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Basic Records Maintained by a Business Concern

Small organizations have only limited transactions and they maintain very few basic accounting records such as journal book, ledger and a cash book. But in the case of large scale business organization, they have a wider number of transactions. In this respect they maintain not only the journal book, ledger and cash book but also some other separate books which are maintained for recording credit purchases, credit sales, bills transactions etc. These books are day book, sales day book, Returns inward and outward books, Bills receivable and bills payable books, petty cash book, etc.