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Recording of Transactions - 1

At Saralstudy, we are providing you with the solution of Class 11th accountancy Recording of Transactions - 1 according to the latest NCERT (CBSE) Book guidelines prepared by expert teachers. Here we are trying to give you a detailed answer to the questions of the entire topic of this chapter so that you can get more marks in your examinations by preparing the answers based on this lesson. We are trying our best to give you detailed answers to all the questions of all the topics of Class 11th accountancy Recording of Transactions - 1 so that you can prepare for the exam according to your own pace and your speed.

Bills that provide evidence of a transaction are called source documents on the basis of the source documents, entries are first recorded on the vouchers and then on the basin of the vouchers, entries are made in journal. Accounting equation means assets are equal to liabilities plus capital. Left hand side records sources of funds (liabilities), while right hand side records application of funds (Assets).

There are three types of accounts viz. real account, nominal account and personal account. The rule of Accounting: 

  • Real Account : Real account is debit what comes in and credit what goes out.
  • Personal Account : Personal account is debit the gives and credit the received.
  • Nominal Account : Nominal account is debit all expenses and losses and credit all profits and gains.

Download pdf of NCERT Solutions for Class accountancy Chapter 3 Recording of Transactions - 1

Exercise 1

Exercise 2

Exercise 3

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