Question

Answer the following questions in brief
List and explain the various types of subsidiary books of Accounts on the basis of transaction​

Answer 1

Answer:

There are basically eight (8) types of Subsidiary books that are used for recording different types of transactions.

1) Cash Book : It records all the transactions related to cash and bank receipts and payments .

2) Purchase Book : It records all the transactions related to credit purchases .

3) Sales Book : It records all the transactions related to credit sales .

4) Purchase Return Book : It is used to records transactions of all the returns made to the supplier .

5) Sales Return Book : It records all the transactions related to inward returns .

6) Bills Receivable Book : It records all the transactions of bills drawn in favour of business .

7) Bills Payable Book : It records all the transactions related to bills that are drawn on the business and are payable by the business .

8) Journal Proper : It is used to records all the miscellaneous transactions .

Note ; There are certain transactions that are cannot be recorded in any of the above - mentioned books .