SUBSIDIARY BOOKS
SUBSIDIARY BOOKS
When
number of transactions is numerous, it is practically impossible to record all
the transactions through one journal because of its limitations. To overcome
the shortcomings of the use of the journal entry, the journal is sub divided into special journals.
The journal is subdivided in such a
way, that a separate book is used for each category of transactions, which are
repetitive in nature and are sufficiently large in number.
Special journal, refer to the journals
meant for specific transactions of similar nature. Special journals are also
known as subsidiary books or day-book.
In any large
business organization, the following special journal (or subsidiary books) are
generally used:
|
Name of Books |
Transactions to be
recorded |
|
Cash Journals: a)
Cash book (simple) b)
Cash book with discount column c)
Cash book with bank and discount column. d)
Petty cash book. Goods Journals: a)
Purchase book b)
Sales book c)
Sales returns book d)
Purchase returns book Bills journals: a)
Bills receivable book b)
Bills payable book |
Þ
Cash transactions Þ
Cash and discount transactions Þ
Cash, Bank and discount transactions Þ
Petty cash transactions. Þ
Credit purchase of goods Þ
Credit sales of goods Þ
Goods returned by those customers to whom goods were sold on credit. Þ
Goods returned to those suppliers from goods were purchased
on credit Þ
Bills receivable Drawn Þ
Bills |
Advantages of subsidiary Books:-
i.
Division of work.
ii.
Specialization and efficiency.
iii.
Saving the time.
iv.
Availability of information's.
v. Facility in checking.
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