Comments on: Purchase Day Book and Purchases Returns Day Book http://www.happyaccountant.com/2007/06/purchase-day-book-and-purchases-returns-day-book/?utm_source=rss&utm_medium=rss&utm_campaign=purchase-day-book-and-purchases-returns-day-book Accountancy, Bookkeeping, Payroll, Tax, VAT, PAYE, NICs, Finance, Budgeting, Cashflow, Business, Sole Trader, Limited Company, Working for Yourself, Saving Money, Saving Time Thu, 26 Jan 2012 18:45:22 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Happy Accountant http://www.happyaccountant.com/2007/06/purchase-day-book-and-purchases-returns-day-book/#comment-100 Happy Accountant Sat, 15 Mar 2008 11:16:47 +0000 http://happyaccountant.wordpress.com/2007/06/18/purchase-day-book-and-purchases-returns-book/#comment-100 Hi, This sounds more like a textbook question!! If you are running a business and making these kinds of errors, this suggests that you need to consider computerising your bookkeeping . This will enable you to correct these errors without having to know much about double-entry. Even if you are running a manual system, you could probably correct these errors without journals simply by correcting your original entries rather than using journals, especially if you are an accounting novice. You should be able to correct these errors without using a suspense account once you have presumably you have the original documentation (invoices etc...) to refer back to. Hi,
This sounds more like a textbook question!!

If you are running a business and making these kinds of errors, this suggests that you need to consider computerising your bookkeeping . This will enable you to correct these errors without having to know much about double-entry.

Even if you are running a manual system, you could probably correct these errors without journals simply by correcting your original entries rather than using journals, especially if you are an accounting novice.

You should be able to correct these errors without using a suspense account once you have presumably you have the original documentation (invoices etc…) to refer back to.

]]> By: hamad http://www.happyaccountant.com/2007/06/purchase-day-book-and-purchases-returns-day-book/#comment-101 hamad Wed, 12 Mar 2008 21:28:11 +0000 http://happyaccountant.wordpress.com/2007/06/18/purchase-day-book-and-purchases-returns-book/#comment-101 (1) The total of the Sales Return Day Book** was under-cast by $2000 (2) A contra entry for $2000 recorded in both the individual customer's and Supliers accounts has not been recorded in either of the control acounts. (3) Apurchase invoice for $3000 was incorrectly entered in the Purchase Day Book** as $300. (4) The "receivables"column on the recipts side of the analysed Csh Book which tottaled $28000 was mistakely posted to the appropriate account in the nominal ledger as 20800. OK now could sombody plz tell me the correct Journal entries for these errors/mistakes 1,3 & 4(does these three entries have to do somthing with the SUSPENSE Acount specialy the **) (1) The total of the Sales Return Day Book** was under-cast by $2000
(2) A contra entry for $2000 recorded in both the individual customer’s and Supliers accounts has not been recorded in either of the control acounts.
(3) Apurchase invoice for $3000 was incorrectly entered in the Purchase Day Book** as $300.
(4) The “receivables”column on the recipts side of the analysed Csh Book which tottaled $28000 was mistakely posted to the appropriate account in the nominal ledger as 20800.

OK now could sombody plz tell me the correct Journal entries for these errors/mistakes 1,3 & 4(does these three entries have to do somthing with the SUSPENSE Acount specialy the **)

]]> By: Happy Accountant http://www.happyaccountant.com/2007/06/purchase-day-book-and-purchases-returns-day-book/#comment-95 Happy Accountant Thu, 01 Nov 2007 09:51:49 +0000 http://happyaccountant.wordpress.com/2007/06/18/purchase-day-book-and-purchases-returns-book/#comment-95 1. Discount Allowed to Customers and 4. Returns from Customers would be handled by the sales ledger/credit control function. 2. Discount received from Suppliers and Returns to Suppliers would be handled through the purchase ledger function. Credit control (as opposed to creditOR control, which would actually be the controlling of your suppliers) is the managing of credit given to your customers. Your customers are your debtors, so by engaging in controlling a business's debtors, you would actually be carrying the traditional function of "credit control". (The double entry will be covered in a future blog!) 1. Discount Allowed to Customers and 4. Returns from Customers would be handled by the sales ledger/credit control function.
2. Discount received from Suppliers and Returns to Suppliers would be handled through the purchase ledger function.

Credit control (as opposed to creditOR control, which would actually be the controlling of your suppliers) is the managing of credit given to your customers. Your customers are your debtors, so by engaging in controlling a business’s debtors, you would actually be carrying the traditional function of “credit control”.

(The double entry will be covered in a future blog!)

]]> By: Oke http://www.happyaccountant.com/2007/06/purchase-day-book-and-purchases-returns-day-book/#comment-99 Oke Sun, 28 Oct 2007 09:09:08 +0000 http://happyaccountant.wordpress.com/2007/06/18/purchase-day-book-and-purchases-returns-book/#comment-99 Which of these come under Creditor Control or Debtor Control 1.Discount Allowed (to Customers) 2.Discount received (from suppliers) 3.Returns to Suppliers 4.Returns from Customers How will these be posted to their respective/various ledgers and the Nominal Ledger Which of these come under Creditor Control or Debtor Control
1.Discount Allowed (to Customers)
2.Discount received (from suppliers)
3.Returns to Suppliers
4.Returns from Customers

How will these be posted to their respective/various ledgers and the Nominal Ledger

]]> By: Happy Accountant http://www.happyaccountant.com/2007/06/purchase-day-book-and-purchases-returns-day-book/#comment-97 Happy Accountant Tue, 31 Jul 2007 21:01:56 +0000 http://happyaccountant.wordpress.com/2007/06/18/purchase-day-book-and-purchases-returns-book/#comment-97 The purchase day book is merely a list of all the purchase invoices that a business has received that day. The purchase ledger is part of the double-entry system (as in debits/credits, which I'll blog about in the future). It harks back to when bookkeeping was done manually. The use of a purchase day book can assist a business to find a particular purchase invoice. It can also assist with VAT returns. If a computerised system is being used, normally the information is only entered once, anyway. However, depending on the size and nature of the business, use of both a manual purchase day book and purchase ledger would probably be overkill. The purchase day book is merely a list of all the purchase invoices that a business has received that day. The purchase ledger is part of the double-entry system (as in debits/credits, which I’ll blog about in the future). It harks back to when bookkeeping was done manually. The use of a purchase day book can assist a business to find a particular purchase invoice. It can also assist with VAT returns. If a computerised system is being used, normally the information is only entered once, anyway.
However, depending on the size and nature of the business, use of both a manual purchase day book and purchase ledger would probably be overkill.

]]> By: Stephen http://www.happyaccountant.com/2007/06/purchase-day-book-and-purchases-returns-day-book/#comment-96 Stephen Tue, 31 Jul 2007 18:40:51 +0000 http://happyaccountant.wordpress.com/2007/06/18/purchase-day-book-and-purchases-returns-book/#comment-96 What is the difference between the purchase day book and the purchase ledger? Apart from one seems to have more information...surely its not good if something has to be entered twice in different places? What is the difference between the purchase day book and the purchase ledger? Apart from one seems to have more information…surely its not good if something has to be entered twice in different places?

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