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Understanding Books of Original Entry
Books of Original Entry Assignment Help is not easy to find online and it may not always be the case that your neighbour will know what you require. So let’s attempt understanding the concept from the basics.
In lay man’s terms books of original entry means bookkeeping. This is the process of keeping a ledger of financial transactions as a part of the whole process of accounting in businesses. These transactions can include anything from purchases and sales to receipts and payments. This bookkeeping is done by a bookkeeper who in charge of putting the right information in the right places. Books of Original Entry Assignment Help leads you to understand this matter broadly. There are two types of bookkeeping:
- Single entry bookkeeping
This book is primarily known as the cash book and is quite similar to your checking account. Except for the simple fact that it holds information on expenses and incomes in individual expense and income accounts. There are separate books travel expenses, petty cash, accounts payable and receivable, etc.
- Double entry bookkeeping
This is obviously a more complicated bookkeeping method in which every entry requires an opposite or corresponding entry in a different account.
These things are quite necessary for comprehending the Books of Original Entry Homework Help available in different resources.
Types of Books of Original Entry
Sometimes, a lot of people need Books of Original Entry Homework Help. Not everything can be as easy and simple for everyone to understand. So the next things you need to know are the types of books involved:
- Sales day book: These keep a credit of sales in sale invoices.
- Purchases day book: These keep a credit of purchases in purchase invoices.
- Cash book: These include all cash and bank transactions in the form of cheques, bank deposits, withdrawal slips, and debit and credit card receipts as well.
- Return Inwards Journal: These are well returned by customers.
- Returned Outwards Journals:These include goods returned to suppliers.
- Petty cash books: These include small cash amount transactions.
- General Journal: This book holds information that does not fit into any other category or book.
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