1 Sales Day Book
Used for recording day-to-day credit sale transactions.
2 Sales Return Day Book
Sales return day book is sub set of sales day book. It is not necessary to keep separate daybook for sales return. Sale returns can be included in sales daybook at debit side.
3 Purchase Day Book
Used for recording day-to-day credit purchase transactions.
4 Purchase Return Day Book
Purchase return day book is sub set of purchase day book. It is not necessary to keep separate daybook for purchase return. Purchase returns can be included in purchase daybook at credit side.
5 Cash Book
Used for recording day to day cash sale & purchase transactions and receipt from credit sale and payment for credit purchase.
6 Cash Receipt Book
Cash receipt book is sub set of cash book. It is not necessary to keep separate daybook for cash receipts. Cash receipts can be included in cashbook at debit side.
7 Cash Payment Book
Cash payment book is sub set of cash book. It is not necessary to keep separate daybook for cash payments. Cash payments can be included in cashbook at credit side.
8 Petty Cash Book
Used for recording day-to-day expenses to small value such as tea, coffee, biscuits, travelling expenses etc.
Petty cashbook is the sub-set of cashbook.
8.1 Imprest System for Petty Cash Book
Imprest system involves transfer of cash from primary cashbook to petty cashbook at regular intervals. Amount of cash transferred depends on amount of expenditure recorded in petty cashbook.
Imprest system allows control over cash spending and reconciliation between cash in the till and cash as per petty cashbook.
In non-imprest system, fixed amount of cash is transferred when petty cashbook has nil balance. In non-imprest system, cash is not transferred at regular intervals. Due to fixed amount of cash is transferred, it does not involve recording of expenditure and cash spending.
Non-imprest system provides not incentive to record cash spent and its related expenditure during the period. Therefore, cash can be spent for unauthorized purpose.
8.2 Journal General
Nominal or General Ledger is used for all other entries for which separate ledger is not available and which are of infrequent nature such as depreciations, accruals and prepayments etc which are made only at accounting year-end.
It is formal ledger and a part of double entry accounting system/bookkeeping.