Some one please help!

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:24AM in AAT student discussion
I always forget how to post the sales day book and the sales returns day book correctly, its basic i know but i really cannot get my head around it has anyone got an easy way to remember it please?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Some one please help!

    Heya!

    The sales day books are for customers only, so if you remember that customers are debtors then all you have to remember is that you debit the debtors accounts and credit the creditors accounts.

    So you debit all the individual accounts and debit the control account and credit VAT etc and vise versa for the purchase day books

    (I think!!)

    Good luck!

    Fi
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Some one please help!

    With the Sales Day Book, there are 3 postings.

    The total is posted as a debit to the Sales Ledger Control Account, as it increases the amount they owe you. People Owing you money is an Asset.

    VAT is a credit to the VAT account, as you owe HM Revenue and Customs this amount. This a Liability.

    The Net amount is a credit to the Sales Account.

    It's the net amount, as this is all that you actually keep, as the VAT amount is paid to HMC&E.

    Try using PEARLS

    Debit
    Purchases
    Expenses
    Assets

    Credit
    Revenue
    Liabilities
    Sales


    For Sales returns the postings are the opposite, as they cancel out the Sales. In summary

    SDB

    Gross Dr Sales Ledger Control
    VAT Cr VAT
    Net Cr Sales

    SRDB

    Gross Cr Sales Ledger Control
    VAT Dr VAT
    Net Dr Sales

    I hope that helps.

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