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
Ledger Accounts Class 11 Ledger- “Book or register which contains, in a summarized and classified form, a permanent record of all transactions.” When the journal entries are passed after that to classify them, different accounts are prepared of individual nature. These are called ledger. SIGNIFICANCE OF A LEDGER Classifies the transaction under individual heads Helps … Read more
What is Journal in accounting – Basic Concept of Journal What is Journal in accounting ? A Journal is a record of financial transactions in chronological (date-wise, starting from the earliest to the latest date) order. Journal is also known as Book of Original Entry. Journal Entries for Class 11 Given that there are various types of … Read more
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