The Books of Original Entry and Ledgers

hannahsophie.austin
Mind Map by , created over 6 years ago

aLevel Business - Finance Mind Map on The Books of Original Entry and Ledgers, created by hannahsophie.austin on 06/21/2013.

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Created by hannahsophie.austin over 6 years ago
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The Books of Original Entry and Ledgers
1 Purchases Journal: (Purchases Day Book)
1.1 Chronological list of all credit purchases. These are complied from invoices received from creditors.
2 Purchases Returns Journals: (Purchases Returns Day Book)
2.1 Chronological list of all purchases subsequently returned to suppliers. These are complied with the credit notes received.
3 Sales Journal: (Sales Day Book)
3.1 Chronological list of all credit sales. These are complied from invoices issued by the company to debtors.
4 Sales Returns Journals: (Sales returns day book)
4.1 Chronological list of all sales subsequently returned to the company by customers. These are complied from credit notes issued by the company.
5 Journal: (Journal Proper)
5.1 Used to record entries such as the purchase or sale of fixed assets or the correction of errors.
6 Purchase Ledgers:
6.1 Is part of the double-entry system. These contain the individual personal accounts of a businesses credit suppliers. The main entries in the purchase ledger are posted from the purchases journals and the cashbook.
7 Sales Ledgers:
7.1 Part of the double-entry system. These contain the individual personal accounts of a business's credit customers. The main entries in the sales ledger are posted from the sales journal and the cashbook.
8 General Ledgers:
8.1 Part of the double-entry system, the ledger contains all of the impersonals accounts of the business, such as fixed assets, expenses, sales and purchase accounts.
9 Cashbook:
9.1 Is a book of original entry and a part of the double entry system. This contains details of every transaction that takes place using the company's bank account or cash funds.

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