CBSE Class 11 Accountancy Recording Of Transaction Notes

Download CBSE Class 11 Accountancy Recording Of Transaction Notes in PDF format. All Revision notes for Class 11 Accountancy have been designed as per the latest syllabus and updated chapters given in your textbook for Accountancy in Class 11. Our teachers have designed these concept notes for the benefit of Class 11 students. You should use these chapter wise notes for revision on daily basis. These study notes can also be used for learning each chapter and its important and difficult topics or revision just before your exams to help you get better scores in upcoming examinations, You can also use Printable notes for Class 11 Accountancy for faster revision of difficult topics and get higher rank. After reading these notes also refer to MCQ questions for Class 11 Accountancy given on studiestoday

Revision Notes for Class 11 Accountancy Chapter 3 Recording of Transactions-I

Class 11 Accountancy students should refer to the following concepts and notes for Chapter 3 Recording of Transactions-I in Class 11. These exam notes for Class 11 Accountancy will be very useful for upcoming class tests and examinations and help you to score good marks

Chapter 3 Recording of Transactions-I Notes Class 11 Accountancy

class_11_Accountancy_concept_5

 Accounting Equation :

Total Assets = Total Liabilities

Total Assets = Internal Liabilities + External Liabilities 

Total Assets = Capital + Liabilities Classification of Transactions

Following are the nine basic transactions:

1. Increase in assets with corresponding increase in capital.

2. Increase in assets with corresponding increase in liabilities.

3. Decrease in assets with corresponding decrease in capital.

4. Decrease in assets with corresponding decrease in liabilities.

5. Increase and decrease in assets.

6. Increase and decrease in liabilities

7. Increase and decrease in capital

8. Increase in liabilities and decrease in capital

9. Increase in capital and decrease in liabilities. 

Illustration :

Show the effect of the following business transactions on assets, liabilities and capital through accounting equations:

1. Commenced business with cash                    20,000

2. Goods purchased on credit                            7,000

3. Furniture purchased                                      3,000

4. paid to creditors                                            2,000

5. Amount withdrawn by the proprietor            4,000

6. Creditors accepted a bill for payment            1,500

7. interest on capital                                          1,000

8. Transfer from capital to loan                           5,000

9. Allotted shares to creditors                             1,000

class_11_Accountancy_concept_6

Question for Practice:

Prepare Accounting equation on the basis of following information:

(1) Sohan started business with cash         =80,000

                                          Machinery           =10,000

                                            And stock          =10,000

(2) Interest on the above capital was allowed @ 10%

(3) Money withdrew from the business for his personal use 10,000/-

(4) Interest on drawings 500/-

(5) Depreciation charged on machinery 2,000/-

Q. How the assets liabilities and capital will be affected under following cases:

(1) Purchase of building for cash

(2) Purchase of furniture on credit

(3) Receipt of commission

(4) Payment to creditors. 

Generally Students commit these mistakes please avoid :
 Treatment of adjustment in accounting equation
 Dual or triple effect of transaction
 Omission in recording amount
 Interest on capital and drawing
 Debit and credit should be done properly
 Depreciation must be treated properly.

RULES OF DEBIT AND CREDIT (I) Traditional or English Approach: This approach is based on the main principle of double entry system i.e. every debit has a credit and every credit has a debit. According to this system we should record both the aspects of a transaction whereas one aspect of a transaction will be debited and other aspect of a transaction will be credited.
(1) Personal Account:           Debit the receiver and credit the giver.
(2) Real Account:                 Debit what comes in and credit what goes out.
(3) Nominal Account:           Debit all expenses and losses credit all incomes and gains.

(2) Modern or American Approach: This approach is based on the accounting equation or balance sheet. In this approach accounts are debited or credited according to the nature of an account. In a summarised way the five rules of modern approach is as follows:
1. Increase in asset will be debited and decrease will be credited.
2. Increase in the liabilities will be credited and decrease will be debited.
3. Increase in the capital will be credited and decrease will be debited.
4. Increase in the revenue or income will be credited and decrease will be debited.
5. Increase in expenses and losses will be debited and decrease will be credited.

SOURCE DOCUMENTS

Meaning of Source documents:
 Business transactions are recorded in the books of accounts on the basis of some written evidence called source document.

Common Source documents are Cash Memo, Invoice or Bill, Receipts, Debit Note, Credit Note, Cheque, Pay in slip

Meaning of Voucher: Voucher is a source by which we record the transactions.

Meaning of Journal: Journal is a book of prime entry in which transactions are copied in order of date from a memorandum or waste book.

Illustration:
Journalise the following transactions in the books of Ravi:
1. Bought goods from Sonam Rs. 20,000 less trade discount 20% plus VAT @ 10%.
2. Sold goods costing Rs. 6,000 to Ram for Rs. 8,000 plus VAT @ 10%
3. Sold the balance goods for Rs. 16,000 and charged VAT @ 10% to Mohan against payment by cheque which was banked on the same day.
4. Deposited the VAT into government account by cheque.
CBSE Class XI Accountancy - Recording Of Transaction
Question for Practice:
Journalise the following transactions:

1. Paid sales tax Rs. 5,000.
2. Sold goods for Rs. 80,000 to Diwan for cash and charged 8% sales tax.
3. Purchased goods from Neelam for Rs. 50,000 plus VAT @ 10%
4. Sold goods to Punam worth Rs. 80,000 plus VAT @ 10%.
5. VAT was deposited into Government Account on its due date.
6. Paid Income Tax Rs. 7,000.

CASH BOOK
Meaning: Cash book is a book in which all the transactions related to cash receipts and cash payments are recorded.

Please click the link below to download pdf file for CBSE Class 11 Accountancy Recording Of Transaction Notes.

z Other Important Topics for Class 11 Accountancy
CBSE Class 11 Accountancy Topics For Projects

More Study Material

CBSE Class 11 Accountancy Chapter 3 Recording of Transactions-I Notes

We hope you liked the above notes for topic Chapter 3 Recording of Transactions-I which has been designed as per the latest syllabus for Class 11 Accountancy released by CBSE. Students of Class 11 should download and practice the above notes for Class 11 Accountancy regularly. All revision notes have been designed for Accountancy by referring to the most important topics which the students should learn to get better marks in examinations. Studiestoday is the best website for Class 11 students to download all latest study material.

Notes for Accountancy CBSE Class 11 Chapter 3 Recording of Transactions-I

Our team of expert teachers have referred to the NCERT book for Class 11 Accountancy to design the Accountancy Class 11 notes. If you read the concepts and revision notes for one chapter daily, students will get higher marks in Class 11 exams this year. Daily revision of Accountancy course notes and related study material will help you to have a better understanding of all concepts and also clear all your doubts. You can download all Revision notes for Class 11 Accountancy also from www.studiestoday.com absolutely free of cost in Pdf format. After reading the notes which have been developed as per the latest books also refer to the NCERT solutions for Class 11 Accountancy provided by our teachers

Chapter 3 Recording of Transactions-I Notes for Accountancy CBSE Class 11

All revision class notes given above for Class 11 Accountancy have been developed as per the latest curriculum and books issued for the current academic year. The students of Class 11 can rest assured that the best teachers have designed the notes of Accountancy so that you are able to revise the entire syllabus if you download and read them carefully. We have also provided a lot of MCQ questions for Class 11 Accountancy in the notes so that you can learn the concepts and also solve questions relating to the topics. All study material for Class 11 Accountancy students have been given on studiestoday.

Chapter 3 Recording of Transactions-I CBSE Class 11 Accountancy Notes

Regular notes reading helps to build a more comprehensive understanding of Chapter 3 Recording of Transactions-I concepts. notes play a crucial role in understanding Chapter 3 Recording of Transactions-I in CBSE Class 11. Students can download all the notes, worksheets, assignments, and practice papers of the same chapter in Class 11 Accountancy in Pdf format. You can print them or read them online on your computer or mobile.

Notes for CBSE Accountancy Class 11 Chapter 3 Recording of Transactions-I

CBSE Class 11 Accountancy latest books have been used for writing the above notes. If you have exams then you should revise all concepts relating to Chapter 3 Recording of Transactions-I by taking out a print and keeping them with you. We have also provided a lot of Worksheets for Class 11 Accountancy which you can use to further make yourself stronger in Accountancy

Where can I download latest CBSE Class 11 Accountancy Chapter 3 Recording of Transactions-I notes

You can download notes for Class 11 Accountancy Chapter 3 Recording of Transactions-I for latest academic session from StudiesToday.com

Can I download the Notes for Chapter 3 Recording of Transactions-I Class 11 Accountancy in Pdf format

Yes, you can click on the link above and download notes PDFs for Class 11 Accountancy Chapter 3 Recording of Transactions-I which you can use for daily revision

Are the revision notes available for Chapter 3 Recording of Transactions-I Class 11 Accountancy for the latest CBSE academic session

Yes, the notes issued for Class 11 Accountancy Chapter 3 Recording of Transactions-I have been made available here for latest CBSE session

How can I download the Chapter 3 Recording of Transactions-I Class 11 Accountancy Notes pdf

You can easily access the link above and download the Class 11 Notes for Accountancy Chapter 3 Recording of Transactions-I for each topic in Pdf

Is there any charge for the Class 11 Accountancy Chapter 3 Recording of Transactions-I notes

There is no charge for the notes for CBSE Class 11 Accountancy Chapter 3 Recording of Transactions-I, you can download everything free of charge

Which is the best online platform to find notes for Chapter 3 Recording of Transactions-I Class 11 Accountancy

www.studiestoday.com is the best website from which you can download latest notes for Chapter 3 Recording of Transactions-I Accountancy Class 11

Where can I find topic-wise notes for Class 11 Accountancy Chapter 3 Recording of Transactions-I

Come to StudiesToday.com to get best quality topic wise notes for Class 11 Accountancy Chapter 3 Recording of Transactions-I

Can I get latest Chapter 3 Recording of Transactions-I Class 11 Accountancy revision notes as per CBSE syllabus

We have provided all notes for each topic of Class 11 Accountancy Chapter 3 Recording of Transactions-I as per latest CBSE syllabus