How to post the sales day book to the general ledger
The day book is only a list. Post its three totals to Trade receivables, Sales and VAT, and see what the ledger shows after.
Task 1Three totals, three accounts3 questions
The day book is only a list. Nothing is in the ledger until its totals are posted.
| Net | VAT | Gross |
|---|---|---|
| 1,600.00 | 320.00 | 1,920.00 |
- Gross total
- debit Trade receivables: customers owe this
- Net total
- credit Sales: this is what the business earned
- VAT total
- credit VAT: this is owed to HMRC
Only the three totals are posted to the general ledger, once, at the end of the period. The invoices are not posted there one by one.
Task 2After the posting4 questions