FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE
PREDICT YOUR RANK!
Answer below questions and predict your rank
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

What are two or three types of special journals?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hi, Explain about the two or three types of special journals?

    0       0 Answer Now Comment Report
8 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Special journals are designed as a simple way to record the most frequently occurring transactions. There are four types of Special Journals that are frequently used by merchandising businesses: Sales journals, Cash receipts journals, Purchases journals, and Cash payments journals.

    0       0 Comment Report
Important Note – Preparing for CA IPCC?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Sales journals record all sales a business makes to customers on account, which means no money changes hands between the company and the customer at the time of the sale. Cash receipts journals record cash sales, customer payments on account, or interest and dividend payments.

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

To provide this information, companies use a subsidiary ledger to keep track of individual balances. A subsidiary ledger is a group of accounts with a common characteristic, e.g., all are customer accounts, that is, all are accounts receivable. The subsidiary ledger facilitates the recording process by freeing the general ledger from the details of individual balances. Thus, a typical merchandising enterprise has subsidiary ledgers containing accounts with customers (accounts receivable or customers' ledger) and creditors (accounts payable or creditors' ledger). The enterprise maintains an account in the general ledger that summarizes the details in the accounts receivable and accounts payable ledgers. This summary account in the general ledger is called a control account, because the summary account controls the subsidiary ledger. The general ledger control account balance must equal the composite balance of the individual accounts in the subsidiary ledger.

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Consider some examples of special accounting journals and some transactions they may contain: Sales journals record all sales a business makes to customers on account, which means no money changes hands between the company and the customer at the time of the sale. Cash receipts journals record cash sales, customer payments on account, or interest and dividend payments. Cash disbursement journals show any payment the business makes using a form of cash. These entries include purchases transactions or payments on debt.

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

> What are two or three types of special journals? --A business constantly needs detailed information about its dealings with individual customers and creditors. Imagine a business with several thousand charge (credit) customers and the transactions with these customers are shown in only one account, Accounts Receivable, in the general ledger. It would be virtually impossible to determine the balance owed by an individual customer at a specific time. Similarly, details of transactions affecting a single creditor are needed from time to time, and a single Accounts Payable account in the general ledger cannot make this information available. --Consider some examples of special accounting journals and some transactions they may contain: --Sales journals record all sales a business makes to customers on account, which means no money changes hands between the company and the customer at the time of the sale. --Cash receipts journals record cash sales, customer payments on account, or interest and dividend payments. --Cash disbursement journals show any payment the business makes using a form of cash. These entries include purchases transactions or payments on debt. --Purchases journals show purchases a company makes on account. --Payroll journals record all payroll transactions, including gross wages, taxes withheld, and other deductions, such as health insurance paid by the employee, leading to net pay, which is the amount shown on the employee’s check. --While an accrual-based business will have cash journals, a cash-based business won’t have a sales or purchases journal as a cash-based business only recognizes transactions when cash changes hands.

    0       0 Comment Report
Open uri20170510 32134 1c996lj?1494421732 answered

A business constantly needs detailed information about its dealings with individual customers and creditors. Imagine a business with several thousand charge (credit) customers and the transactions with these customers are shown in only one account, Accounts Receivable, in the general ledger. It would be virtually impossible to determine the balance owed by an individual customer at a specific time. Similarly, details of transactions affecting a single creditor are needed from time to time, and a single Accounts Payable account in the general ledger cannot make this information available. Expansion of the Ledger - Subsidiary Ledgers Expansion of the Journal Special Journals Exercises EXPANSION OF THE LEDGER - SUBSIDIARY LEDGERS To provide this information, companies use a subsidiary ledger to keep track of individual balances. A subsidiary ledger is a group of accounts with a common characteristic, e.g., all are customer accounts, that is, all are accounts receivable. The subsidiary ledger facilitates the recording process by freeing the general ledger from the details of individual balances. Thus, a typical merchandising enterprise has subsidiary ledgers containing accounts with customers (accounts receivable or customers' ledger) and creditors (accounts payable or creditors' ledger). The enterprise maintains an account in the general ledger that summarizes the details in the accounts receivable and accounts payable ledgers. This summary account in the general ledger is called a control account, because the summary account controls the subsidiary ledger. The general ledger control account balance must equal the composite balance of the individual accounts in the subsidiary ledger. As indicated, two common subsidiary ledgers are: (1) the accounts receivable ledger or customers' ledger, controlled by the general ledger account, Accounts Receivable; and (2) the accounts payable ledger or creditors' ledger, controlled by the general ledger account, Accounts Payable. In subsidiary ledgers, the individual accounts are usually arranged in alphabetical order.

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Sales journals record all sales a business makes to customers on account, which means no money changes hands between the company and the customer at the time of the sale. Cash receipts journals record cash sales, customer payments on account, or interest and dividend payments. Cash disbursement journals show any payment the business makes using a form of cash. These entries include purchases transactions or payments on debt.

    0       0 Comment Report
Open uri20170510 32134 s5bvk0?1494421637 answered

Dear Friend, as far as your query is concerned that What are two or three types of special journals? Let me informed that If a company has many similar transactions, it uses special accounting journals. Consider some examples of special accounting journals and some transactions they may contain: Sales journals record all sales a business makes to customers on account, which means no money changes hands between the company and the customer at the time of the sale. Cash receipts journals record cash sales, customer payments on account, or interest and dividend payments. Cash disbursement journals show any payment the business makes using a form of cash. These entries include purchases transactions or payments on debt. Purchases journals show purchases a company makes on account. Payroll journals record all payroll transactions, including gross wages, taxes withheld, and other deductions, such as health insurance paid by the employee, leading to net pay, which is the amount shown on the employee’s check. While an accrual-based business will have cash journals, a cash-based business won’t have a sales or purchases journal as a cash-based business only recognizes transactions when cash changes hands. Hope answer was helpful to you Regards, Arjun Pratap Singh

    0       0 Comment Report
Get Notifications
Videos
Books
Notes
Loading
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.