12 February 2013
What are daybooks ? Pls explain in detail.. And is sales daybook similar to a normal sales book in which credit sale of goods is recorded ?
A book is also known as sales day book or purchase day book and it is a book of original entry in which are recorded the details of credit sales or purchase made by a businessman. Total of sales book shows the total credit sales of goods during the period concerned. Usually these books are totaled every month. The sales day book is written up daily from the copies of invoices sent out and purchase books is written daily from the invoices received in.
Posting:
The total of the sales book is credited to sales account. Customers whose names appear in the sales book are debited with the amount appearing against their names. Double entry is thus completed and vice versa for the purchase book.
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