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By Rao M.E. Thukaram

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Therefore, it is easy to locate any entry for verification and corrections of errors. 4. Two entries to be made in a Journal, one to be debited and the other to be credited is avoided. Only one entry is made. 5. Detection and rectification of errors become easy and the system itself is a simplified one. 6. The maintenance of accounts become easy and comfortable as the work can be distributed to different persons to maintain different subsidiary books. Sub-division of Journal or Various Subsidiary Books The various subsidiary books maintained by a business are as follows : 1.

2004 Aug Aug 6. 14. 18. 22. Sold to Raj Kumar goods worth Rs 4000 at a discount of 10%. Sent goods to Ramesh, goods of the value of Rs. 6000, Packing charges Rs 100. Shankar bought one Motor car for Rs 65000 Mohan bought goods Rs 4000 at a discount of 20% and paid cash. Solution Sales Book Date 2004 Aug 6. Particulars LF Raj Kumar Less : Trade discount 4000 400 Ramesh Add; Paching charges 6000 100 Outward Invoice Amount 3600 14. 6100 9700 Accounting and Financial Management 52 Note : 1. Transaction of August 18, relates to an asset (Motor car).

Particulars LF Ram’s a/c To Sales a/c (Being credit sale of goods) Dr. Purchases a/c To Cash a/c (Being cash purchase of goods) Dr. Debit Credit 1,000 1,000 8,000 8,000 Journal Date Particulars 3. 4. 5. 6. 23 LF Debit Cash a/c Dr. Discount a/c To Ram’s a/c (Being cash received from Ram and discount allowed to him) 5,000 250 Purchases a/c Dr. To Ram’s a/c (Being credit purchases from Ram) 7,000 Ram’s a/c To Sales a/c (Being goods sold to Ram) Dr. 2,500 Repairs a/c To Cash a/c (Being repair charges of car paid to Ram) Dr.

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