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Journal and Subsidiary books in which transactions and events are first recorded are known as :-
- a)Secondary Books
- b)Memorandum Books
- c)Primary Books
- d)Principal Books.
Correct answer is option 'C'. Can you explain this answer?
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Journal and Subsidiary books in which transactions and events are firs...
Primary Books are the books of original entry in which transactions and events are first recorded in a systematic and chronological manner. These books are also known as the main books of accounts. The entries made in these books serve as the primary source of information for preparing financial statements. The primary books are further classified into two categories: Journal and Subsidiary books.
Journal Books:
The journal is the book of original entry in which all the transactions are first recorded in chronological order. It is also known as the book of prime entry. The entries in the journal are made based on the source documents such as invoices, receipts, vouchers, etc. The transactions recorded in the journal are classified into two categories: cash transactions and credit transactions. The journal is also used for recording non-routine transactions, such as adjustments and corrections.
Subsidiary Books:
Subsidiary books are the books of original entry in which transactions of a similar nature are recorded. These books are used to record transactions that occur frequently. The subsidiary books are used to maintain detailed records of transactions in a systematic manner. The common types of subsidiary books are:
1. Sales Book: records all credit sales made by the business.
2. Purchase Book: records all credit purchases made by the business.
3. Cash Book: records all cash transactions of the business.
4. Bank Book: records all bank transactions of the business.
5. Bills Receivable Book: records all bills receivable transactions made by the business.
6. Bills Payable Book: records all bills payable transactions made by the business.
Conclusion:
In conclusion, Primary books are the books of original entry in which transactions and events are first recorded. The journal and subsidiary books are the two primary books used to record transactions. The journal is used to record all transactions in chronological order while subsidiary books are used to record transactions of a similar nature.
Journal Books:
The journal is the book of original entry in which all the transactions are first recorded in chronological order. It is also known as the book of prime entry. The entries in the journal are made based on the source documents such as invoices, receipts, vouchers, etc. The transactions recorded in the journal are classified into two categories: cash transactions and credit transactions. The journal is also used for recording non-routine transactions, such as adjustments and corrections.
Subsidiary Books:
Subsidiary books are the books of original entry in which transactions of a similar nature are recorded. These books are used to record transactions that occur frequently. The subsidiary books are used to maintain detailed records of transactions in a systematic manner. The common types of subsidiary books are:
1. Sales Book: records all credit sales made by the business.
2. Purchase Book: records all credit purchases made by the business.
3. Cash Book: records all cash transactions of the business.
4. Bank Book: records all bank transactions of the business.
5. Bills Receivable Book: records all bills receivable transactions made by the business.
6. Bills Payable Book: records all bills payable transactions made by the business.
Conclusion:
In conclusion, Primary books are the books of original entry in which transactions and events are first recorded. The journal and subsidiary books are the two primary books used to record transactions. The journal is used to record all transactions in chronological order while subsidiary books are used to record transactions of a similar nature.
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Journal and Subsidiary books in which transactions and events are firs...
Books of accounts which records original entry are termed as primary books of accounts. These books records transactions for the first time. These are the books which are used as base to Prepare Trial Balance & Final Accounts of the business.
Journal Book, Ledger & Subsidiary books are the books of original entry or Primary books of accounts.
Journal Book, Ledger & Subsidiary books are the books of original entry or Primary books of accounts.
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Journal and Subsidiary books in which transactions and events are first recorded are known as :-a)Secondary Booksb)Memorandum Booksc)Primary Booksd)Principal Books.Correct answer is option 'C'. Can you explain this answer?
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