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Other Added - Accounting Sub Journals and Cash Book
An S corporation is a type of corporation that the IRS recognizes. S corporations follow taxation rules that differ from those that regular corporations follow. A main difference is that S corporations are exempt from double taxation. This is because the owner declares the income a corporation receives in individual tax returns. Corporations are not subjected to taxation of the income. The taxation rules follow those of sole proprietorship and partnership businesses. However, they enjoy the limited liability (protection) corporations receive.To apply for an S corporation status, you need to incorporate your business. To do this, you need to file formal paperwork called the “articles
(2) Double column cash book (cash and discount columns).
(3) Triple column cash book (cash, discount and bank columns).
(4) Bank cash book (bank and discount columns).
Generally, each business will use anyone of the above types of cash book along with "petty cashbook" which is maintained on memorandum basis.
Distinction between cash A/c and Cash book
Actually cash book is a perfect substitute of cash account. In both, cash transactions are recorded date wise in order of occurrence. Cash balance as on any date can be ascertained by balancing both on any day desired. Yet there are some differences between the two as given below:
Cash account
1. Is an account in the ledger.
2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry i.e. journal
3. In cash account posting is not followed by narration.
4. It only records one aspect of transaction inv
There are two basic types of rollers used in conveyors. One is the load-bearing roller, which supports the weight of the material placed on the conveyor and helps to move it. These have to be selected mainly according to the weight that is to be carried.The other type is the ‘return’ or ‘lower’ Conveyor Roller. Some of these have pointed rubber rings in the center and flat ones at the ends. The pointed rings break up the remains of carried material sticking to the belt. The flat rings protect the edges of the belt and facilitate its smooth return so that the loading can be continuous. They also prevent the belt from migrating beyond the tolerance limits. The return rollers can be equi
It is but natural that in every business most of the transactions relate to receipts and payments of cash; purchases of goods ;. sales of goods etc. It was found to be convenient and economical to keep separate books to record each particular class of transactions. Each separate book meant to record transactions of a particular class is the book of original or prime entry. It is also known as sub-journal or subsidiary book. The system under which transactions of similar nature are entered in the relevant' subsidiary book and on the basis of which ledger is written is known as the 'practical system of book- keeping'. This system reduces labor and time of recording the transactions as impersonal accounts, viz., sales account, purchases account etc., receive the posting of totals and not of individual transactions. However, this system also conforms to the basic rules of the double entry system.
Generally the following subsidiary books are used in the business:
(1) Cash book : records receipts and payments of cash including transactions relating to bank;
(2) Purchases book: records credit purchases of goods meant for sale or for conversion into finished goods;
(3) Returns outwards book: records return of the goods to the suppliers due to several reasons;
(4) Sales book: records credit sales of the goods dealt in by the business;
(5) Returns inwards book : records the return of goods by the customers to the business ; (vi) Bills receivable book: records the receipts of bills of exchange, promissory notes and hundies of various parties;
(6) Bills payable book: records the issue of bills exchange, promissory notes and hundies to the various parties:
Advantages of sub-journals
(1) It results in saving of time by (a) enabling the recording procedure to be carried on simultaneously in different subsidiary books and (b) by posting the periodical totals in the impersonal accounts.
(2) It makes information available regarding each particular class of transactions.
(3) At the time of preparing trial balance the checking is easier because books being many, different persons can carry out the job.
Cash Book
In any business, perhaps, the largest number of transactions of one nature must relate to cash and bank. It is so because every transaction must, ultimately, result in a cash transaction. Now if every cash transaction is to be recorded in journal, it will involve an enormous amount of labor in debiting or crediting cash or bank account in the ledger for each transaction. Therefore, it is convenient to have a separate book, the cash book, to record such transactions. Maintaining of cash book removes the necessity of having cash and bank accounts in the ledger. This book enables us to know the balance of cash in hand and at bank at any point of time.
Cash book consists of cash and bank accounts taken out of ledger and maintained separately; thus it is a substitute of ledger for cash and bank accounts. It is also a book of original entry because cash and bank transactions are not recorded in any other subsidiary book.
Types of cash books
The type of cash book to be used by any business will depend upon its nature and requirements. It may be anyone of the following:
(1) Single column cash book (cash column).
(2) Double column cash book (cash and discount columns).
(3) Triple column cash book (cash, discount and bank columns).
(4) Bank cash book (bank and discount columns).
Generally, each business will use anyone of the above types of cash book along with "petty cashbook" which is maintained on memorandum basis.
Distinction between cash A/c and Cash book
Actually cash book is a perfect substitute of cash account. In both, cash transactions are recorded date wise in order of occurrence. Cash balance as on any date can be ascertained by balancing both on any day desired. Yet there are some differences between the two as given below:
Cash account
1. Is an account in the ledger.
2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry i.e. journal
3. In cash account posting is not followed by narration.
4. It only records one aspect of transaction invo
Mortgage Lists, Mortgage Marketing That WorksSince the advent of printing technology, communication development has escalated to greater heights. Nowadays, printing technology had continuously proliferated in the world of communication through the mails.Consequently, the mailing system did not only serve its basic purpose but has, in some ways, diverted into a more lucrative function in the world of entrepreneurship and marketing. That is why most companies had engaged into the utilization of mortgage mailing lists.Hence, the mortgage industry followed the trend of this innovative marketing strategy. They, in turn, have come to use targeted mortgage lists as their top ma
Generally the following subsidiary books are used in the business:
(1) Cash book : records receipts and payments of cash including transactions relating to bank;
(2) Purchases book: records credit purchases of goods meant for sale or for conversion into finished goods;
(3) Returns outwards book: records return of the goods to the suppliers due to several reasons;
(4) Sales book: records credit sales of the goods dealt in by the business;
(5) Returns inwards book : records the return of goods by the customers to the business ; (vi) Bills receivable book: records the receipts of bills of exchange, promissory notes and hundies of various parties;
(6) Bills payable book: records the issue of bills exchange, promissory notes and hundies to the various parties:
Advantages of sub-journals
(1) It results in saving of time by (a) enabling the recording procedure to be carried on simultaneously in different subsidiary books and (b) by posting the periodical totals in the impersonal accounts.
(2) It makes information available regarding each particular class of transactions.
(3) At the time of preparing trial balance the checking is easier because books being many, different persons can carry out the job.
Cash Book
In any business, perhaps, the largest number of transactions of one nature must relate to cash and bank. It is so because every transaction must, ultimately, result in a cash transaction. Now if every cash transaction is to be recorded in journal, it will involve an enormous amount of labor in debiting or crediting cash or bank account in the ledger for each transaction. Therefore, it is convenient to have a separate book, the cash book, to record such transactions. Maintaining of cash book removes the necessity of having cash and bank accounts in the ledger. This book enables us to know the balance of cash in hand and at bank at any point of time.
Cash book consists of cash and bank accounts taken out of ledger and maintained separately; thus it is a substitute of ledger for cash and bank accounts. It is also a book of original entry because cash and bank transactions are not recorded in any other subsidiary book.
Types of cash books
The type of cash book to be used by any business will depend upon its nature and requirements. It may be anyone of the following:
(1) Single column cash book (cash column).
(2) Double column cash book (cash and discount columns).
(3) Triple column cash book (cash, discount and bank columns).
(4) Bank cash book (bank and discount columns).
Generally, each business will use anyone of the above types of cash book along with "petty cashbook" which is maintained on memorandum basis.
Distinction between cash A/c and Cash book
Actually cash book is a perfect substitute of cash account. In both, cash transactions are recorded date wise in order of occurrence. Cash balance as on any date can be ascertained by balancing both on any day desired. Yet there are some differences between the two as given below:
Cash account
1. Is an account in the ledger.
2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry i.e. journal
3. In cash account posting is not followed by narration.
4. It only records one aspect of transaction inv
Don't allow your business growth to go unchecked. Fast unmonitored growth can be just as dangerous as no growth. Pay attention to signs that indicate you may be growing too fast, and take all necessary steps to control that area.1. Computers, desks and chairs become hard to find. You outgrow your office gear and employees find it hard to work with the space shortage and furniture scarcity.2. You take on orders much larger than you should take or handle. Don't turn orders down, but don't sacrifice service and quality either. Make sure you can deliver on your promises.3. You don't know most of the faces of your staff. Once you become unaware of the people working for you,
(5) Returns inwards book : records the return of goods by the customers to the business ; (vi) Bills receivable book: records the receipts of bills of exchange, promissory notes and hundies of various parties;
(6) Bills payable book: records the issue of bills exchange, promissory notes and hundies to the various parties:
Advantages of sub-journals
(1) It results in saving of time by (a) enabling the recording procedure to be carried on simultaneously in different subsidiary books and (b) by posting the periodical totals in the impersonal accounts.
(2) It makes information available regarding each particular class of transactions.
(3) At the time of preparing trial balance the checking is easier because books being many, different persons can carry out the job.
Cash Book
In any business, perhaps, the largest number of transactions of one nature must relate to cash and bank. It is so because every transaction must, ultimately, result in a cash transaction. Now if every cash transaction is to be recorded in journal, it will involve an enormous amount of labor in debiting or crediting cash or bank account in the ledger for each transaction. Therefore, it is convenient to have a separate book, the cash book, to record such transactions. Maintaining of cash book removes the necessity of having cash and bank accounts in the ledger. This book enables us to know the balance of cash in hand and at bank at any point of time.
Cash book consists of cash and bank accounts taken out of ledger and maintained separately; thus it is a substitute of ledger for cash and bank accounts. It is also a book of original entry because cash and bank transactions are not recorded in any other subsidiary book.
Types of cash books
The type of cash book to be used by any business will depend upon its nature and requirements. It may be anyone of the following:
(1) Single column cash book (cash column).
(2) Double column cash book (cash and discount columns).
(3) Triple column cash book (cash, discount and bank columns).
(4) Bank cash book (bank and discount columns).
Generally, each business will use anyone of the above types of cash book along with "petty cashbook" which is maintained on memorandum basis.
Distinction between cash A/c and Cash book
Actually cash book is a perfect substitute of cash account. In both, cash transactions are recorded date wise in order of occurrence. Cash balance as on any date can be ascertained by balancing both on any day desired. Yet there are some differences between the two as given below:
Cash account
1. Is an account in the ledger.
2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry i.e. journal
3. In cash account posting is not followed by narration.
4. It only records one aspect of transaction inv
Many of you know that I'm a card carrying introvert on the MBTI scale (INFP), and as such, business networking isn't high on my lists of things I love to do. Or, should I say, networking as it's traditionally carried out -- big room, lots of people, mixing and mingling over drinks and inane cocktail party-like conversations -- is not my favorite activity. I'd rather have a tooth pulled, I think, than be subjected to this type of networking activity. However, if you put me 1:1 with someone, or even with a small group of people around a table, I have a good time and make great contacts.However, organizations around the world seem to believe that the "big group" networking is most eff
Cash book consists of cash and bank accounts taken out of ledger and maintained separately; thus it is a substitute of ledger for cash and bank accounts. It is also a book of original entry because cash and bank transactions are not recorded in any other subsidiary book.
Types of cash books
The type of cash book to be used by any business will depend upon its nature and requirements. It may be anyone of the following:
(1) Single column cash book (cash column).
(2) Double column cash book (cash and discount columns).
(3) Triple column cash book (cash, discount and bank columns).
(4) Bank cash book (bank and discount columns).
Generally, each business will use anyone of the above types of cash book along with "petty cashbook" which is maintained on memorandum basis.
Distinction between cash A/c and Cash book
Actually cash book is a perfect substitute of cash account. In both, cash transactions are recorded date wise in order of occurrence. Cash balance as on any date can be ascertained by balancing both on any day desired. Yet there are some differences between the two as given below:
Cash account
1. Is an account in the ledger.
2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry i.e. journal
3. In cash account posting is not followed by narration.
4. It only records one aspect of transaction inv
When Phil hires a new helper for one of his construction projects, he first watches to see whether or not the newcomer has the right attitudes and habits to keep him as an employee. And, if the newcomer meets expectations,' Phil introduces him to his philosophy about work by telling him the woodcutters story.Two woodcutters who are working together for the first time, set off in the morning to cut down trees. One woodcutter works very hard, and aside from a couple of breaks, works steadily all day.The other woodcutter, though, seems to take many more breaks, at least one every hour. So the first woodcutter expects he'll have cut down many more trees by the end of the day.
(2) Double column cash book (cash and discount columns).
(3) Triple column cash book (cash, discount and bank columns).
(4) Bank cash book (bank and discount columns).
Generally, each business will use anyone of the above types of cash book along with "petty cashbook" which is maintained on memorandum basis.
Distinction between cash A/c and Cash book
Actually cash book is a perfect substitute of cash account. In both, cash transactions are recorded date wise in order of occurrence. Cash balance as on any date can be ascertained by balancing both on any day desired. Yet there are some differences between the two as given below:
Cash account
1. Is an account in the ledger.
2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry i.e. journal
3. In cash account posting is not followed by narration.
4. It only records one aspect of transaction involving cash and bank.
Cash book
1. Is a separate book of accounts forming part of accounting system.
2. Cash book records entries directly from transactions and these is no need for a book of prime entry.
3. In cash book entries are followed by narration also.
4. It records both the aspects of this transaction in cash and bank columns to complete double entry posting.
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