Specific Purpose Books — Chapter Summary
NIOS · Class 12 · Accountancy
Summary of Specific Purpose Books for NIOS Class 12 Accountancy. Part of the NIOS Class 12 Accountancy syllabus.
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Overview
In accounting, a business deals with numerous transactions of different types every day. Recording all these transactions in a single journal would make it difficult to gather information quickly about specific types of transactions. To solve this problem, businesses maintain Special Purpose Books (
Key Concepts
Special purpose books are separate journals
Special purpose books are separate journals maintained to record specific types of transactions based on their nature. Instead of recording all transa
The Purchases Book records only credit
The Purchases Book records only credit purchases of goods in which the business deals. It includes details like date, invoice number, supplier name, d
The Purchase Returns Book records goods
The Purchase Returns Book records goods returned to suppliers. When purchased goods are defective, not as per specifications, or damaged, they are ret
The Sales Book records only credit
The Sales Book records only credit sales of goods in which the business deals. It includes date, invoice number, customer name, details of items sold,
The Sales Returns Book records goods
The Sales Returns Book records goods returned by customers. When customers return goods due to defects, damage, or specification issues, a credit note
Learning Objectives
- Understand the meaning and purpose of special purpose books in accounting
- Learn to prepare and maintain the Purchases Book and Purchase Returns Book
- Learn to prepare and maintain the Sales Book and Sales Returns Book
- Master the process of posting from special purpose books to the ledger
- Understand the Bills Receivable Book and Bills Payable Book
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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