CBSE Class 11 Accountancy Revision Notes Chapter 4

CBSE Class 11 Accountancy Revision Notes Chapter-4 Recording of Transactions – II

Business transactions are often known to be documented in a journal before being posted to a ledger account. However, this holds for a small firm with fewer transactions. The quantity of transactions increases dramatically as a company grows. Because a large company has a large transaction volume, it is impossible to journalize all transactions. The primary journal is separated into many subsidiary journals, which record the business’s repeated transactions. Transaction recording-II is concerned with transaction recording in dedicated books or journals.

Extramarks offers CBSE Class 11 Accountancy Revision Notes for Chapter 4 Recording of Transactions – II which students can access at any time to prepare for this chapter more effectively. These notes offer a detailed description of the chapter, finished tasks, brief keynotes, revision notes, and instance papers to help students to understand the concepts thoroughly.

Revision Notes for CBSE Class 11 Accountancy Chapter-4 – Download 

Access Class- 11 Accountancy Chapter 4 – Recording Of Transactions – II Notes

Subject specialists with years of expertise thoughtfully prepare the CBSE Revision Notes of Accountancy Class 11 Chapter 4. Students may get the most up-to-date Class 11 Accountancy Chapter 4 notes from Extramarks and improve their comprehension of the different crucial topics of the chapter.

Cash Book

This book is used to track all transactions involving cash payments and receipts. This book also keeps track of all bank transactions.

Double Column Cash Book

A cash book with two columns on each side, one for cash transactions and the other for bank transactions, is a double-column cash book.

Purchase Return Book:-

The purchase return book is used to track the return of credit-purchased products. Outward return book is another name for it.

Sale Return Book

The sale return book is used in tracking the return of goods sold on credit to clients. A return inward book is another name for this book.

Journal Proper:-

Only transactions that cannot be entered in any other subsidiary book are recorded in the journal proper. In this scenario, a journal is referred to as a suitable journal.

Recording of Transactions 2 NCERT Solutions Class 11 – Introduction

The method of managing accounting transactions in different books of accounts is known as transaction recording. The journal book, cash book, and ledger accounts are required for the transactions. The notes for Class 11 Accountancy Chapter 4 provide a comprehensive overview of the chapter. The recording of transactions introduces the recorded transactions and the preparation of source documents that have already been logged in the book known as a journal. The entries in the journal book are reported in a private account called a ledger after these processes are completed.

Cash Book

The Cash Book is the book in which all transactions involving cash payments and receipts are recorded. It starts with the beginning of a period’s bank balances or cash. Every month, this book is widely used. It is maintained by all organizations, large and small, for-profit or non-profit. It helps both ledger accounts and diaries achieve their goals.

• Cash Book with One Column: The Single Column Cash Book is a cash book that records all of the business’s cash transactions in an achronological system. It is a detailed record of all cash receipts and payments.
• Cash Book with Two Columns: There are two amount columns on each side of the cash book: one for bank transactions and one for cash transactions. Bank transactions are significant in today’s world. Thus most organizations’ receipts and payments are influenced by the bank. Most organizations prefer to keep a double-column cash book rather than two distinct ledger accounts for tracking bank transactions and cash since it gives both bank and cash balance information at the same time.
• Petty Cash Register: Modest payments, such as cartage, postage, conveyance, telegrams, and other charges, are reported under numerous accounts. If these payments are entered into the cash book, the cashier may get overworked, and the cash book may become clumsy. Many businesses assign a second cashier, often known as a petty cashier, to record these transactions in a separate cash book. The petty cashier manages the petty cash book.

Purchase Book

A subsidiary book is the Purchase book. This book contains the account of all credit purchases but not the record of asset purchases. The journal itself has records of asset purchases. The entries are taken from source papers and listed in the purchase book.

Journal Proper

The Journal Proper book is a book of original records (simple journal) in which diverse credit transactions that do not fit any other details are recorded. The miscellaneous journal is another name for it.