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The following subsidiary books are used in the business.
- Cash Book: To record receipts and payments in cash including transactions to Bank.
- Purchase Book: Records credit purchase of goods meant for sale or to be used as materials.
- Returns Outward Book: Records return of the goods to the suppliers due to reasons.
- Sales Book : records credit sales of the goods dealt in by the business
- Return Inward Book : records the return of the goods by the customers to the business
- Bills receivables Book: Records the receipts of bills of exchange, promissory notes and hundis etc.
- Bills payable Books : records the issue of the bills of exchange, promissory notes etc. to the various parties.
- Main Journals : records the transactions for which no sub journal is maintained.
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Who indrodused subsidiary alliance system?
The doctrine of subsidiary alliance was introduced by Lord Wellesley.
Who made the redbox?
Redbox is a subsidiary of Coinstar.
In India coins and subsidiary coins are issued by?
By RBI
What role is played by a TNC subsidiary?
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Who owns cuisinart?
Wholly owned subsidiary of Whirlpool Corporation
What is a subsidiary account for accounts payable?
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
Auditor of holding company and subsidiary co?
a holding company may be resolution authorised representation in respect of books of accounts of its s
Do computerized systems use controlling accounts to verify the accuracy of the subsidiary accounts?
no
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
How does the voucher register eliminate the purchases journal and the subsidiary accounts payable ledger?
Because voucher register has all the necessary records that found in the purchases journal and subsidiary accounts.
What do you call the subsidiary ledger where individual accounts with customers are included?
asset ledger accounts receivable ledger
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
When The AP ledger requires a subsidiary ledger?
A control account is an account found in the general ledger such as accounts receivable,Accounts Payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are.When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words.
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
Why is the accounts receivable subsidiary ledger organized in alphabetical ordee?
The Accounts receivable subsidiary ledger or any other subsidiary ledger can be in the form of a card file, a binder notebook, a formal, pre-printed ledger page, or computer files. It will not have page numbers, but each account may have a unique number to help identify it. The accounts receivable subsidiary ledger is organized alphabetically by customer name and address; new customers can be added and inactive customers deleted, once the balance in their account is zero. To make ease in journalizing process, the accounts receivable subsidiary ledger are organized in alphabetical order.
