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Book-keeping

 Book-keeping is an art of recording, Classifying, summarizing in a systematic manner of business transactions.
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Sales Book 📚

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  Sales Book 📚       This book 📚 is also known as sales Day or sale journal or sales Register. Sales Book 📚 is maintained to record only Credit sales of goods in which the trader deals. This book 📚 strictly prohibits Recording of cash sales of goods and sale of property and assets whether for cash or on Credit. Sale of assets like Buildings or Machinery is entered in the journal proper and not in the sales Book 📚. The ruling of the sales Book 📚 is similar to that of purchases Book. The Proforma of sales Book is given below:     On the basis of invoices sent to the buyers, the entries are to be made in the sales Book 📚. The name of the person to whom goods are sold is recorded in the particulars column.    Posting from Sales Book 📚:-        Just like purchases Book sales Book is also totalled and closed periodically. Separate accounts must be opened in respect of every party to whom goods are sold and a sales account. De...
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Advantages of Double Entry System

  Advantages of Double Entry System:-      The double Entry System is the scientific and satisfactory system of accounting the advantages are 1) In provides a complete record of all business transactions as it records both the aspect of every Transactions. 2) It provides not only complete, but also reliable record of all transactions of a concern. 3) As both the aspect of every transaction is recorded, it is possible to prepare trial balance and check the arithmetical accuracy of books 📚 of Accounts. 4) As systematic record of all transactions is kept, possibilities misappropriation and fraud are reduced to the minimum. 5) As nominal Accounts are maintained under this system, it is possible to prepare a profit and loss Account and ascertain true profit or loss for a particular period. 6) As complete information about assets, liabilities and capital is available, it is possible to prepare a Balance Sheet and ascertain the tru financial position of the business on any...
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