Accounting: East Electronics Account, Posting of Purchase Returns Journal into Ledger and Sales Journal Book (For CBSE, ICSE, IAS, NET, NRA 2022)

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East Electronics

East Electronics A/c

Dr. Cr.

Table Supporting: East_Electronics
DateParticularsJ. F.Amount (₹)DateParticularJ. FAmount (₹)
2006

Aug 17

Purchases76950

Pavitra Electronics A/c

Dr. Cr.

Table Supporting: East_Electronics
DateParticularsJ. F.Amount (₹)DateParticularJ. FAmount (₹)
2006

Aug 30

Purchases3000

Purchases A/c

Dr. Cr.

Table Supporting: East_Electronics
DateParticularsJ. F.Amount (₹)DateParticularJ. FAmount (₹)
2006

Aug 31

Sundries as per purchases book2,02, 850

Posting of Purchase Returns Journal into Ledger

Capital Electronics A/c

Dr. Cr.

Table Supporting: Posting_of_Purchase_Returns_Journal_into_Ledger
DateParticularsJ. F.Amount (₹)DateParticularJ. FAmount (₹)
2006

Aug 17

Purchases Returns7,425

Purchase Returns A/c

Dr. Cr.

Table Supporting: Posting_of_Purchase_Returns_Journal_into_Ledger
DateParticularsJ. F.Amount (₹)DateParticularJ. FAmount (₹)
2006

Aug 31

Sundries as per purchases book7,425

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 Supporting: Format_of_the_Sales_Journal_Book
DateInvoice No.Name of CustomerL. F.Amount (₹)

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 Supporting: Sales_Returns_Book_Format
DateCredit Note No.Name of CustomerL. F.Amount (₹)

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 Supporting: Posting_of_Sales_Returns_Book_into_Ledger
DateDetails
2006
March 4Sold on Credit to M/s Mena Traders: Vide Invoice No. 213

(a) Two Double Beds @ ₹ 7100 each.

(b) Five Chairs @ ₹ 260 each

March 9Sold on Credit to M/s Kohli Furniture: Vide Invoice No. 278

5 Tables @ ₹ . 1400 Each

March 18Returns from M/s Kohli Furniture: 2 Tables @ ₹ 1400 Each

Vide Credit Note No. 019

March 24Sold on Credit to M/s Handa Furniture Mart: Vide Invoice No. 302

4 Sofa Sets @ ₹ 18000 each

March 30Sold on Credit to M/s Furniture Traders: Vide Invoice No. 327

6 Single Beds @ ₹ 6000 each

Solution: Sales (Journal) Book

Table Supporting: Posting_of_Sales_Returns_Book_into_Ledger
DateInvoice No.Name of supplierL. F.Amount (₹)
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 Supporting: Posting_of_Sales_Returns_Book_into_Ledger
DateCredit Note No.Name of CustomerL. F.Amount (₹)
2006

March 18

019Kohli Furniture2,800
2,800

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