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RECORDING TRANSACTIONS IN BOOKS OF PRIME (ORIGINAL) ENTRY (Books of Prime…
RECORDING TRANSACTIONS IN BOOKS OF PRIME (ORIGINAL) ENTRY
Books of Prime Entry (9)
Makes up the
General Ledger
Sales Day Book**
Purchase Day Book**
Sales Returns Day Book**
Purchase Returns Day Book**
Cash Book*
Petty Cash Book*
Journal
Non-current Asset Register
Inventory Register
*Deals primarily with cash
**Deals primarily with credit
Trade Discounts
Discounts Allowed
Business offers discounts for swift payment
Discounts Received
Discount received for making swift payments
Petty Cash
Small sum of money for small, occasional purchases.
Used for stamps, taxis, refreshments, travel expenses, etc
"Petty Cashier" is normally in charge of the float
Invoices/receipts must replace taken money and an "authorisation voucher" should be issued
Journal
Records transactions not in any other books
Credit purchase/sale and depreciation of NCA
Correction of errors
Initial contribution of capital
Transferring amounts from one ledger to another
Non-current Asset Register
List an description of all NCA's. Contains reg. no's, serial no's, ID marks etc
Inventory Register
Also known as "Stock Register"
Lists all raw materials and other goods held for sale. ID's goods by type and quantities held in stock