A2zNotes.com -Best Bcom BBA Bed Study Material

BCom Financial Accounting Study Material Notes Recording of Business Transaction

BCom Financial Accounting Study Material Notes Recording of Business Transaction

BCom Financial Accounting Study Material Notes Recording of Business Transaction

BCom Financial Accounting Study Material Notes Recording of Business Transaction: A2zNotes Presents study material Long Question Answer Notes Pdf by the Latest BCom Syllabus. A Collection of Question-Answers compiled and Edited by A2zNotes Well Experienced Authors Based on Latest Three-Years BCom Curriculum. Here in this post, we will provide you with BCom Financial Accounting Study Material Notes Recording of Business Transaction.

The most important Topics Coming in the BCom examination are BCom Books Study Notes, BCom Study Notes Pdf Download, BCom Study Material Notes, and BCom Financial Accounting Study Material Notes Recording of Business Transaction. If you are preparing for the BEd examination, BSC examination, CCC examination, BBA examination, MBA examination, MCom examination, or Bcom examination this will help you a lot. On A2zNotes.com you will find all types of Notes including CBSE, Bcom, CCC, BSC, MCom, NEILET, UPTET, and TET.

Related Posts to see:-

Topic Wise BCom Financial Accounting Study Material Notes
BCom Financial Accounting Topic Wise Study Material Notes Download Free PDF
BCom Financial Accounting Study Material Notes Exercise Branch Accounts
BCom 1st Year Financial Accounting Hire Purchase Instalment Payment System Study Material Notes
BCom 1st Year Financial Accounting Study Material Notes Partnership Accounts Distribution Profits
BCom 1st Year Financial Accounting Hire Purchase Instalment Payment System Study Material Notes
BCom Financial Accounting Study Material Notes Receipts and Payments Account Income Expenditure Account
BCom 1st Year Financial Accounting Study Material Notes Partnership Accounts Dissolutions Firm
BCom Financial Accounting Study Material Notes Branch Accounts free PDF download
BCom Financial Accounting Study Material Notes Receipts and Payments Account Income Expenditure Account
Or

View all Bed Notes ➜ <Click here>

BCom Financial Accounting Study Material Notes Recording of Business Transaction
BCom Financial Accounting Study Material Notes Recording of Business Transaction

Meaning of Business Transaction

An exchange of money or money’s worth as goods and services between two parties is called a business transaction. It may relate to the purchase and sale of goods, receipt, payment of cash, and rendering of service by one party to another. In accounting, only business transactions are recorded. (BCom Financial Accounting Study Material Notes Recording of Business Transaction)

When the payment of a business transaction is made immediately, it is called a cash transaction but when the payment is postponed to a future date, it is called a credit transaction. (BCom Financial Accounting Study Material Notes Recording of Business Transaction)

There are two main stages of Recording Business  Transactions. In the first stage, transactions are recorded in a journal, and in the second stage, items are posted from the journal to the ledger.

It is necessary to know how business transactions will be recorded in the accounting books. Ledger and journal are accounting books. Accounting books mean those books which are used for recording business transactions. An exchange of money or money’s worth as goods and services between two parties is called a business transaction. It may relate to the purchase and sale of goods, receipt, payment of cash, and rendering of service by one party to another.

In accounting, only business transactions are recorded. When the payment of a business transaction is made immediately, it is called a cash transaction but when the payment is postponed to a future date, it is called a credit transaction. There are two main stages of recording transactions. In the first stage, transactions are recorded in a journal, and in the second stage, items are posted from the journal to the ledger. (BCom Financial Accounting Study Material Notes Recording of Business Transaction)

Sub-Division of Journal

All business transactions are to be first recorded in the journal. When the number of transactions is large, recording all transactions in one journal will not only be inconvenient but also cause delays in collecting the information required. Thus, where transactions are numerous and particularly of repetitive and similar nature, it is practicable to divide the main journal into sub-journals in order to facilitate the recording of transactions of similar nature. 

Thus the journal can be divided as follows :

  • Cashbook
  • Purchases book
  • Sales book
  • Purchases return book
  • Sales returns book
  • Bills receivable book
  • Bills payable book
  • Journal proper

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

  • Click on >> (Arrow) to Download

Leave a Reply