Question

1 If a customer neturns good for enedit, the selling company
in the:
normally makers an entry
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Answer 1

Answer:

Sales (Journal) Book and Sales Return Book

Every now and then, a business makes various sales in order to gain some form of revenue. These sales validate the purpose of a business. They provide a lifeline to a business and give them a reason to exist. Without sales, a business would find its existence redundant. Let us study in detail about the preparation of a sales book and a sales return book.

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Objectives of Business

Levels of Management

Sales Book

A Sales book is a record of all credit sales made by a business. It is one of the secondary book of accounts and unlike cash sales which are recorded in cash book, sales book is only to record credit sales. The amount entered in the sales book is on behalf of invoices supplied to purchasers. A Sales book is also called Sales Journal or Sales Day Book.

For example, the following entries of sales appear in the books of ABC Ltd.

Jan 7 – Sold 10 Keyboards to A & Co. for 300 each.

Jan 24 – Sold 5 headphones to X & Co. for 200 each.

Sales book of ABC ltd will appear