Purchase Journal
1. The folio section shows a page or page reference if the posting is done from the Purchase Journal to the ledger.
2. Every credit purchase transaction is posted to the creditors of each of the Creditors’ Accounts respectively in the Purchase Ledger according to the purchase date.
3. The discounted deal is not posted to the ledger. Only the net value of each credit purchase is recorded in the Creditors Account (credit).
4. At the end of the month, the total credit purchase is posted to the Debit Account debit side.
5. Observe Purchase Accounts debited with “Multiple creditors” item at the end of the month and not the names of each individual creditors.
Sales Journal
1. Every credit sale transaction is posted to the Debit Account’s debit respectively in the Sales Ledger on the sale date.
2. At the end of the month, the amount of credit sales is posted to the credit side of the Sales Account.
3. Pay Attention to Sales Accounts credited to “Multiple debtors” at the end of the month and not the names of each individual debtor.
Purchase Return Journal
1. Every purchase return transaction is posted to the debit of the Creditors Account in the Purchase Ledger according to the date of purchase return.
2. At the end of the month, total purchase returns are posted to the credit card Purchase Return Account.
3. Obtain the Purchase Return Account is credited with “Multiple creditors” item at the end of the month and not the name of each individual creditor.
4. For both credit purchase transactions and purchase returns to the same creditors, only one creditor account should be opened.
Sales Return Journal
1. Every sales return transaction is posted to the credit of the Debtors Account in the Sales Ledger according to the date of sales return.
2. At the end of the month, total purchase returns are posted to the debit side of Sales Return Account.
3. Obtain the Sales Return Account is credited with “Multiple debtors” item at the end of the month and not the name of each individual debtors.
4. For both credit sales transactions and sales returns to the same debtors, only one debtor account should be opened.