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Subsidiary Books Video Lecture | Accounting for CA Foundation
FAQs on Subsidiary Books Video Lecture - Accounting for CA Foundation
| 1. What are subsidiary books in accounting? |  |
Ans. Subsidiary books are special books used to record specific types of transactions in accounting. They provide a systematic and organized way to record transactions related to cash, purchases, sales, and other categories. These books help in maintaining accurate and detailed records, which can later be summarized in the general ledger.
| 2. What are the advantages of using subsidiary books? | |
Ans. There are several advantages of using subsidiary books in accounting. Firstly, they provide a clear and organized record-keeping system, making it easier to track and analyze specific types of transactions. Secondly, subsidiary books help in saving time and effort as they eliminate the need to record each individual transaction in the general ledger. Finally, these books provide a detailed and comprehensive view of the transactions, facilitating easy identification of errors or discrepancies.
| 3. What are the common types of subsidiary books? | |
Ans. The common types of subsidiary books include the cash book, purchase book, sales book, journal proper, and ledger. The cash book is used to record all cash transactions, including receipts and payments. The purchase book is used to record credit purchases of goods or services. The sales book is used to record credit sales of goods or services. The journal proper is used to record transactions that do not fit into any other subsidiary book. Finally, the ledger is used to classify and summarize transactions from the subsidiary books.
| 4. How do subsidiary books help in preparing financial statements? | |
Ans. Subsidiary books play a crucial role in preparing financial statements. The detailed and organized records in these books provide the necessary information for calculating various financial ratios, such as gross profit margin and inventory turnover. Moreover, the data from subsidiary books is used to prepare the trial balance, which is a key step in preparing financial statements. By ensuring accurate and complete subsidiary books, the financial statements can be prepared with greater reliability and accuracy.
| 5. Can subsidiary books be used in all types of businesses? | |
Ans. Yes, subsidiary books can be used in all types of businesses, regardless of their size or nature. Whether it is a small retail store or a large corporation, maintaining subsidiary books helps in maintaining accurate and detailed records of transactions. By using subsidiary books, businesses can ensure efficient record-keeping, easy identification of errors, and a streamlined process for preparing financial statements.
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