Commerce Exam > Commerce Videos > Subsidiary Book #1 (Purchase & Purchase return a/c, Sales and Sales return a/c)
Subsidiary Book #1 (Purchase & Purchase return a/c, Sales and Sales return a/c) Video Lecture - Commerce
FAQs on Subsidiary Book #1 (Purchase & Purchase return a/c, Sales and Sales return a/c) Video Lecture - Commerce
| 1. What is a subsidiary book? |  |
Ans. A subsidiary book is a book of original entry where specific types of transactions are recorded separately from the general journal. It helps in maintaining a systematic record of transactions for easy reference and analysis.
| 2. What is the purpose of the Purchase and Purchase Return account in the subsidiary book? | |
Ans. The Purchase account in the subsidiary book is used to record all the purchases made by a business. It helps in tracking the cost of goods or services acquired for resale or production. On the other hand, the Purchase Return account is used to record the return of goods to the supplier due to various reasons such as damaged goods, wrong quantity, or quality issues.
| 3. What is the significance of the Sales and Sales Return account in the subsidiary book? | |
Ans. The Sales account in the subsidiary book is used to record all the sales made by a business. It helps in tracking the revenue generated from the sale of goods or services. The Sales Return account, on the other hand, is used to record the return of goods by customers due to reasons like defects, dissatisfaction, or incorrect delivery.
| 4. How does maintaining subsidiary books benefit a business? | |
Ans. Maintaining subsidiary books provides several benefits to a business. It helps in organizing and categorizing transactions, making it easier to track and analyze specific types of transactions. It also enables quick and accurate posting to the general ledger, saves time in searching for transaction details, and provides a clear audit trail for future reference.
| 5. Can subsidiary books be used by all types of businesses? | |
Ans. Yes, subsidiary books can be used by all types of businesses regardless of their size or industry. Whether it is a small retail store or a large multinational corporation, maintaining subsidiary books can help in efficiently recording and analyzing transactions. However, the specific types and formats of subsidiary books may vary depending on the nature of the business and its reporting requirements.
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Nov 16, 2024 Last updated |
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