Accounting ProcessQuestion 4662 of 84
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Detailed Solution & Explanation

 The Sales Day-Book is a register specially kept to record credit sales of goods dealt in by the firm.  Cash sales are entered in the Cash Book and not in the Sales Day Book.  Credit sales of things other than the goods dealt in by the firm are not entered in the Sales Day Book; they are journalised.  For accounting, Goods means only those items in which the particulars concern is doing business i.e. purchasing & selling it.  It is a subsidiary book/ subsidiary journal & posting is made from it to the sales account and accounts of the customers. Posting: ♦ The total of sales register is credited to sales A/ c periodically say monthly. ♦ And individual amounts are debited to respective parties (debtors) A/ c.

About This Chapter: Accounting Process

Paper

Paper 1: Accounting

Weightage

25-30%

Key Topics

Journal, Ledger, Trial Balance, Cash Book, Rectification

This chapter covers Journal, Ledger, Trial Balance, Cash Book, Rectification and is part of Paper 1: Accounting in the CA Foundation exam.

View Official ICAI Syllabus

Exam Strategy Tip

This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.

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