SALES BOOK OR SALES JOURNAL
SALES BOOK OR SALES JOURNAL:-
Sales Book or Sales Journal is a
Subsidiary Book or special Journal in which credit sales of goods dealt in by
the firm are recorded. Cash sales are recorded in the Cash Book and not in the
Sales Book. Also, credit sales of items other than goods dealt in by the firm
(e.g., sale of assets) are not recorded in the Sales Book, they are recorded in
Journal Proper. Entries in the Sales Book are on the basis of invoices issued
to the customers with the net amount after trade discount and charging GST.
Features of Sales Book:
1. Credit
sales of goods dealt in are recorded in the Sales Book.
2. Credit
sales of items other than goods traded in or sale of finished goods by the firm
(e.g., sale of assets) are not recorded in the Sales Book, they are recorded in
Journal Proper.
3. Cash sales
are not recorded in the Sales Book since these are recorded in Cash Book.
4. Entries
are recorded on the basis of invoices.
Ruling of Sales Book
or Sales Journal : The ruling of Sales Book is shown below:
SALES BOOK
OR SALES JOURNAL
|
Date (1) |
Particulars (2) |
Invoice (3) |
L.F. (4) |
Details (5) |
Sale
value ₹ (6) |
Output
CGST
|
Output
SGST (8) |
Output
IGST (9) |
Freight
Cartage, Etc.
(₹) (10) |
Total ₹ (11) |
|
|
|
|
|
|
|
|
|
|
|
|
Entries in the Sales Book are recorded in the same
manner as in the Purchases Book. For example, the particulars column will
record the name of the
customers to whom goods have been sold on credit. Entries in the Sales Book are
written as follows:
1. Date: The date of transaction is
written.
2. Particulars:
The name of the purchaser of goods is written along with the description of
goods and a quantity is written.
3. Invoice No.: Invoice number of goods sold is written.
4. Ledger Folio (L.F.): At the time of entries being posted into Ledger
Accounts, the page number of the ledger is written.
5. Details: The amount in respect of each
article is written. If trade discount is allowed to the purchaser of goods, it
is deducted from the gross amount. Thereafter, GST (IGST or CGST and SGST) is
charged
6. Sales Value:
The value of sales of the goods is written in this column.
7. Output CGST. The amount of CGST charged on
intra-state (i.e., within the state) sales is written.
8. Output SGST. The amount of SGST charged on
intra-state (i.e., within the state) sales is written.
9. Output IGST. The amount of IGST charged on
inter-state (Le., outside the state) sales is written. 10. Expenses: The expenses towards freight, cartage and/or packing
material, etc., charged from the customer are written.
11. Total: The amount of invoice including GST
(IGST or CGST and SGST) charged and expenses is written.
Difference between Sales Book and
Sales Account
|
Basic |
Sales
Book |
Sales
Account |
|
1. Part |
It is part of Journal Book. |
It is part of Ledger. |
|
2. Format |
Like a ledger account, it does not
have debit and credit columns. |
It has debit and credit columns. |
|
3. Contents |
Only credit sales of goods are
recorded. |
Credit as well as cash sales of
goods are recorded. |
|
4. Amount |
Total amount of Sales Book is
posted to the Sales Account periodically. |
Balance in the account is
transferred to the Trading Account. |
Utilities of Sales Book
1.
It reduces the volume
of work required to pass Journal entry for each credit sale.
2.
Ledger posting becomes
easier since all credit sales are recorded in a single book.
3.
It becomes easier to
check whether the prices charged are according to the catalogue or not.
4. It is possible to have a periodic total of credit sale of goods.
j Demo Class for Accounts (CA/CMA/CS/B.Com) by CA/CMA Santosh Kumar Sir: https://www.conceptonlineclasses.com/demovideos
Visit Website: https://www.conceptonlineclasses.com/
SALES BOOK OR SALES JOURNAL
.png)
.png)
.png)
.png)
.png)
Top Reviews
Introduction to Statistics for CA Foundation
Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics
.jpg)
Chapter X of Companies Act 2013
Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013
.jpg)
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448
.jpg)
What is Corporate Image
What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage
.jpg)
What is Energy Audit
What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit
