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    Books of Original Entry

    Uploaded by

    Diana Bell
    The document discusses books of original entry and source documents in accounting. It defines books of original entry as the records where transactions are initially recorded as they occur in a business. These include sales journals, purchases journals, returns journals, and cashbooks. Source documents are then defined as the proofs of transactions that are used to record entries in the books of original entry, such as invoices, receipts, debit notes, and credit notes. Elements that source documents typically contain are also outlined.

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    Books of Original Entry

    Uploaded by

    Diana Bell
    46 views14 pages
    The document discusses books of original entry and source documents in accounting. It defines books of original entry as the records where transactions are initially recorded as they occur in a business. These include sales journals, purchases journals, returns journals, and cashbooks. Source documents are then defined as the proofs of transactions that are used to record entries in the books of original entry, such as invoices, receipts, debit notes, and credit notes. Elements that source documents typically contain are also outlined.

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    The document discusses books of original entry and source documents in accounting. It defines books of original entry as the records where transactions are initially recorded as they occur in a business. These include sales journals, purchases journals, returns journals, and cashbooks. Source documents are then defined as the proofs of transactions that are used to record entries in the books of original entry, such as invoices, receipts, debit notes, and credit notes. Elements that source documents typically contain are also outlined.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    46 views14 pages

    Books of Original Entry

    Uploaded by

    Diana Bell
    The document discusses books of original entry and source documents in accounting. It defines books of original entry as the records where transactions are initially recorded as they occur in a business. These include sales journals, purchases journals, returns journals, and cashbooks. Source documents are then defined as the proofs of transactions that are used to record entries in the books of original entry, such as invoices, receipts, debit notes, and credit notes. Elements that source documents typically contain are also outlined.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 14

    PRINCIPLES OF

    ACCOUNTS
    Books of Original Entry
    November 20 2020
     List the books of original entry
     Explain the books of original entry

    OBJECTIVES  Define the term source documents


     List the source documents
     Prepare source documents
    Books of  These are the books that are used to record the transaction as
    they enter the business
    Original Entry
     Sales journal/Sales Day book
    this is used to record goods sold on credit to customers
     Purchases journal/ Purchases Day book
    this is used to record goods purchased on credit
     Return inwards journal
    when goods are return to the business it is entered in this book

    Books of  Return outwards journal

    Original entry
    goods sent to suppliers are recorded in this book
     Cashbook
    this is used to record payments made or received in the form of cash or cheque
     Petty cashbook
    used to record small payments
     General journal
    records all other transaction
    Source Document
     These are proof that a transaction has taken place. These
    Source documents are what is used to enter information in the books of
    Documents the company
     Invoices
    These are used when goods are bought or sold on credit
     Receipt
    When goods are bought or sold and is paid for immediately this
    documents is given
     Debit notes
    Types of Source When goods are return to the customer this document is used

    Documents  Credit notes


    When goods are returned to us, this document is used
     Petty cash voucher
    Used for petty cash book
     Cheque
    This document is used to record payments made through the bank.
     Name of business
     Address

    Elements in the  Telephone number

    source  Quantity of goods (Sales/ Purchases)


     Unit price
    documents  Total
     Discount if any
    BOOKS
     SALES
     PURCHASES
     RETURN IN
     RETURN OUT
     CASHBOOK

    BOOKS TO  PETTY CASHBOOK

    SOURCE
    DOCUMENTS SOURCE DOCUMENTS
     SALES INVOICES
     PURCHASES INVOICES
     CREDIT NOTES
     DEBIT NOTES
     RECEIPTS/CHEQUES
     PETTY CASH VOUCHER
    Example of an
    invoice
    Example of a
    credit note
    Example of a
    debit note
    PREPARATION OF SOURCE
    DOCUMENTS

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