Dear Teachers,

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These slides have been prepared based on the NCERT syllabus to support you in teaching Plus One and Plus Two Accountancy and Computerised Accounting.

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Please review and verify the content before using it in your classrooms. If you find any errors or have feedback, please let me know.

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Mujeeb Rahiman C

HSST Commerce

GHSS Pattikkad

Malappuram Dt.

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✉️ mujeebchemmala@gmail.com

9995983075 �

Chapter - 3

Recording of Transactions - I

Business Transactions

All economic events in a business are called transactions. Whenever any business transaction take place, it result in a change in the values of some of the assets, liabilities or capital

eg. Purchase of furniture, capital contributed by owner etc.

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Objectivity Concept

The concept of objectivity requires that accounting transaction should be recorded in an objective manner, free from the bias of accountants and others. This can be possible when each of the transaction is supported by verifiable documents or vouchers.

Source documents / Vouchers

Source documents / Vouchers

A document which provides evidence of the transactions is called the Source Document or a Voucher.

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There may be no documentary for certain transactions as in case of petty expenses. In such case voucher may be prepared showing the necessary details and got approved by appropriate authority within the firm.

Accounting vouchers may be classified as cash vouchers, debit vouchers, credit vouchers, journal vouchers, etc. There is no specified format.

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Accounting Vouchers

• Name of the firm must be printed on the top;
• Date of transaction is to be mentioned;
• The number of the voucher is to be in a serial order;
• Name of the account to be debited or credited;
• Debit and credit amount;
• The person who prepares the voucher must mention his name along with signature; and
• The name and signature of the authorised person are mentioned on the voucher.

Accounting vouchers must contain the following

A transaction with one debit and one credit is a simple transaction and the accounting vouchers prepared for such transaction is known as Transaction Voucher.

Transaction Voucher

Furniture

Cash

25,000

1001

12/01/2021

Royal Industries Ltd

Transaction Voucher

Purchased furniture for cash

The voucher which records a transaction with multiple debits/credits and one debit/credit is called compound voucher.

Compound voucher may be:

(a) Debit Voucher or

(b) Credit Voucher

Compound Voucher

A Voucher with multiple debits and a credit is called Debit Voucher.

Debit Voucher

Furniture

Cash

25,000

Machinery

50,000

75,000

1002

12/01/2021

Royal Industries Ltd

Debit Voucher

A Voucher with multiple Credits and a debit is called Credit Voucher.

Credit Voucher

Cash

Building

60,000

Bank

40,000

1,00,000

1003

12/01/2021

Royal Industries Ltd

Credit Voucher

Journal Voucher / Complex Voucher

Cash

Building

50,000

Bank

2,50,000

1,00,000

Land

2,00,000

1004

12/01/2021

Royal Industries Ltd

Journal Voucher

The voucher prepared to record a transaction with multiple Debits and multiple Credits is called Journal Voucher / Complex Voucher.

Journal Voucher / Complex Voucher

MUJEEB RAHIMAN C

HSST COMMERCE

GHSS PATTIKKAD

MALAPPURAM DT