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Daybook format Free essay! Download now

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Daybook format

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Daybook format essay previewDaybook format essay preview

Description

How to format a daybook account

Preview

Definition and Explanation:
Purchases book orpurchases day bookis abook of original entrymaintained to recordcredit purchases. You must note that cash purchases will not be entered in purchases day book because entries in respect of cash purchases must have been entered inthe cashbook. At the end of each month, the purchases book is totaled. The total shows the total amount of goods purchased on credit. Purchases book is written up daily from the invoices received. The invoices are consecutively numbered. The invoice of each number is noted in the purchases book.
Ruling:
It is not ruled like the ordinaryjournal. The first column in this book is for date. In the second column, the name of the supplier or the seller, quantity of each article bought, description of the article, rate etc., are recorded. Sometimes a separate column to record the details of thetransactionsisaddedin the purchases day book. The third column is for invoice number. The fourth column is for ledger folio. The last column gives the total amount to the supplier.
Posting:
The total of the purchases book is posted to the debit of purchases account. Names of the suppliers appear in the purchases book. These parties have supplied the goods. They are, therefore, credited with the amount appearing against their respective names. The double entry will thus be completed.
Format:
The following is theformatof purchases day book:
Date
Particulars
Inv.No.
L.F.
Amount





Example:
From the followingtransactionsof a trader prepare the purchases day book and post it into ledger:-
1991

$
January 5
Purchased goods from Rasool & Co.
2,400
" 15
Purchased goods from Iqbal Bros.
6,000
" 25
Purchased goods from More & Co.
1,500
" 30
Purchased goods from Maqbool & Co.
3,000
Solution:
Purchases Day Book
Date
Particulars
Inv.No.
L.F.
Amount
1991
Jan. 5

Rasool & Co.
Iqbal Bros.
More & Co.
Maqbool & Co.



$
2,400
6,000
1,500
3,000
Purchases Account
1991
Jan. 31

To Sundries as per P/Book
$
12,900



Rasool & Co.





1991
Jan. 5


By Purchases
$
2,400
Iqbal Bros.





1991
Jan. 15


By Purchases
$
6,000
More & Co.





1991
Jan. 31


By Purchases
$
1,500
Maqbool & Co.





1991
Jan. 30


By Purchases
$
3,000

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