State with reasons, whether the following statements are true or false: The Sales book is kept to record both cash and credit sales.
CA Foundation · Accounting · RTP · September 2024
State with reasons, whether the following statements are true or false: The Sales book is kept to record both cash and credit sales.
Suggested Answer and Working Notes:
False: The Sales book is a register specially kept to record credit sales of goods dealt in by the firm, cash sales are entered in the cash book and not in the sales book.
Topics: Accounting Process, Subsidiary Books
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