Usually it is used for expenses or expenditures.Ĭredit Voucher – A voucher which records for a transaction with two or more credits and one debit is called Credit Voucher. A compound voucher may be Debit Voucher or Credit Voucher.ĭebit Voucher – A voucher which records for a transaction which has two or more debits and one credit is called Debit Voucher. Voucher prepared for such transaction is compound voucher. Transactions with multiple debits / credits and one debit / credit are called compound transactions. A transaction with one debit and one credit is a simple transaction and the voucher prepared for it is known as Transaction Voucher. are the examples.Īccounting Vouchers – Vouchers are classified as cash vouchers, debit vouchers, credit vouchers, journal vouchers etc. The source document is the origin of a transaction and it initiates the accounting process.Invoices, vouchers, receipts, cash memos, bills etc. The verifiable objective principle of accounting requires that each recorded transactions must have a supporting document as evidence. They provide information about the n ature of transactions and also the actual amount involved in it. The documents on the basis of which transactions are recorded in the books of accounts are known as source documents. In order to record the same there must be some documents in support of it. Class 11 Accountancy Exam Questions Recording of Transactions – IĬlass 11 Accountancy er Science students should read and understand the important questions and answers provided below for Recording of Transactions – I which will help them to understand all important and difficult topics.īusiness Transactions and Source Documents – The first stage in the process of accounting is recording of business transactions. You should go through all Class 11 Accountancy Important Questions provided by our teachers which will help you to get more marks in upcoming exams. These questions and answers for Class 11 Accountancy have been designed based on the past trend of questions and important topics in your class 11 Accountancy books. Please refer to Recording of Transactions – I Class 11 Accountancy Exam Questions provided below.
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