Commerce Aspirant

What is Bank Reconciliation Statement ?  This question, is relevant for most of the accountants, who are responsible for managing the  bank statement of an organization. In simple language, a bank reconciliation statement, is a statement , which identifies the reasons for difference in balance of the bank as per the  books of accounts of the the business, and the balance which is as per the records … Read more

What is the Balancing of Accounts? We know that there are ledger accounts have debit side and credit side.  Both side has few entries. Sometimes one side may not have any entries. Following procedure is followed to balance the accounts. Add both sides of the account and find out the bigger side of the account. … Read more

Journal Proper is a book of original entry. It records the transactions which cannot be recorded in any special book. This book is also called as “General Journal”. Transactions are recorded in chronological order..i.e. date wise. Hence we can say that it records transactions for which no special journal is maintained. It also shows non … Read more

Customers might return the goods sold on to them for variety of reasons like defect in the goods, over supply, not right product etc. Sales return is also called as “Return Outward”. It records the return of goods which are sold on CREDIT. Sales return book should only record the return of goods sold and … Read more

Cash Sales Journal Entry and Credit Sales Journal Entry – Accounts Meaning of Sales Sales simply means to transfer something, whether goods or services , by receiving for it , either at the time when the goods are transferred or at a later date. Sales Journal Entry is the accounting entry made in the books of accounts, to record … Read more

When the purchases are made, it may happen that goods have to be returned to suppliers for various reasons. It is advisable to maintain a separate register or book to record these returns of purchases made. Such returns are also called “Return Outwards”. Books maintained for returns are the same as purchase books. Purchase return … Read more

Meaning of  Purchase Purchase means to acquire something from someone either by making the payment at that time itself or at a later date. To record the purchases made by the businesses during the year, a purchase (journal) book is maintained which records purchases arising from either of the two situations given below – Purchase … Read more

Cash book: It is a book in which ONLY cash transactions of an organization are recorded hence credit-based transactions will not be recorded in cash book. Transactions are recorded in chronological order i.e. date wise. Cash Book is treated as both an Account and Ledger. Debit side or Left side of cash book records cash … Read more

The syllabus of CBSE Class 11 Accountancy Notes comprises of the following chapters. We have prepared various notes along with detailed questions and their solution, relevant for the student of Accounts Class 11 Notes, who may be studying in CBSE, ISC or as per the NCERT syllabus. Each of these notes have been given under … Read more

Once the source document is received, it should be analyzed, classified and recorded. The recording of journal entries is a first step towards bookkeeping. Format of journal entry is Now second step is to post the above journalized transaction in ledger. What is ledger? Ledger is summary of transactions of a specific account for a … Read more