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audit procedure

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › audit procedure

  • This topic has 1 reply, 2 voices, and was last updated 13 years ago by Ken Garrett.
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  • June 1, 2012 at 2:35 pm #53021
    qing0401
    Member
    • Topics: 9
    • Replies: 2
    • ☆

    when has a sales transactions,how to record it? what is sales day book and issit sales ledger are receivables ledger?or sales ledger is record of the sales??i’m blur about it so can’t proper write the procedure about it.

    June 1, 2012 at 6:14 pm #98998
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10606
    • ☆☆☆☆☆

    For most purposes a sale usually takes place when the goods leave. An invoice should be issued around then.

    A sales day book is a list of sales invoices. Individual entries on the list are used to update the individual accounts in the receivable ledger. The SDB is not part of the double entry system – it is there just to list invoices for posting the the double entry system. The total of the SDB is used to:

    Dr Receivables
    Cr Sales
    CR Sales tax

    The sales ledger records who owes what at any point in time (cash receipts will be credited to that). The sales account in the nominal/general ledger records cumulative sales.

    HTH

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