Posting From Sales Daybooks And Returns

Question 2

What are daybooks in accounting?

Answer 2

Daybooks are books of prime entry where source documents, like invoices, are recorded.

Daybooks are not part of the double entry system and facilitate quicker posting of source documents.

Question 3

Are daybooks part of the double entry system?

Answer 3

No, daybooks are not part of the double entry system.

They are used to simplify the posting process of invoices.

Question 4

What is the purpose of coding structures in accounting systems?

Answer 4

Coding structures help identify and access information quickly and track transactions.

Codes can be predefined in digital bookkeeping systems or set up by the user in other software.

Question 5

What types of items might have codes in accounting systems?

Answer 5

Items that may have codes include:
* DELL
* Ox
* F4
* F5
* F6
* F7
* F8
* F9
* prtsc
* F10
* home
* F11
* end
* F12
* insert

These codes are used to streamline the tracking of transactions.

Question 6

Fill in the blank: Daybooks are the first place where _______ are recorded.

Answer 6

source documents

Question 7

True or False: Daybooks are part of the double entry accounting system.

Answer 7

False

Question 8

What is the purpose of unique codes in bookkeeping?

Answer 8

To ensure transactions don’t get lost or allocated to the wrong accounts.

Unique codes are essential for maintaining accuracy in customer and supplier accounts.

Question 9

What types of accounts are mentioned in bookkeeping?

Answer 9

• Individual customer accounts
• Individual supplier accounts
• Individual products
• General ledger accounts

These accounts help organize financial transactions in bookkeeping.

Question 10

Fill in the blank: Each of the codes in bookkeeping will be _______.

Answer 10

[unique]

Unique codes help in identifying and tracking transactions accurately.

Question 11

True or False: Codes are unnecessary if there are multiple customers with the same name.

Answer 11

False

Codes are crucial for distinguishing between customers with identical names.

Question 12

What are the entries in the sales daybook?

Answer 12

The details taken from the individual credit sales invoices.

Question 13

In what order are the entries in the sales daybook listed?

Answer 13

Invoice number order.

Question 14

What does the sales daybook analyze from the invoice details?

Answer 14

The net amount of sales, VAT, and the invoice total (gross amount).

Question 15

What is sometimes used to help track invoices in the sales daybook?

Answer 15

A page or folio number.

Question 16

How do digital bookkeeping systems handle transaction tracking?

Answer 16

They automatically track transactions.

Question 17

What must be generated in a manual bookkeeping system to track transactions?

Answer 17

Sequential numbers as required.

Question 18

Fill in the blank: The sales daybook will sometimes be numbered with a _______.

Answer 18

[page or folio number]

Question 19

What is the purpose of the sales daybook?

Answer 19

To keep track of credit sales and analyze invoice details.

Question 20

What figures are to be posted in the general and receivable ledger?

Answer 20

Total of each sale and all total all net and all vat

Question 21

The total gross of each individual invoice is to be posted where

Answer 21

The debit side of the customers account. These accounts are in the receivables ledger.

Remember the amount owed by customers is an asset. Each entry increases the amount owed by the customer.

Question 22

The total of each customer account on the sales day book are posted where?

Answer 22

General ledger account

Question 24

What does the total of the total column represent in the receivables ledger control account?

Answer 24

The total amount owed to the business by the credit customers.

Question 25

What should the total in the receivables ledger control account equal?

Answer 25

The individual invoice amounts posted to the separate customer accounts.

Question 26

What is the significance of the receivables ledger control account (RLCA)?

Answer 26

It shows the total amount owed to the business by credit customers.

Question 27

Fill in the blank: The total of the total column is posted to the ______ side of the receivables ledger control account.

Answer 27

debit

Question 28

What information is included in the sales daybook?

Answer 28

Invoice number, customer name, total, VAT, and net amount.

Question 29

True or False: The receivables ledger control account includes only the total amount owed by a single customer.

Answer 29

False

Question 30

What are the total amounts for the invoices listed for customers JD Black, P Green, Bee Ltd, and Cee Ltd?

Answer 30

* JD Black: €1,905.60 * P Green: €239.00 * Bee Ltd: €888.00 * Cee Ltd: €594.00

Question 31

List the net amounts for the invoices listed for customers JD Black, P Green, Bee Ltd, and Cee Ltd.

Answer 31

* JD Black: £1,588.00 * P Green: £2,032.50 * Bee Ltd: £740.00 * Cee Ltd: £495.00

Question 32

What is the VAT amount for the invoice to customer JD Black?

Answer 32

€317.60

Question 33

What is the VAT amount for the invoice to customer P Green?

Answer 33

€406.50

Question 34

What is the VAT amount for the invoice to customer Bee Ltd?

Answer 34

€148.00

Question 35

What is the VAT amount for the invoice to customer Cee Ltd?

Answer 35

€99.00

Question 36

What is the total of the VAT column posted to?

Answer 36

The credit side of the VAT account ## Footnote This reflects the liability to HMRC as businesses collect VAT from customers.

Question 37

Why is VAT posted to the credit side of the VAT account?

Answer 37

Because it is a liability to HMRC ## Footnote Organizations collect VAT on behalf of HMRC.

Question 38

What does the posting to the credit side indicate regarding vat ?

Answer 38

The liability the business has to HMRC ## Footnote This shows the amount collected from customers that is due to HMRC.

Question 39

What is the total amount from the sales daybook?

Answer 39

£5,826.60 ## Footnote This is the sum of all individual sales totals listed.

Question 40

What are the total VAT amounts listed for the invoices?

Answer 40

£971.10 ## Footnote This is the sum of individual VAT amounts from each invoice.

Question 41

Fill in the blank: The business collects VAT from its customers, and the VAT is then due to _______.

Answer 41

HMRC

Question 42

What are the names of the customers listed in the sales daybook?

Answer 42

* JD. Black * P Green * Bee Ltd * Gee Ltd ## Footnote These are the customers associated with the respective invoices.

Question 43

What is the invoice number for JD. Black?

Answer 43

003756 ## Footnote This invoice corresponds to the first entry in the sales daybook.

Question 44

What is the net amount for P Green?

Answer 44

£2,032.50 ## Footnote This amount reflects the total before VAT.

Question 45

True or False: The VAT collected is considered an asset for the business.

Answer 45

False ## Footnote VAT is a liability because it is owed to HMRC.

Question 46

What is posted to the credit side of the sales account within the general ledger?

Answer 46

The total of the net column ## Footnote This shows the amount of income that the business has earned from the sales.

Question 47

What are the invoice numbers listed in the sales daybook?

Answer 47

003756, 003757, 003758, 003759 ## Footnote These are the specific invoice numbers for the sales transactions recorded.

Question 48

What is the total amount of sales recorded?

Answer 48

5,826.60 ## Footnote This total includes the net sales amounts for all customers listed.

Question 49

What is the total VAT amount recorded?

Answer 49

971.10 ## Footnote This reflects the total VAT calculated from the sales transactions.

Question 50

Fill in the blank: The total debited must equal the total _______.

Answer 50

credited

Question 51

What accounts are affected by the postings in the general ledger?

Answer 51

* receivables ledger control account (gross total) * sales account (total net) * VAT account (total VAT) ## Footnote These accounts show how sales and VAT impact the overall financial position of the business.

Question 52

What is the VAT amount for the customer JD Black?

Answer 52

317.60 ## Footnote This VAT amount is calculated based on the sales amount for JD Black.

Question 53

What is the net amount for customer P Green?

Answer 53

4,855.50 ## Footnote This net amount contributes to the total sales figure.

Question 54

True or False: The total VAT is included in the total net sales amount.

Answer 54

False ## Footnote The total VAT is separate from the total net sales amount.

Question 55

What is the net amount for customer Bee Ltd?

Answer 55

888.00 ## Footnote This reflects the sales amount recorded for Bee Ltd before VAT.

Question 56

What is the net amount for customer Cee Ltd?

Answer 56

594.00 ## Footnote This is the sales amount for Cee Ltd before VAT is applied.

Question 57

Sales day book is

Answer 57

Debit total - total is what it all is Credit vat- money received to pay HMRC Credit sales - money received

Question 58

Sales return day book is

Answer 58

Credit customer account - receivable ledger Debit vat as need to pay it back Debit net as need to pay it back Credit total as reduces amount customer owes

Question 59

What does SDB MEAN

Answer 59

sales day book

Question 60

What does SRDB mean

Answer 60

Sales return daybook

Question 61

What does RCLA Mean

Answer 61

Receivables ledger control account

Question 62

What is the correct description of a sales day book

Answer 62

A book of prime entry, A book for listing and analysis

Question 63

When posting from the sales day book the amount posted to the receivables ledger control account r is posted to which account on the same side.

Answer 63

The individual customer sales account