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    Chapter 5 - Book of Prime Entry

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    Hanis Naily
    This document discusses different types of journals, also known as books of prime entry, in the accounting process. It identifies seven main types of journals: general journal, purchases journal, sales journal, return inwards journal, return outwards journal, cash receipts journal, and cash payments journal. Each journal has a specific purpose and records transactions from different source documents. The document also discusses petty cash and provides examples of journal entries.

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    Chapter 5 - Book of Prime Entry

    Uploaded by

    Hanis Naily
    437 views16 pages
    This document discusses different types of journals, also known as books of prime entry, in the accounting process. It identifies seven main types of journals: general journal, purchases journal, sales journal, return inwards journal, return outwards journal, cash receipts journal, and cash payments journal. Each journal has a specific purpose and records transactions from different source documents. The document also discusses petty cash and provides examples of journal entries.

    Original Description:

    Account Notes

    Original Title

    Chapter 5_Book of Prime Entry

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    This document discusses different types of journals, also known as books of prime entry, in the accounting process. It identifies seven main types of journals: general journal, purchases journal, sales journal, return inwards journal, return outwards journal, cash receipts journal, and cash payments journal. Each journal has a specific purpose and records transactions from different source documents. The document also discusses petty cash and provides examples of journal entries.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    437 views16 pages

    Chapter 5 - Book of Prime Entry

    Uploaded by

    Hanis Naily
    This document discusses different types of journals, also known as books of prime entry, in the accounting process. It identifies seven main types of journals: general journal, purchases journal, sales journal, return inwards journal, return outwards journal, cash receipts journal, and cash payments journal. Each journal has a specific purpose and records transactions from different source documents. The document also discusses petty cash and provides examples of journal entries.

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    © All Rights Reserved
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    CHAPTER 5

    BOOKS OF
    PRIME
    ENTRY
    Learning Outcomes
     At the end of this lesson, students should be able to:
    1. Identify different types of journals(book of prime entry)
    The Detailed Accounting Process

    YES

    NO

    • Depreciation
    • Doubtful debt
    • Accruals
    • Prepayments
    The Detailed Accounting Process
     Before any transaction are recorded, the relevant data
    must be first captured on source documents depending
    on the type of transactions.
     Once the source documents are analysed, the
    information are transferred first to journals before
    posting to ledgers.
     Therefore, journals are also called as the books of
    prime entry.
    Books of Accounts
    Books of Accounts
    Journal/Book of Prime Entry
     Thejournal is just like a diary whereby information such
    as date, details & amounts regarding transactions are
    recorded.

     The books of prime entry consists of a petty cash & 7


    types of journals which are as follows:
    1. General journal
    2. Purchases journal
    3. Sales journal
    4. Return inwards journal
    5. Return outwards journal
    6. Cash receipts journal
    7. Cash payments journal
    Types of Journal

    1. Purchase Journal
    Types of Journal

    2. Sales Journal
    Types of Journal

    JOURNAL FUNCTION SOURCE DOCUMENTS


    3. RETURN To record goods returned Credit note sent by a/c
    OUTWARDS to a supplier payable
    JOURNAL
    4. RETURN To record goods returned Credit note issued to a/c
    INWARDS by a customer receivable
    JOURNAL

    5. CASH To record all cash received Receipt / Cash register


    RECEIPTS from any sources summary
    JOURNAL

    6. CASH To record all cash paid for Payment voucher / Cheque


    PAYMENTS any purpose
    JOURNAL
    Types of Journal

    7. General Journal

     Function of GJ is to record the following


    transaction :-
    1. Sales/ Purchase of NCA on credit
    2. Other transaction not recorded in other type of
    journals.
    • Withdrawals of goods for owner’s own use
    3. Opening Entries
    4. Adjustments (depreciation, accruals, prepayment,
    late entries)
    Petty Cash
    A fund set up to facilitate payments of relatively
    small amount of expenses.
     Example: taxi fares, stationery, envelopes,
    postage, stamp pad & etc.
    Books of Accounts
    Example in class
     Part B-Q 2

    1. Jan 2018
    2. Dec 2015
    Past Year Question
     Part B-Q 2

    1. March 2017
    2. Oct 2016
    THE END

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