SUBSIDIARY BOOKS

FINANCIAL ACCOUNTING SSS1 FIRST TERM        

WEEK 9 & 10

SUBSIDIARY BOOKS

Performance Objectives

Students should be able to:

1. What are books of prime entry?
2. List eight uses of the General Journal.

Contents

NOTES

Subsidiary books are the books of prime entry (or books of original entry) into which transactions are first recorded in detail before they are posted in totals into the Ledger.

Businesses use subsidiary books to record goods sold on credit, goods purchased on credit, sales returns, purchases returns etc. The subsidiary books are basically listing devices, which means that a lot of detail is removed from the ledger. It also means that bookkeeping can be divided between several people. The name book of the original (or prime)…