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State two types of transactions?
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State two types of transactions? Related: NCERT Solution - Chapter 1 ...
Types of Financial Transactions
There are four main types of financial transactions that occur in a business. These four types of financial transactions are sales, purchases, receipts, and payments. Let's take a minute to learn about each one:
- Sales are the transactions in which property is transferred from buyer to seller for money or credit. Sales transactions are recorded in the accounting journal for the seller as a debit to cash or accounts receivable and a credit to the sales account.
- Purchases are the transactions that are required by a business in order to obtain the goods or services needed to accomplish the goals of the organization. Purchases made in cash result in a debit to the inventory account and a credit to cash. If the purchase is made with a credit account, the debit entry would still be to the inventory account and the credit entry would be to the accounts payable account.
- Receipts are the transactions that refer to a business getting paid for delivering goods or services to another business. The receipt transaction is recorded in the journal for the seller as a debit to cash and a credit to accounts receivable.
- Payments are the transactions that refer to a business receiving money for a good or service. They are recorded in the accounting journal of the business issuing the payment as a credit to cash and a debit to accounts payable.
This question is part of UPSC exam. View all Commerce courses
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State two types of transactions? Related: NCERT Solution - Chapter 1 ...
There are four types of transaction :- Sales , Purchases , Receipts , Payment
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State two types of transactions? Related: NCERT Solution - Chapter 1 : Introduction to Accounting, Class 11, commerce?
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State two types of transactions? Related: NCERT Solution - Chapter 1 : Introduction to Accounting, Class 11, commerce? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about State two types of transactions? Related: NCERT Solution - Chapter 1 : Introduction to Accounting, Class 11, commerce? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for State two types of transactions? Related: NCERT Solution - Chapter 1 : Introduction to Accounting, Class 11, commerce?.
State two types of transactions? Related: NCERT Solution - Chapter 1 : Introduction to Accounting, Class 11, commerce? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about State two types of transactions? Related: NCERT Solution - Chapter 1 : Introduction to Accounting, Class 11, commerce? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for State two types of transactions? Related: NCERT Solution - Chapter 1 : Introduction to Accounting, Class 11, commerce?.
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