Accounting: East Electronics Account, Posting of Purchase Returns Journal into Ledger and Sales Journal Book

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East Electronics

East Electronics A/c

Dr. Cr.

Table 1 Supporting: East Electronics

Tablutation of: Date, Particulars, J.F., Amount (Rs.), Date, Particular, J.F, Amount(Rs.)

Date

Particulars

J.F.

Amount (Rs.)

Date

Particular

J.F

Amount(Rs.)

2006

Aug 17

Purchases

76950

Pavitra Electronics A/c

Dr. Cr.

Table 2 Supporting: East Electronics

Tablutation of: Date, Particulars, J.F., Amount (Rs.), Date, Particular, J.F, Amount(Rs.)

Date

Particulars

J.F.

Amount (Rs.)

Date

Particular

J.F

Amount(Rs.)

2006

Aug 30

Purchases

3000

Purchases A/c

Dr. Cr.

Table 3 Supporting: East Electronics

Tablutation of: Date, Particulars, J.F., Amount (Rs.), Date, Particular, J.F, Amount(Rs.)

Date

Particulars

J.F.

Amount (Rs.)

Date

Particular

J.F

Amount(Rs.)

2006

Aug 31

Sundries as per purchases book

2,02,850

Posting of Purchase Returns Journal into Ledger

Capital Electronics A/c

Dr. Cr.

Table 4 Supporting: Posting of Purchase Returns Journal into Ledger

Tablutation of: Date, Particulars, J.F., Amount (Rs.), Date, Particular, J.F, Amount(Rs.)

Date

Particulars

J.F.

Amount (Rs.)

Date

Particular

J.F

Amount(Rs.)

2006

Aug 17

Purchases Returns

7,425

Purchase Returns A/c

Dr. Cr.

Table 5 Supporting: Posting of Purchase Returns Journal into Ledger

Tablutation of: Date, Particulars, J.F., Amount (Rs.), Date, Particular, J.F, Amount(Rs.)

Date

Particulars

J.F.

Amount (Rs.)

Date

Particular

J.F

Amount(Rs.)

2006

Aug 31

Sundries as per purchases book

7,425

Sales Journal Book

  • All credit sales of goods which are merchandise in nature (for resale) will be recorded in Sales Book.

  • An Invoice or Bill (containing details about Invoice number, date of transactions, items purchased, terms of credit , trade discount allowed, if any, and the net amount receivable ) prepared by the firm is given to the customer.

Note: Trade discount is allowed by vendor firm if the sale is in bulk. The discount is deducted from the list price of the goods and does not reflect in accounts. Trade discount is allowed only if the bill paid within a stipulated period.

Format of the Sales Journal Book

Sales Journal Book

Table 6 Supporting: Format of the Sales Journal Book

Tablutation of: Date, Invoice No., Name of Customer, L.F., Amount (Rs.)

Date

Invoice No.

Name of Customer

L.F.

Amount (Rs.)

Posting of Sales Journal into Ledger

  • Posting is done daily to relevant Customer A/c with invoice amount on debit side.

  • At the end of month, total sales amount is posted on credit side of Sales A/c in the ledger by mentioning “Sundries as per Sales Book” in particulars column.

Sales Returns Journal Book

  • If sold goods are not as per standards or defective or damaged during transit, will be returned to vendor firm. Transactions relating to those returned goods are recorded in Sales Returns Book.

  • A Credit Note (with number) is prepared in favour of the customer.

Sales Returns Book Format

Sales Returns (Journal) Book

Table 7 Supporting: Sales Returns Book Format

Tablutation of: Date, Credit Note No., Name of Customer, L.F., Amount (Rs.)

Date

Credit Note No.

Name of Customer

L.F.

Amount (Rs.)

Posting of Sales Returns Book into Ledger

  • Posting is done daily to relevant Customer A/c with amount on credit side.

  • At the end of month, total sales returns amount is posted on debit side of Sales Returns A/c in the ledger by mentioning “Sundries as per Sales Returns Book” in particulars column.

Example:

Table 8 Supporting: Posting of Sales Returns Book into Ledger

Tablutation of: Date , Details

Date

Details

2006

March 4

Sold on Credit to M/s Mena Traders : Vide Invoice No.213

(a) Two Double Beds @ Rs.7100 each.

(b) Five Chairs @ Rs.260 each

March 9

Sold on Credit to M/s Kohli Furniture : Vide Invoice No. 278

5 Tables @ RS.1400 Each

March 18

Returns from M/s Kohli Furniture : 2 Tables @ Rs.1400 Each

Vide Credit Note No. 019

March 24

Sold on Credit to M/s Handa Furniture Mart : Vide Invoice No. 302

4 Sofa Sets @ Rs.18000 each

March 30

Sold on Credit to M/s Furniture Traders : Vide Invoice No. 327

6 Single Beds @ Rs.6000 each

Solution: Sales (Journal) Book

Table 9 Supporting: Posting of Sales Returns Book into Ledger

Tablutation of: Date, Invoice No., Name of supplier, L.F., Amount (Rs.)

Date

Invoice No.

Name of supplier

L.F.

Amount (Rs.)

2006

August 4

August 9

August 24

August 30

213

278

302

327

Mena Traders

Kohli Furniture

Handa Furniture Mart

Furniture Traders

15500

7000

72000

36000

1,30,500

Sales Returns (Journal) Book

Table 10 Supporting: Posting of Sales Returns Book into Ledger

Tablutation of: Date, Credit Note No., Name of Customer, L.F., Amount (Rs.)

Date

Credit Note No.

Name of Customer

L.F.

Amount (Rs.)

2006

March 18

019

Kohli Furniture

2,800

2,800

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