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Subsidiary Books - Accounting Process, Fundamentals of Accounting Video Lecture - CA CPT
FAQs on Subsidiary Books - Accounting Process, Fundamentals of Accounting Video Lecture - CA CPT
| 1. What are subsidiary books in accounting? |  |
Ans. Subsidiary books in accounting refer to the books of original entry where specific types of transactions are recorded. These books are also known as sub-journals and are used to record transactions of similar nature. Examples of subsidiary books include the cash book, purchase book, sales book, and journal proper. These books are then used to post entries in the general ledger.
| 2. Why are subsidiary books important in the accounting process? | |
Ans. Subsidiary books are important in the accounting process because they help in maintaining a systematic record of transactions. By recording transactions of similar nature in specific books, it becomes easier to locate and analyze information. Subsidiary books also help in simplifying the posting process to the general ledger, as the entries can be summarized and posted periodically rather than individually.
| 3. What is the function of the purchase book in subsidiary books? | |
Ans. The purchase book is a subsidiary book used to record credit purchases of goods. It provides a detailed record of all purchases made on credit, including the name of the supplier, date of purchase, invoice number, and amount. This information is later used to post entries in the general ledger and prepare financial statements. The purchase book helps in monitoring and controlling purchase transactions, ensuring accurate recording of expenses.
| 4. How does the sales book contribute to the accounting process? | |
Ans. The sales book is a subsidiary book used to record credit sales of goods. It captures information such as the name of the customer, date of sale, invoice number, and amount. The sales book helps in keeping track of all credit sales made by the business, providing essential information for the preparation of financial statements. It also aids in monitoring sales performance and analyzing customer transactions.
| 5. What is the purpose of the cash book in subsidiary books? | |
Ans. The cash book is a subsidiary book that records all cash and bank transactions of a business. It serves as a primary record of cash receipts and payments, including details such as date, description, and amount. The cash book is essential for maintaining accurate cash and bank balances, reconciling bank statements, and preparing financial statements. It helps in monitoring cash flow, identifying any discrepancies, and ensuring proper control over cash transactions.
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Sep 08, 2025
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