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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.
Correct answer is option 'A'. Can you explain this answer?
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The Sales Booka)is a part of journal,b)is a part of the ledger,c)is a ...
A sales journal is a specialized accounting journal and it is also a prime entry book used in an accounting system to keep track of the sales of items that customers(debtors) have purchased on account by charging a receivable on the debit side of an accounts receivable account and crediting revenue on the credit side. It differs from the cash receipts journal in that the latter will serve to book sales when cash is received.The sales journal is used to record all of the company sales on credit. Most often these sales are made up of inventory sales or other merchandise sales. Notice that only credit sales of inventory and merchandise items are recorded in the sales journal. Cash sales of inventory are recorded in the cash receipts journal. Both cash and credit sales of non-inventory or merchandise are recorded in the general journal.
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The Sales Booka)is a part of journal,b)is a part of the ledger,c)is a ...
A sales journal is a specialized accounting journal and it is also a prime entry book used in an accounting system to keep track of the sales of items that customers(debtors) have purchased on account by charging a receivable on the debit side of an accounts receivable account and crediting revenue on the credit side.
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The Sales Booka)is a part of journal,b)is a part of the ledger,c)is a ...
The Sales Book
The Sales Book is a part of the journal.
In conclusion, the Sales Book is a part of the journal and is essential for maintaining accurate and detailed records of sales transactions in a business.
The Sales Book is a part of the journal.
- Journal: The journal is a book of original entry where all financial transactions of a business are recorded in chronological order. It serves as a primary record of financial transactions.
- Sales Book: The Sales Book is a specialized journal that specifically records all sales transactions made by a business. It includes details such as the date of the sale, the name of the customer, the description of the goods or services sold, the quantity sold, and the amount received.
- Importance: The Sales Book is important for the following reasons:
- Organized Recordkeeping: It helps in maintaining a systematic and organized record of all sales made by the business.
- Tracking Sales: It enables the business to track and analyze its sales performance over a specific period of time.
- Reference: It provides a reliable source of information for future reference, such as when preparing financial statements or responding to customer inquiries.
- Audit Trail: It helps in creating an audit trail, which is crucial for internal and external audits.
In conclusion, the Sales Book is a part of the journal and is essential for maintaining accurate and detailed records of sales transactions in a business.
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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.Correct answer is option 'A'. Can you explain this answer?
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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.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The Sales Booka)is a part of journal,b)is a part of the ledger,c)is a part of the balance sheet.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Sales Booka)is a part of journal,b)is a part of the ledger,c)is a part of the balance sheet.Correct answer is option 'A'. Can you explain this answer?.
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