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Page 1 I n chapter 3, you learnt that all the business transactions are first recorded in the journal and then they are posted in the ledger accounts. A small business may be able to record all its transactions in one book only, i.e., the journal. But as the business expands and the number of transactions becomes large, it may become cumbersome to jour-nalise each transaction. For quick, efficient and accurate recording of business transactions, Journal is sub-divided into special journals. Many of the business transactions are repetitive in nature. They can be easily recorded in special journals, each meant for recording all the transactions of a similar nature. For example, all cash transactions may be recorded in one book, all credit sales transactions in another book and all credit purchases transactions in yet another book and so on. These special journals are also called daybooks or subsidiary books. Transactions that cannot be recorded in any special journal are recorded in journal called the Journal Proper. Special journals prove economical and make division of labour possible in accounting work. In this chapter we will discuss the following special purpose books: • Cash Book • Purchases Book • Purchases Return (Return Outwards) Book • Sales Book • Sales Return (Return Inwards) Book • Journal Proper Recording of Transactions-II 4 LEARNING OBJECTIVES After studying this chapter, you will be able to : • state the need for special purpose books; • record the transactions in cash book and post them in the ledger; • prepare the petty cash book; • record the transactions in the special purpose books; • post the entries in the special purpose book and to the ledger; • balance the ledger accounts. 2024-25 Page 2 I n chapter 3, you learnt that all the business transactions are first recorded in the journal and then they are posted in the ledger accounts. A small business may be able to record all its transactions in one book only, i.e., the journal. But as the business expands and the number of transactions becomes large, it may become cumbersome to jour-nalise each transaction. For quick, efficient and accurate recording of business transactions, Journal is sub-divided into special journals. Many of the business transactions are repetitive in nature. They can be easily recorded in special journals, each meant for recording all the transactions of a similar nature. For example, all cash transactions may be recorded in one book, all credit sales transactions in another book and all credit purchases transactions in yet another book and so on. These special journals are also called daybooks or subsidiary books. Transactions that cannot be recorded in any special journal are recorded in journal called the Journal Proper. Special journals prove economical and make division of labour possible in accounting work. In this chapter we will discuss the following special purpose books: • Cash Book • Purchases Book • Purchases Return (Return Outwards) Book • Sales Book • Sales Return (Return Inwards) Book • Journal Proper Recording of Transactions-II 4 LEARNING OBJECTIVES After studying this chapter, you will be able to : • state the need for special purpose books; • record the transactions in cash book and post them in the ledger; • prepare the petty cash book; • record the transactions in the special purpose books; • post the entries in the special purpose book and to the ledger; • balance the ledger accounts. 2024-25 100 Accountancy 4.1 Cash Book Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with the cash or bank balances at the beginning of the period. Generally, it is made on monthly basis. This is a very popular book and is maintained by all organisations, big or small, profit or not-for- profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry. When a cashbook is maintained, transactions of cash are not recorded in the journal, and no separate account for cash or bank is required in the ledger. 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book The single column cash book records all cash transactions of the business in a chronological order, i.e., it is a complete record of cash receipts and cash payments. When all receipts and payments are made in cash by a business organisation only, the cash book contains only one amount column on each (debit and credit) side. The format of single column cash book is shown in figure 4.1. Cash Book Dr. Cr. Date Receipts L.F. Amount Date Payments L.F. Amount ` ` Fig. 4.1 : Format of single column cash book Recording of entries in the single column cash book and its balancing is illustrated by an example. Consider the following transactions of M/s Roopa Traders observe how they are recorded in a single column cash book. Date Details Amount ` 2017 Nov. 01 Cash in hand 30,000 Nov. 04 Cash received from Gurmeet 12,000 Nov. 08 Insurance paid (Annual Instalment) 6,000 Nov. 13 Purchased furniture 13,800 Nov. 16 Sold goods for cash 28,000 Nov. 17 Purchased goods from Mudit in cash 17,400 Nov. 20 Purchase stationery 1,100 Nov. 24 Cash paid to Rukmani in full settlement of account 12,500 2024-25 Page 3 I n chapter 3, you learnt that all the business transactions are first recorded in the journal and then they are posted in the ledger accounts. A small business may be able to record all its transactions in one book only, i.e., the journal. But as the business expands and the number of transactions becomes large, it may become cumbersome to jour-nalise each transaction. For quick, efficient and accurate recording of business transactions, Journal is sub-divided into special journals. Many of the business transactions are repetitive in nature. They can be easily recorded in special journals, each meant for recording all the transactions of a similar nature. For example, all cash transactions may be recorded in one book, all credit sales transactions in another book and all credit purchases transactions in yet another book and so on. These special journals are also called daybooks or subsidiary books. Transactions that cannot be recorded in any special journal are recorded in journal called the Journal Proper. Special journals prove economical and make division of labour possible in accounting work. In this chapter we will discuss the following special purpose books: • Cash Book • Purchases Book • Purchases Return (Return Outwards) Book • Sales Book • Sales Return (Return Inwards) Book • Journal Proper Recording of Transactions-II 4 LEARNING OBJECTIVES After studying this chapter, you will be able to : • state the need for special purpose books; • record the transactions in cash book and post them in the ledger; • prepare the petty cash book; • record the transactions in the special purpose books; • post the entries in the special purpose book and to the ledger; • balance the ledger accounts. 2024-25 100 Accountancy 4.1 Cash Book Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with the cash or bank balances at the beginning of the period. Generally, it is made on monthly basis. This is a very popular book and is maintained by all organisations, big or small, profit or not-for- profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry. When a cashbook is maintained, transactions of cash are not recorded in the journal, and no separate account for cash or bank is required in the ledger. 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book The single column cash book records all cash transactions of the business in a chronological order, i.e., it is a complete record of cash receipts and cash payments. When all receipts and payments are made in cash by a business organisation only, the cash book contains only one amount column on each (debit and credit) side. The format of single column cash book is shown in figure 4.1. Cash Book Dr. Cr. Date Receipts L.F. Amount Date Payments L.F. Amount ` ` Fig. 4.1 : Format of single column cash book Recording of entries in the single column cash book and its balancing is illustrated by an example. Consider the following transactions of M/s Roopa Traders observe how they are recorded in a single column cash book. Date Details Amount ` 2017 Nov. 01 Cash in hand 30,000 Nov. 04 Cash received from Gurmeet 12,000 Nov. 08 Insurance paid (Annual Instalment) 6,000 Nov. 13 Purchased furniture 13,800 Nov. 16 Sold goods for cash 28,000 Nov. 17 Purchased goods from Mudit in cash 17,400 Nov. 20 Purchase stationery 1,100 Nov. 24 Cash paid to Rukmani in full settlement of account 12,500 2024-25 101 Recording of Transactions - II Nov. 27 Sold goods to Kamal for cash 18,200 Nov. 30 Paid monthly rent 2,500 Nov. 30 Paid salary 3,500 Nov. 30 Deposited in bank 8,000 Roopa Traders Cash Book Dr. Cr. Date Receipts L.F. Amount Date Payments L.F. Amount ` ` 2017 2017 Nov. 01 Balance b/d 30,000 Nov. 08 Insurance 6,000 Nov. 04 Gurmeet 12,000 Nov. 13 Furniture 13,800 Nov. 16 Sales 28,000 Nov. 17 Purchases 17,400 Nov. 27 Sales 18,200 Nov. 20 Stationery 1,100 Nov. 24 Rukmani 12,500 Nov. 30 Rent 2,500 Nov. 30 Salary 3,500 Nov. 30 Bank 8,000 Nov. 30 Balance c/d 23,400 88,200 88,200 Dec.01 Balance b/d 23,400 Posting of the Single Column Cash Book As evident from figure 4.1, the left side of the cash book shows the receipts of the cash whereas the right side of the cash book shows all the payments made in cash. The accounts appearing on then debit side for the cash book are credited in the respective ledger accounts because cash has been received in respect of them. Thus, in our example, an entry ‘cash received from Gurmeet’ appears on the debit side of the cash book conveys that the cash has been received from Gurmeet. Therefore, in the ledger, Gurmeet’s account will be credited by writing ‘Cash’ in the particulars column on the credit side. Similarly, all the account names appearing on the credit side of the cash book are debited as cash/cheque has been paid in respect of them. Now, notice, how the transactions in our example are posted to the related ledger accounts: 2024-25 Page 4 I n chapter 3, you learnt that all the business transactions are first recorded in the journal and then they are posted in the ledger accounts. A small business may be able to record all its transactions in one book only, i.e., the journal. But as the business expands and the number of transactions becomes large, it may become cumbersome to jour-nalise each transaction. For quick, efficient and accurate recording of business transactions, Journal is sub-divided into special journals. Many of the business transactions are repetitive in nature. They can be easily recorded in special journals, each meant for recording all the transactions of a similar nature. For example, all cash transactions may be recorded in one book, all credit sales transactions in another book and all credit purchases transactions in yet another book and so on. These special journals are also called daybooks or subsidiary books. Transactions that cannot be recorded in any special journal are recorded in journal called the Journal Proper. Special journals prove economical and make division of labour possible in accounting work. In this chapter we will discuss the following special purpose books: • Cash Book • Purchases Book • Purchases Return (Return Outwards) Book • Sales Book • Sales Return (Return Inwards) Book • Journal Proper Recording of Transactions-II 4 LEARNING OBJECTIVES After studying this chapter, you will be able to : • state the need for special purpose books; • record the transactions in cash book and post them in the ledger; • prepare the petty cash book; • record the transactions in the special purpose books; • post the entries in the special purpose book and to the ledger; • balance the ledger accounts. 2024-25 100 Accountancy 4.1 Cash Book Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with the cash or bank balances at the beginning of the period. Generally, it is made on monthly basis. This is a very popular book and is maintained by all organisations, big or small, profit or not-for- profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry. When a cashbook is maintained, transactions of cash are not recorded in the journal, and no separate account for cash or bank is required in the ledger. 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book The single column cash book records all cash transactions of the business in a chronological order, i.e., it is a complete record of cash receipts and cash payments. When all receipts and payments are made in cash by a business organisation only, the cash book contains only one amount column on each (debit and credit) side. The format of single column cash book is shown in figure 4.1. Cash Book Dr. Cr. Date Receipts L.F. Amount Date Payments L.F. Amount ` ` Fig. 4.1 : Format of single column cash book Recording of entries in the single column cash book and its balancing is illustrated by an example. Consider the following transactions of M/s Roopa Traders observe how they are recorded in a single column cash book. Date Details Amount ` 2017 Nov. 01 Cash in hand 30,000 Nov. 04 Cash received from Gurmeet 12,000 Nov. 08 Insurance paid (Annual Instalment) 6,000 Nov. 13 Purchased furniture 13,800 Nov. 16 Sold goods for cash 28,000 Nov. 17 Purchased goods from Mudit in cash 17,400 Nov. 20 Purchase stationery 1,100 Nov. 24 Cash paid to Rukmani in full settlement of account 12,500 2024-25 101 Recording of Transactions - II Nov. 27 Sold goods to Kamal for cash 18,200 Nov. 30 Paid monthly rent 2,500 Nov. 30 Paid salary 3,500 Nov. 30 Deposited in bank 8,000 Roopa Traders Cash Book Dr. Cr. Date Receipts L.F. Amount Date Payments L.F. Amount ` ` 2017 2017 Nov. 01 Balance b/d 30,000 Nov. 08 Insurance 6,000 Nov. 04 Gurmeet 12,000 Nov. 13 Furniture 13,800 Nov. 16 Sales 28,000 Nov. 17 Purchases 17,400 Nov. 27 Sales 18,200 Nov. 20 Stationery 1,100 Nov. 24 Rukmani 12,500 Nov. 30 Rent 2,500 Nov. 30 Salary 3,500 Nov. 30 Bank 8,000 Nov. 30 Balance c/d 23,400 88,200 88,200 Dec.01 Balance b/d 23,400 Posting of the Single Column Cash Book As evident from figure 4.1, the left side of the cash book shows the receipts of the cash whereas the right side of the cash book shows all the payments made in cash. The accounts appearing on then debit side for the cash book are credited in the respective ledger accounts because cash has been received in respect of them. Thus, in our example, an entry ‘cash received from Gurmeet’ appears on the debit side of the cash book conveys that the cash has been received from Gurmeet. Therefore, in the ledger, Gurmeet’s account will be credited by writing ‘Cash’ in the particulars column on the credit side. Similarly, all the account names appearing on the credit side of the cash book are debited as cash/cheque has been paid in respect of them. Now, notice, how the transactions in our example are posted to the related ledger accounts: 2024-25 102 Accountancy Books of Roopa Traders Gurmeet’s Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov.04 Cash 12,000 Sales Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 16 Cash 28,000 Nov. 27 Cash 18,200 Insurance Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 08 Cash 6,000 Furniture Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 13 Cash 13,800 Purchases Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 17 Cash 17,400 Stationery Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 20 Cash 1,100 2024-25 Page 5 I n chapter 3, you learnt that all the business transactions are first recorded in the journal and then they are posted in the ledger accounts. A small business may be able to record all its transactions in one book only, i.e., the journal. But as the business expands and the number of transactions becomes large, it may become cumbersome to jour-nalise each transaction. For quick, efficient and accurate recording of business transactions, Journal is sub-divided into special journals. Many of the business transactions are repetitive in nature. They can be easily recorded in special journals, each meant for recording all the transactions of a similar nature. For example, all cash transactions may be recorded in one book, all credit sales transactions in another book and all credit purchases transactions in yet another book and so on. These special journals are also called daybooks or subsidiary books. Transactions that cannot be recorded in any special journal are recorded in journal called the Journal Proper. Special journals prove economical and make division of labour possible in accounting work. In this chapter we will discuss the following special purpose books: • Cash Book • Purchases Book • Purchases Return (Return Outwards) Book • Sales Book • Sales Return (Return Inwards) Book • Journal Proper Recording of Transactions-II 4 LEARNING OBJECTIVES After studying this chapter, you will be able to : • state the need for special purpose books; • record the transactions in cash book and post them in the ledger; • prepare the petty cash book; • record the transactions in the special purpose books; • post the entries in the special purpose book and to the ledger; • balance the ledger accounts. 2024-25 100 Accountancy 4.1 Cash Book Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with the cash or bank balances at the beginning of the period. Generally, it is made on monthly basis. This is a very popular book and is maintained by all organisations, big or small, profit or not-for- profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry. When a cashbook is maintained, transactions of cash are not recorded in the journal, and no separate account for cash or bank is required in the ledger. 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book 4.1.1 Single Column Cash Book The single column cash book records all cash transactions of the business in a chronological order, i.e., it is a complete record of cash receipts and cash payments. When all receipts and payments are made in cash by a business organisation only, the cash book contains only one amount column on each (debit and credit) side. The format of single column cash book is shown in figure 4.1. Cash Book Dr. Cr. Date Receipts L.F. Amount Date Payments L.F. Amount ` ` Fig. 4.1 : Format of single column cash book Recording of entries in the single column cash book and its balancing is illustrated by an example. Consider the following transactions of M/s Roopa Traders observe how they are recorded in a single column cash book. Date Details Amount ` 2017 Nov. 01 Cash in hand 30,000 Nov. 04 Cash received from Gurmeet 12,000 Nov. 08 Insurance paid (Annual Instalment) 6,000 Nov. 13 Purchased furniture 13,800 Nov. 16 Sold goods for cash 28,000 Nov. 17 Purchased goods from Mudit in cash 17,400 Nov. 20 Purchase stationery 1,100 Nov. 24 Cash paid to Rukmani in full settlement of account 12,500 2024-25 101 Recording of Transactions - II Nov. 27 Sold goods to Kamal for cash 18,200 Nov. 30 Paid monthly rent 2,500 Nov. 30 Paid salary 3,500 Nov. 30 Deposited in bank 8,000 Roopa Traders Cash Book Dr. Cr. Date Receipts L.F. Amount Date Payments L.F. Amount ` ` 2017 2017 Nov. 01 Balance b/d 30,000 Nov. 08 Insurance 6,000 Nov. 04 Gurmeet 12,000 Nov. 13 Furniture 13,800 Nov. 16 Sales 28,000 Nov. 17 Purchases 17,400 Nov. 27 Sales 18,200 Nov. 20 Stationery 1,100 Nov. 24 Rukmani 12,500 Nov. 30 Rent 2,500 Nov. 30 Salary 3,500 Nov. 30 Bank 8,000 Nov. 30 Balance c/d 23,400 88,200 88,200 Dec.01 Balance b/d 23,400 Posting of the Single Column Cash Book As evident from figure 4.1, the left side of the cash book shows the receipts of the cash whereas the right side of the cash book shows all the payments made in cash. The accounts appearing on then debit side for the cash book are credited in the respective ledger accounts because cash has been received in respect of them. Thus, in our example, an entry ‘cash received from Gurmeet’ appears on the debit side of the cash book conveys that the cash has been received from Gurmeet. Therefore, in the ledger, Gurmeet’s account will be credited by writing ‘Cash’ in the particulars column on the credit side. Similarly, all the account names appearing on the credit side of the cash book are debited as cash/cheque has been paid in respect of them. Now, notice, how the transactions in our example are posted to the related ledger accounts: 2024-25 102 Accountancy Books of Roopa Traders Gurmeet’s Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov.04 Cash 12,000 Sales Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 16 Cash 28,000 Nov. 27 Cash 18,200 Insurance Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 08 Cash 6,000 Furniture Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 13 Cash 13,800 Purchases Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 17 Cash 17,400 Stationery Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 20 Cash 1,100 2024-25 103 Recording of Transactions - II Rukmani’s Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov.24 Cash 12,500 Rent Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov.30 Cash 2,500 Salary Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov. 30 Cash 3,500 Bank’s Account Dr. Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount ` ` 2017 Nov.30 Cash 8,000 4.1.2 Double Column Cash Book 4.1.2 Double Column Cash Book 4.1.2 Double Column Cash Book 4.1.2 Double Column Cash Book 4.1.2 Double Column Cash Book In this type of cash book, there are two columns of amount on each side of the cash book. In fact, now-a-days bank transactions are very large in number. In many organisations, as far as possible, all receipts and payments are affected through bank. A businessman generally opens a current account with a bank. Bank, do not allow any interest on the balance in current account but charge a small amount, called incidental charges, for the services rendered. For depositing cash/cheques in the bank account, a form has to be filled, which is called a pay-in-slip. (refer figure 4.2) It contains a counterfoil also which is returned to the customer (depositor) with the signature of the cashier, as receipt. The bank issues blank cheque forms, to the account holder for withdrawing money. (refer figure 4.3) The depositor writes the name of the party to whom payment is to be made after the words Pay printed on the cheque. Cheque 2024-25Read More
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FAQs on NCERT Textbook - Recording of Transactions-II - Accountancy Class 11 - Commerce
| 1. What is the purpose of recording transactions in an organization? |  |
Ans. Recording transactions in an organization serves several purposes. Firstly, it helps in maintaining an accurate and systematic record of all financial activities, ensuring transparency and accountability. Secondly, it enables the organization to track its income, expenses, assets, and liabilities, providing a clear picture of its financial position. Additionally, recording transactions facilitates the preparation of financial statements such as the balance sheet, income statement, and cash flow statement, which are crucial for decision-making, analysis, and reporting.
| 2. What are the different methods of recording transactions? | |
Ans. There are several methods of recording transactions. The most commonly used methods include the Single Entry System and the Double Entry System. In the Single Entry System, only one aspect of a transaction is recorded, usually the cash aspect. This method is simpler and typically used by small businesses. On the other hand, the Double Entry System records both the debit and credit aspects of a transaction, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced. This method is more comprehensive and widely used by larger organizations.
| 3. Can you provide an example of recording a transaction using the Double Entry System? | |
Ans. Let's consider an example of a retail store purchasing inventory worth $1,000 in cash. In the Double Entry System, this transaction would be recorded as follows:
Debit: Inventory (Asset) - $1,000
Credit: Cash (Asset) - $1,000
Here, the inventory account is debited (increased) by $1,000, representing the increase in assets. Simultaneously, the cash account is credited (decreased) by $1,000, reflecting the decrease in assets. This ensures that the accounting equation remains balanced.
| 4. What is the importance of maintaining accurate records while recording transactions? | |
Ans. Maintaining accurate records while recording transactions is essential for various reasons. Firstly, it ensures compliance with legal and regulatory requirements, such as tax laws and financial reporting standards. Accurate records also facilitate efficient and timely audits, enabling the organization to demonstrate transparency and integrity in its financial operations. Additionally, accurate records provide a reliable basis for decision-making, financial analysis, and planning. They enable the identification of trends, patterns, and potential areas of improvement, contributing to the organization's overall success.
| 5. What are the potential consequences of not recording transactions accurately? | |
Ans. Failing to record transactions accurately can lead to severe consequences for an organization. Firstly, it can result in financial misstatements, making it difficult to assess the true financial position and performance of the organization. This can mislead stakeholders, including investors, creditors, and management, leading to incorrect decisions and potential financial losses. Inaccurate recording of transactions can also result in non-compliance with legal and regulatory requirements, leading to penalties, fines, and legal issues. Moreover, it can damage the organization's reputation and credibility, affecting its relationships with stakeholders and overall business operations.
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