Financial Accounting Class 11

DEAR STUDENTS,   TASK # 1  DO THE ASSIGNMENT  GIVEN BELOW FOR PRACTICE. ASSIGNMENT # 15 JOURNALISE THE FOLLOWING TRANSACTIONS: REMEMBERING THE STEPS TO JOURNALISE: 1 Received an order of goods for Rs. 50,000 from Rinku and Received 10 % as advance. 2 Rinku's order was executed and balance money received by   cheque. 3 Wages of Rs. 1,000 paid by owner from his personal funds. 4 Rent of owners personal house paid from office cash Rs. 2,000. 5 Paid Rs. 250 for subscribing for newspapers. 6 Received Rs. 700 from sale of old chairs and tables. 7 Paid interest on Loan Rs. 300. 8 Goods stolen of cost price Rs. 2,000 (sales price Rs. 3,000). 9 Paid income tax Rs. 1,000 and Life Insurance Premium Rs. 4,000. 10 Paid Life Insurance premium of owner 1.000 and Insurance of Building of Business 2,000. TASK # 2 CHECK THE ANSWERS TO THE ASSIGNMENT # 14 ASSIGNMENT # 14 1 Purchased chairs from personal money and contributed to business Rs. 1,000. 2 Purchased Machinery of 1,00,000 for ...

Recording of Transactions - I Meaning and Types of Source Documents and Vouchers: Objectives After going through this lesson, you shall be able to understand the following concepts. • Source Documents • Vouchers meaning and their types Source Documents Document is a piece of paper which is used for recording any business transaction. This document is used as an evidence for recording a transaction. In fact, it is a written proof that a particular transaction actually took place. That is why these are termed as Source Documents. A source document acts as a base for recording a particular transaction. This is because it contains information that tells which account is to be debited and which is to be credited along with the amount of transaction. Source document is prepared at the time when a transaction takes place. It contains details of such transaction. Let’s understand some of the source documents. (1)  Cash Memo : Whenever goods are sold in cash, the seller prepar...