Recording of Transactions - II
Bihar Board · Class 11 · Accountancy
Summary of Recording of Transactions - II for Bihar Board Class 11 Accountancy. Key concepts, important points, and chapter overview.
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Overview
As businesses grow and the volume of transactions increases, recording all transactions in a single journal becomes impractical and cumbersome. Chapter 4 introduces the concept of special purpose books (also called subsidiary books or day books) that help organize and streamline the recording proces
Key Concepts
These are specialized journals used
These are specialized journals used to record similar types of transactions together. They include Cash Book, Purchases Book, Purchases Return Book, S
A specialized book recording all cash
A specialized book recording all cash receipts and payments. It serves dual purpose as both journal and ledger account for cash. Types include: Single
A subsidiary book maintained to record
A subsidiary book maintained to record small routine payments like postage, stationery, refreshments, etc. Operates on the Imprest System where a fixe
Records all credit purchases of goods
Records all credit purchases of goods meant for resale. Cash purchases go in cash book. Source documents are invoices/bills from suppliers. Only net a
Records goods returned to suppliers due
Records goods returned to suppliers due to defects, wrong specifications, etc. Source document is Debit Note prepared by the buyer. Individual supplie
Learning Objectives
- Understand the need for special purpose books in growing businesses
- Learn to record transactions in cash book and post them to the ledger
- Master the preparation and maintenance of petty cash book using the imprest system
- Record transactions in specialized journals (purchases, sales, returns)
- Post entries from special purpose books to the ledger accounts
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