RECORDING SALES

Chapter 7

1. Posting Sales Day Book Totals

The Sales day book is a prime entry book for credit sales

and the details and records of this book must be posted to the ledger. Transaction are posted in total not individually. Sales day book 1.1 Analized Sales Day book

2. Posting Sales Returns Day Book Totals

Credit notes are recorded in a separate book called sales

returns day book and its totals are periodically posted into ledger in total. The double entry is as follows:
Dr Dr Cr

Sales Returns Account (net cost of goods returnd VAT (Sales Tax) account charged on returned goods Individual customers account

3. Computerized Ledger
Compsuterized system is the same system as the

mannual accounting system. The benefit of the computerized accounting system has more benefits because the transactions need to be only intered in the journal. Posting to the ledger and preparation of income statement and balance sheet will be much more easier.

4. Statement of Account
4.1 The purpose of a Statement of account: All the

transactons information of a customer your transactions information with a supplier. It is simply the list of transactinos on the customers account.