transactions.
Sales book is a part of the journal in accounting. It is a book of original entry where all sales transactions are recorded chronologically. The sales book is used to record credit sales transactions made by the business entity. The sales book is also known as the sales day book or the sales journal.
Importance of Sales Book
The sales book is an essential book of account in accounting. Some of the reasons why the sales book is important are:
1. It helps in recording all sales transactions made by the business entity.
2. It provides a chronological record of all credit sales transactions.
3. It helps in the preparation of the financial statements.
4. It helps in the calculation of sales tax payable to the government.
Format of Sales Book
The format of the sales book may vary depending on the business entity. However, the common format of the sales book includes the following columns:
1. Date of the transaction
2. Invoice number
3. Name of the customer
4. Description of goods sold
5. Quantity of goods sold
6. Price per unit
7. Total amount of the sale
Conclusion
In conclusion, the sales book is an important book of account in accounting. It is a part of the journal and is used to record all credit sales transactions made by the business entity. The sales book helps in the preparation of financial statements, calculation of sales tax payable, and provides a chronological record of all credit sales transactions.
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The Sales Booka)Is a part of journal,b)Is a part of the ledger,c)Is a ...
Sales Book is a part of Journal
Sales Book is a book of original entry, which means that it is the first place where transactions are recorded. It is used to record all sales transactions made by a business. The Sales Book is a part of the journal, which is a book of original entry where all the transactions of a business are recorded.
The purpose of the Sales Book is to record all credit sales made by a business. It is important to keep a record of all sales transactions because it helps the business to keep track of its sales, which is an important aspect of its financial performance.
The Sales Book contains the following details:
- Date of the sale
- Name of the customer
- Description of the goods sold
- Quantity of the goods sold
- Price of the goods sold
- Total amount of the sale
The Sales Book is an important document for a business because it is used to prepare the sales ledger, which is a part of the ledger. The sales ledger is used to keep track of all the credit sales made by a business.
Conclusion
In conclusion, the Sales Book is a part of the journal, which is a book of original entry where all the transactions of a business are recorded. It is used to record all credit sales made by a business and contains important details such as the date of the sale, name of the customer, description of the goods sold, quantity of the goods sold, price of the goods sold, and total amount of the sale. The Sales Book is an important document for a business because it is used to prepare the sales ledger, which is a part of the ledger.
Sales Book is a book of original entry, which means that it is the first place where transactions are recorded. It is used to record all sales transactions made by a business. The Sales Book is a part of the journal, which is a book of original entry where all the transactions of a business are recorded.
The purpose of the Sales Book is to record all credit sales made by a business. It is important to keep a record of all sales transactions because it helps the business to keep track of its sales, which is an important aspect of its financial performance.
The Sales Book contains the following details:
- Date of the sale
- Name of the customer
- Description of the goods sold
- Quantity of the goods sold
- Price of the goods sold
- Total amount of the sale
The Sales Book is an important document for a business because it is used to prepare the sales ledger, which is a part of the ledger. The sales ledger is used to keep track of all the credit sales made by a business.
Conclusion
In conclusion, the Sales Book is a part of the journal, which is a book of original entry where all the transactions of a business are recorded. It is used to record all credit sales made by a business and contains important details such as the date of the sale, name of the customer, description of the goods sold, quantity of the goods sold, price of the goods sold, and total amount of the sale. The Sales Book is an important document for a business because it is used to prepare the sales ledger, which is a part of the ledger.
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The Sales Booka)Is a part of journal,b)Is a part of the ledger,c)Is a part of the balance sheet.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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