Question: need full informationa Voucher or Document for Entry in Sales Book Documentary evidence for transfer of ownership of goods is prepared, which is known as

 need full informationa Voucher or Document for Entry in Sales Book

need full informationa

Voucher or Document for Entry in Sales Book Documentary evidence for transfer of ownership of goods is prepared, which is known as sales invoice and is issued to the customer with sales. Such invoice includes sales price net of trade discount and VAT (Value Added Tax). Over and above date, description and rate for goods delivered. This sales invoice information is input for sales book. Layout of Sales Book Sales Book Date Name of Customer Invoice No. LF. Net Amount VAT Total 1. Date Entered from sales invoice 2. Name of customer Entered from sales invoice 3. Invoice No. Entered from sales invoice 4. Net Amount Net of Trade discount entered from sales invoice 5. VAT Value Added Tax on sales price is entered from sales invoice 6. L.F. Ledger folio is entered while posting the entry in ledger b13 Ledger Posting Total amount including VAT from sales book for each transaction gets debited to customer's A/c in ledger writing "To Sales A/e' for net amount of sales and 'To Vat Alc' for VAT charged to customer. Periodic total of Net column from Sales Book is credited to Sales A/c in ledger writing By amount as per Sales Book in particulars column of sales account. Periodic total of VAT column from Sales Book is credited to "Vat A/c' in ledger writing "By amount as per Sales Book' in particular column of VAT Account Sum 2 Shri Jinendra Stores is dealing in wood. From the following transactions, prepare its sales book. Transac- tions are subject to 4% VAT. May 2008 i Sold goods of Rs. 18,000 to Karina on 3 months" credit and sent Bill No. 1410. 4 Sold goods of Rs. 15,000 to Anupam at 10% trade discount. Sent bill No. 1411 after adding carriage of Rs. 500. 9 Sold goods of Rs. 5000. 13 Sold furniture of Rs. 15,000 to Sahil for Rs. 12,000. 18 Sold goods of Rs. 10,000 to Pushpak Patel at 10% trade discount. Pushpak paid one-third of the amount immediately Bill No. 1412. 22 Sold goods of Rs. 6500 to Shahid for cash at 10% cash discount. 28 Sold goods of Rs. 22,000 to Rahul at 10% trade discount and with a condition that he will be given 5% cash discount if he pays the amount of bill within 15 days. Bill No. 1413 sent to Rahul. 30 Shahrukh placed an order for supply of goods of Rs. 10,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!