Recording of Transactions - I
Class 11 Accountancy · Financial Accounting Part I · Chapter 3
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Summary
This chapter explains the first steps of the accounting process: identifying transactions, preparing source documents, applying the accounting equation, recording entries in the journal and posting them to the ledger. A business transaction is an exchange of economic consideration with a two-fold effect, evidenced by a source document or voucher such as a cash memo, invoice or receipt. Accounting vouchers may be cash, debit, credit or journal (complex) vouchers. Every transaction affects the accounting equation Assets = Liabilities + Capital, keeping both sides equal. The rules of debit and credit are applied: for assets and expenses, an increase is debited and a decrease is credited; for liabilities, capital and revenues, an increase is credited and a decrease is debited. The journal is the book of original entry where transactions are recorded chronologically with debit and credit accounts, amounts and a narration; this process is called journalising. The ledger is the principal book containing individual accounts, and transferring entries from the journal to the ledger is called posting. The chapter also illustrates the recording of transactions involving GST (CGST, SGST and IGST). The journal records data by transaction while the ledger classifies it by account, and ledger accounts are later balanced to find their net positions.
Business transactions and source documentsPreparation of accounting vouchersAccounting equation and rules of debit and creditJournal and journalising (including GST)Ledger and posting of entries
Key terms
Source Document
A document such as a cash memo, invoice or receipt that provides documentary evidence of a business transaction.
Voucher
An accounting document prepared on the basis of source documents to record a transaction; types include cash, debit, credit and journal vouchers.
Accounting Equation
The relationship Assets = Liabilities + Capital that remains balanced after every transaction.
Journal
The book of original entry in which transactions are recorded chronologically with their debit and credit aspects and a narration.
Ledger
The principal book of accounts containing individual accounts to which journal entries are posted.
Posting
The process of transferring entries from the journal to the respective accounts in the ledger.
Extra questions & answers
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Subsidiary books into which the journal is sub-divided are also called: