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Books of Original Entry

The document discusses books of original entry and source documents in accounting. It defines books of original entry as the records where transactions are initially recorded as they occur in a business. These include sales journals, purchases journals, returns journals, and cashbooks. Source documents are then defined as the proofs of transactions that are used to record entries in the books of original entry, such as invoices, receipts, debit notes, and credit notes. Elements that source documents typically contain are also outlined.

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Diana Bell
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126 views14 pages

Books of Original Entry

The document discusses books of original entry and source documents in accounting. It defines books of original entry as the records where transactions are initially recorded as they occur in a business. These include sales journals, purchases journals, returns journals, and cashbooks. Source documents are then defined as the proofs of transactions that are used to record entries in the books of original entry, such as invoices, receipts, debit notes, and credit notes. Elements that source documents typically contain are also outlined.

Uploaded by

Diana Bell
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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PRINCIPLES OF

ACCOUNTS
Books of Original Entry
November 20 2020
 List the books of original entry
 Explain the books of original entry

OBJECTIVES  Define the term source documents


 List the source documents
 Prepare source documents
Books of  These are the books that are used to record the transaction as
they enter the business
Original Entry
 Sales journal/Sales Day book
this is used to record goods sold on credit to customers
 Purchases journal/ Purchases Day book
this is used to record goods purchased on credit
 Return inwards journal
when goods are return to the business it is entered in this book

Books of  Return outwards journal

Original entry
goods sent to suppliers are recorded in this book
 Cashbook
this is used to record payments made or received in the form of cash or cheque
 Petty cashbook
used to record small payments
 General journal
records all other transaction
Source Document
 These are proof that a transaction has taken place. These
Source documents are what is used to enter information in the books of
Documents the company
 Invoices
These are used when goods are bought or sold on credit
 Receipt
When goods are bought or sold and is paid for immediately this
documents is given
 Debit notes
Types of Source When goods are return to the customer this document is used

Documents  Credit notes


When goods are returned to us, this document is used
 Petty cash voucher
Used for petty cash book
 Cheque
This document is used to record payments made through the bank.
 Name of business
 Address

Elements in the  Telephone number

source  Quantity of goods (Sales/ Purchases)


 Unit price
documents  Total
 Discount if any
BOOKS
 SALES
 PURCHASES
 RETURN IN
 RETURN OUT
 CASHBOOK

BOOKS TO  PETTY CASHBOOK

SOURCE
DOCUMENTS SOURCE DOCUMENTS
 SALES INVOICES
 PURCHASES INVOICES
 CREDIT NOTES
 DEBIT NOTES
 RECEIPTS/CHEQUES
 PETTY CASH VOUCHER
Example of an
invoice
Example of a
credit note
Example of a
debit note
PREPARATION OF SOURCE
DOCUMENTS

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