This is used for recording
all sales of goods on credit
posting is done to the personal accounts daily
from the sales journal. The
personal account are debited with the
individuals account while the sales
account is credited with the total sales
made diving the period (ie weekly, or
monthly ) at the end of the period. Note: The sales invoice are the
source documents for the entries
in the sales journal
Illustrations:
record the following sales transactions into the
sales day book, post them into
the ledger and extract a trial balance. Feb 3 sold
goods to mr Nwafor Joe 10
electric heaters at N2,500
each 13 table @ N1650,
each, 9 electric grinders (C0
N3,150. He ranted Nwafor 2 ½ %
TRADE DISCOUNT .
Feb. 13: credit sales to Okwo Igbo: set
of china plates @ N2050 11 dozen
tasliknives (A) 1,150
FEB: 25 sold
to NJOKU . 6 sets of gas cookers
(a) N6850 16 sets of water filters @ N5,700. Njoku was granted 2%
trade discount.
Sales
journal
date
|
Invoice No
|
Particulars
|
folio
|
Details
|
Amount
|
Feb 3
|
101
|
Mr Nwafor Joe:
|
4
|
25,000
|
|
10 electric healers @N2,500 each
|
21,450
|
||||
13 table lamps @ N1650
each
|
28,250
|
||||
9 electric grinders@N3150 each
|
74,800
|
||||
Less: 2 ½ % trade discount
|
1,870
|
72,930
|
|||
Feb 13
|
102
|
Okwo Igbo:
|
6
|
||
8 sets china
plates @ N2,050 each
|
16,400
|
||||
11 dozen tale knives @ N1,150
|
12,650
|
29,050
|
|||
Feb 25
|
103
|
Njoku
|
8
|
||
16 sets gas cookers
@ N6,850 each
|
|||||
16 dozen tale knives
@ N1,150 each
|
|||||
59,500
|
|||||
Less: 2 ½ % trade
discount
|
148750
|
58012.50
|
|||
Total sales account credited
|
10
|
159,992.50
|
LEDGER:
Dr mr nwafor joe’s account cr
N
Feb.3 sales 72,930
|
Dr
Okwo igbo’s account CR
N
Feb.13 sales 20,050
|
Dr Njoku’s
account
cr
N
Feb.25 sales 58,012.50
|
Dr.
sales account
N
Feb.3 sundries 159,992.50
|
Trial balance
Particulars
|
folio
|
Debit
N
|
Credit
N
|
Mr Nwafor joe
|
72,930
|
||
Okwo igbo
|
29,050
|
||
Njoku
|
28,012.50
|
||
Sales account
|
159992.50
|
159,992.50
|