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Types of subsidiary books
In business accounting, subsidiary books are also known as books of original entry, which are used to record specific types of transactions in a systematic and organized way. Here are some types of subsidiary books:
Sales Day Book: This book is used to record all credit sales transactions made by the business.
Purchase Day Book: This book is used to record all credit purchases made by the business.
Cash Book: This book is used to record all cash and bank transactions, including cash receipts and payments, bank deposits, and withdrawals.
General Journal: This book is used to record any non-routine or adjusting entries, such as depreciation, bad debts, or adjusting entries.
Sales Return Book: This book is used to record all returns made by customers.
Purchase Return Book: This book is used to record all returns made to suppliers.
Bills Receivable Book: This book is used to record all bills that the business has received and is waiting to collect payment on.
Bills Payable Book: This book is used to record all bills that the business has issued and is waiting to pay.
Keeping these subsidiary books organized and up-to-date is essential for accurate financial reporting and compliance with accounting regulations.
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