{"id":9798,"date":"2018-02-14T10:38:37","date_gmt":"2018-02-14T05:08:37","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=9798"},"modified":"2018-03-17T11:28:45","modified_gmt":"2018-03-17T05:58:45","slug":"recording-transactions-ii-class-11-notes-accountancy","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/","title":{"rendered":"Recording of Transactions-II class 11 Notes Accountancy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/#CBSE_Guide_Recording_of_Transactions-II_class_11_Notes\" >CBSE Guide Recording of Transactions-II class 11 Notes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/#Recording_of_Transactions-II_class_11_Notes_Accountancy\" >Recording of Transactions-II class 11 Notes Accountancy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/#Download_Revision_Notes_as_PDF\" >Download Revision Notes as PDF<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/#Recording_of_Transactions-II_class_11_Notes\" >Recording of Transactions-II class 11 Notes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/#CBSE_Class-11_Revision_Notes_and_Key_Points\" >CBSE Class-11 Revision Notes and Key Points<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>CBSE Accountancy Chapter 4 Recording of Transactions-II class 11 Notes Accountancy in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides Recording of Transactions-II class 11 Notes Accountancy latest chapter wise notes for quick preparation of CBSE exams and school based annual examinations. Class 11 Accountancy notes on Chapter 4 Recording of Transactions-II class 11 Notes Accountancy are also available for download in CBSE Guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Guide_Recording_of_Transactions-II_class_11_Notes\"><\/span><strong>CBSE Guide Recording of Transactions-II class 11 Notes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBSE guide notes are the comprehensive notes which covers the latest syllabus of CBSE and NCERT. It includes all the topics given in NCERT class 11 Accountancy text book. Users can download CBSE guide quick revision notes from myCBSEguide mobile app and my CBSE guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Recording_of_Transactions-II_class_11_Notes_Accountancy\"><\/span><strong>Recording of Transactions-II class 11 Notes Accountancy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download CBSE class 11th revision notes for Chapter 4 Recording of Transactions-II class 11 Notes Accountancy in PDF format for free. Download revision notes for Recording of Transactions-II class 11 Notes Accountancy and score high in exams. These are the Recording of Transactions-II class 11 Notes Accountancy prepared by team of expert teachers. The revision notes help you revise the whole chapter in minutes. Revising notes in exam days is on of the best tips recommended by teachers during exam days.<\/p>\n<h1 style=\"text-align: center\"><span class=\"ez-toc-section\" id=\"Download_Revision_Notes_as_PDF\"><\/span><strong><a href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-11-accountancy\/1411\/cbse-revision-notes\/7\/\">Download Revision Notes as PDF<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"text-align: center\"><strong>CHAPTER &#8211; 3<\/strong><\/p>\n<p style=\"text-align: center\"><strong>Recording of Transactions-II class 11 Notes Accountancy<\/strong><\/p>\n<p style=\"text-align: center\"><strong>LEARNING OBJECTIVES<\/strong><\/p>\n<p>After studying this chapter, you will be able to:<\/p>\n<p>\u00b7 Explain how to prepare accounting Vouchers.<\/p>\n<p>\u00b7 Apply accounting equation to explain the effect of transactions.<\/p>\n<p>\u00b7 Record transactions using rules of debit and credit.<\/p>\n<p>\u00b7 Record transactions in journal and other subsidiary books.<\/p>\n<p><strong>Suggested Method:<\/strong> Discussion Method, Illustration method, problem solving method etc.<\/p>\n<p><strong>ACCOUNTING EQUATION<\/strong><\/p>\n<p>An Accounting equation is based on the dual concept of accounting, according to which, every transaction has two aspects namely Debit and Credit. It means that every transaction in accounting effect both Debit (DR.) and Credit (Cr.) side equally.<\/p>\n<p>Total assets of the business firm are financed through the funds raised from either the outsiders (which consists generally Creditors and lenders) or the Owners (which is called Capital).<\/p>\n<p>According to Business entity concept, Business is separate legal entity from its owner thus the amount invested by the owner in the business is liability of the business is called Captial. Accounting equation thus referred to a equation in which total assets is always equal to total Liabilities (i.e. Capital + Liabilities)<\/p>\n<p>Assets = Capital + Liabilities<\/p>\n<p><strong>ANALYSIS OF BUSINESS TRANSACTIONS<\/strong><\/p>\n<p>Business transaction may affect either both sides of the equation or one side of the equation but the ultimate effect must be equal on the both sides. All the effects are as follows:-<\/p>\n<p><strong>1. Transaction affecting both sides of the equation: A. Commenced business with Cash Rs. 3,00,000.<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash<\/td>\n<td><\/td>\n<td><\/td>\n<td>Capital<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>3,00,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> As Cash is invested by the owner, it should be shown in Capital (anything which is bring in by the owner is termed as Capital) &amp; Business is receiving asset in the form of cash, it is to be shown in the Assets side as Cash.<\/p>\n<p><strong>B. Bought goods from Ram Rs. 30,000<\/strong><\/p>\n<p>Effect<\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods<\/td>\n<td><\/td>\n<td><\/td>\n<td>Capital Creditors<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>3,00,000 + &#8211;<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,00,000 + &#8211;<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>0 + 30,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>0 + 30,000<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>3,00,000 + 30,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,00,000 + 30,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> As goods is purchased on credit, one effect is that it should be shown in the assets side as Goods &amp; other effect is that goods are purchased on credit so it is to be shown in Liabilities as Creditors..<\/p>\n<p><strong>C. Sold goods (costing Rs. 10000) for cash at Rs. 13000 Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods<\/td>\n<td><\/td>\n<td><\/td>\n<td>Capital Creditors<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>3,00,000 + 30,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,00,000 + 30,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>+13000 + 10,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>+ 3000 + 30,000<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>3,13,000 + 20,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,03,000 + 30,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will affect both sides as cash has been received so it is to be added back in cash (Rs 13,000) &amp; Goods are to be reduced by 10,000 as goods has been sold also profit of Rs. 3,000 Is to be added back in Capital. Net effect will remain same for both sides<\/p>\n<p><strong>D. Paid to creditors Rs. 20,000<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods<\/td>\n<td><\/td>\n<td><\/td>\n<td>Capital Creditors<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>3,13,000 + 20,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,03,000 + 30,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 20000 + 0<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>+ 3000 + 20,000<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,93,000 + 20,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,03,000 + 10,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation<\/strong>:- The transaction will affect both sides as cash has been paid so it is to be deducted from cash as well from creditors as payment made to them.<\/p>\n<p>\u00b7 Transaction related to Expenses<\/p>\n<p>All the expense or Losses is to born by the owner although business has separate legal entity from its owner as He\/She is the person who has taken risk to do business.<\/p>\n<p><strong>E. Rent paid Rs. 5,000.<\/strong><\/p>\n<p><strong>Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods<\/td>\n<td><\/td>\n<td><\/td>\n<td>Capital Creditors<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>3,13,000 + 20,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,03,000 + 10,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 5,000 + 0<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>&#8211; 5000 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,88,000 + 20,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>2,98,000 + 10,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will affect both sides as cash has been paid so it is to be reduced as well as Capital is to be reduced because expense is to be born by the owner<\/p>\n<p>\u00b7 Transaction related to Income<\/p>\n<p>Income or Profit is the reward for taking risk, as risk is taken by the owner so it is to be added in Capital.<\/p>\n<p><strong>F. Commission received Rs. 8,000. <\/strong><\/p>\n<p><strong>Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods<\/td>\n<td><\/td>\n<td><\/td>\n<td>Capital Creditors<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,88,000 + 20,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>2,98,000 + 10,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>+ 8,000 + 0<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>+8000 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,96,000 + 20,000<\/td>\n<td><\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will affect both sides as cash has been received so it is to be added back in cash as well as in Capital.<\/p>\n<p>\u00b7 Transaction related to Accrued\/outstanding Income<\/p>\n<p>Income is to be added back into the capital but as it is not received should be shown in the Assets Side as accrued Income because it meant to be received in this financial year.<\/p>\n<p><strong>A. Accrued Interest Rs. 10,000<\/strong><\/p>\n<p><strong>Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured<\/td>\n<td><\/td>\n<td>Capital Creditors<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,88,000 + 20,000 + &#8211;<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>+ 8,000 + 0 + 10,000<\/td>\n<td>=<\/td>\n<td>+10,000 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,96,000 + 20,000 + 10,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will effect both sides as Accrued Income has been added back to the capital &amp; as it is not received so it is to be shown in the assets side as an asset.<\/p>\n<p>\u00b7 Transaction related to Prepaid or Advance Income<\/p>\n<p>As Income received in advance so it is not belong to current financial year, so it cannot be added back to the Capital. It as an amount which is received by the business firm for the future course of activity till the activity not happened it is the Liability of the business.<\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured<\/td>\n<td><\/td>\n<td>Capital Creditors Prepaid<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income<\/td>\n<td><\/td>\n<td>Rent<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,96,000 + 20,000 + 10,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 +<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>+ 5,000 + 0 + 0<\/td>\n<td>=<\/td>\n<td>+10,000 + 0 + 5,000<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>3,01,000 + 20,000 + 10,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong>The transaction will effect both sides as Prepaid Income is a Liability should be shown in the Liability side &amp; Cash received by the business should be added back to the Cash column of assets side.<\/p>\n<p><strong>2. Transaction affecting one side of the equation:<\/strong><\/p>\n<p><strong>(I) Transaction affecting Assets side of the equation:<\/strong><\/p>\n<p>\u00b7 Transaction related to Prepaid or Advance Expense<\/p>\n<p>As Expense paid in advance so it is not belong to current financial year, so it can not be deducted from Capital. It as an amount which is paid by the business firm for the future course of activity till the activity not happened it is the Assets of the business.<\/p>\n<p><strong>A. Prepaid insurance paid Rs. 4,000<\/strong><\/p>\n<p><strong>Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured Prepaid<\/td>\n<td><\/td>\n<td>Capital Creditors Prepaid<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income Expense<\/td>\n<td><\/td>\n<td>Rent<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>3,01,000 + 20,000 + 10,000 &#8211;<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 4,000 + 0 + 0 + 4,000<\/td>\n<td>=<\/td>\n<td>+ 0 + 0 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,97,000 + 20,000 + 10,000 + 4,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will affect both sides as Prepaid expense is a Asset should be shown in the Assets side &amp; Cash paid by the business should be deducted from Cash column of assets side.<\/p>\n<p><strong>B. Purchased Machinery for Cash Rs. 80,000<\/strong><\/p>\n<p><strong>Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured Prepaid Machinery<\/td>\n<td><\/td>\n<td>Capital Creditors Prepaid<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income Expense<\/td>\n<td><\/td>\n<td>Rent<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,97,000 + 20,000 + 10,000 + 4,000 &#8211;<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 80,000 + 0 + 0 + 0 80,000<\/td>\n<td>=<\/td>\n<td>+ 0 + 0 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will affect one side as cash has been paid for purchased of machinery &amp; Machine is an fixed asset so it is separately shown in the asset side as well as cash is to be reduced.<\/p>\n<p><strong>(II) Transaction affecting Liability side of the equation:<\/strong><\/p>\n<p>\u00b7 Transaction related to outstanding Expense<\/p>\n<p>As Expense not paid yet or Outstanding but belong to current financial year so it is deducted from Capital &amp; business has to pay it in near future so it is the liability of the firm.<\/p>\n<p><strong>A. Salary outstanding Rs. 8,000<\/strong><\/p>\n<p><strong>Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured Prepaid Machinery<\/td>\n<td><\/td>\n<td>Capital Creditors Prepaid Outstanding<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income Expense<\/td>\n<td><\/td>\n<td>Rent Exp<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 0 + 0 + 0 + 0 + 80,000<\/td>\n<td>=<\/td>\n<td>&#8211; 8,000 + 0 + 0 + 8,000<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000 + 8,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will affect Liability side as outstanding expense is a Liability should be shown in the Liability side &amp; Expense should be deducted from Capital<\/p>\n<p>\u00b7 Transaction related to Interest on Capital<\/p>\n<p>As interest on capital is the Expense of business it should be shown or deducted in the capital as well as interest of capital is the amount which is to be given to the owner as capital is the amount which is invested by the owner, therefore it is to be added back to Capital.<\/p>\n<p><strong>A. Interest on Capital Rs. 10,000<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured Prepaid Machinery<\/td>\n<td><\/td>\n<td>Capital Creditors Prepaid Outstanding<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income Expense<\/td>\n<td><\/td>\n<td>Rent Exp<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000 + 8,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 0 + 0 + 0 + 0 + 0<\/td>\n<td>=<\/td>\n<td>&#8211; 10,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>+ 10,000 + 0 + 0 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000 + 8,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong>The transaction will affect Liability side as Interest of Capital should be added back &amp; deducted from Capital as both of them belong to the owner.<\/p>\n<p>\u00b7 Transaction related to interest on Drawing<\/p>\n<p>As interest on Drawing is the Income of business it should be shown or added back in the capital as well as interest of Drawing is the amount which is to be given by the owner to the business so it is treated as drawing and deducted from the Capital.<\/p>\n<p><strong>A. Interest on Drawing Rs. 1,000<\/strong><\/p>\n<p><strong>Effect<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured Prepaid Machinery<\/td>\n<td><\/td>\n<td>Capital Creditors Prepaid Outstanding<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income Expense<\/td>\n<td><\/td>\n<td>Rent Exp<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000 + 8,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 0 + 0 + 0 + 0 + 0<\/td>\n<td>=<\/td>\n<td>&#8211; 1,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>+ 1,000 + 0 + 0 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000 + 8,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will effect Liability side as Interest of Drawing should be added back &amp; deducted from Capital as both of them belong to the owner.<\/p>\n<p>\u00b7 Transaction related to Drawing<\/p>\n<p>As Drawing is the amount withdrawn by owner from business so it is to be deducted from Capital &amp; also from the Cash.<\/p>\n<p><strong>A.<\/strong> Owner withdrew cash of Rs. 10,000<\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\">Assets<\/td>\n<td>=<\/td>\n<td>Capital + Liabilities<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Cash Goods Accured Prepaid Machinery<\/td>\n<td><\/td>\n<td>Capital Creditors Prepaid Outstanding<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Income Expense<\/td>\n<td><\/td>\n<td>Rent Exp<\/td>\n<\/tr>\n<tr>\n<td>Old Equation<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000 + 8,000<\/td>\n<\/tr>\n<tr>\n<td>Transactions<\/td>\n<td>&#8211; 10,000 + 0 + 0 + 0 + 0<\/td>\n<td>=<\/td>\n<td>&#8211; 1,000 + 0 + 0 + 0<\/td>\n<\/tr>\n<tr>\n<td>N.E.<\/td>\n<td>2,17,000 + 20,000 + 10,000 + 4,000 + 80,000<\/td>\n<td>=<\/td>\n<td>3,06,000 + 10,000 + 5,000 + 8,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Explanation:-<\/strong> The transaction will affect both sides as Drawing should be deducted from Capital &amp; also deducted from Cash as withdraw by owner.<\/p>\n<p><strong>RULES OF DEBIT &amp; CREDIT<\/strong><\/p>\n<p>Every business transaction affects two or more accounts. An account is summarised record of transaction at one place relating to a particular head. An account is divided into two parts i.e. debit Credit. Debit refer to the left side of an account and Credit refers to the right side of an account<\/p>\n<p><strong>Approaches for the rules of Debit &amp; Credit<\/strong><\/p>\n<p><strong>1. Traditional Approach<\/strong><\/p>\n<p>Under this approach, all ledger accounts are mainly classified into two categories:-<\/p>\n<p><strong>(I) Personal Accounts:<\/strong> It includes all those accounts which are related to any person i.e. Individuals, firms, companies, Banks etc. This can further classified into three categories:-<\/p>\n<p><strong>1.<\/strong> <strong>Natural Persons:<\/strong> All the accounts of human beings \/ Persons are included such Ram A\/C, Shyam A\/C etc.<\/p>\n<p><strong>2.<\/strong> <strong>Artificial Persons:<\/strong> This includes all such accounts which are treated as persons in the eyes of law &amp; have separate legal entity such as Reliance Ltd., XYZ Ltd.<\/p>\n<p><strong>3.<\/strong> <strong>Representative Persons:<\/strong> This includes all such accounts which represents some persons such as Capital (Represent Owner) Outstanding Salary (Represent Employee)<\/p>\n<p><strong>(II)<\/strong> <strong>Impersonal Accounts:<\/strong> It includes all those accounts which are not related to any person this can be classified as :-<\/p>\n<p><strong>1.<\/strong> <strong>Real Accounts:<\/strong> Under this all accounts related to assets are included ( except Debtors). These can be Tangible i.e. Machinery, Furniture , Building, Cash etc. and Intangible I.e. Goodwill, Trade Mark, Patents Rights etc.<\/p>\n<p><strong>2.<\/strong> <strong>Nominal Accounts :<\/strong> this includes all the accounts related to Expenses\/Losses &amp; Incomes \/ Gains e.g. Salary, Rent, Commission received etc. they are used to record the transaction in the books of accounts.<\/p>\n<p><strong>Rules of Debit\/Credit under Traditional Approach<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Classification of Accounts<\/td>\n<td>Rules of Dr.\/ Cr.<\/td>\n<\/tr>\n<tr>\n<td>Personal Accounts (All Personal Accounts)<\/td>\n<td>Debit the receiver, Credit the Giver<\/td>\n<\/tr>\n<tr>\n<td>Real Account<\/td>\n<td>Debit what Comes In, Credit whats Goes Out<\/td>\n<\/tr>\n<tr>\n<td>Nominal Account<\/td>\n<td>Debit all Losses\/Expenses, Credit all Income \/ Gains.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>SOURCE DOCUMENTS<\/strong><\/p>\n<p>A written document which provides evidence of the transactions is called the Source Documents. Source document is the first evidence of a transaction which takes place such as Cash Memo, Bill or Invoice, Receipt, Pay-in-slip, cheques, Debit-Note &amp; Credit -Note.<\/p>\n<p><strong>(a) Invoice (Bill):<\/strong> An invoice is prepared by Seller at the time of sale of goods on credit. It contains details such as the goods sold, the party to whom goods are sold, sales amount, date etc.<\/p>\n<p><strong>(b) Cash Memo :<\/strong> It is prepared by the Seller at the time of Sale of goods on Cash. It contains details such as goods sold, quantity, amount received, date etc.<\/p>\n<p><strong>(c) Pay-in-Slip :<\/strong> It is used to deposit cash or cheque into bank. It has a counterfoil which is returned to the depositor with the Signature of the authorized person.<\/p>\n<p><strong>(d) Receipt:<\/strong> it is used when a customer give cash to the Business firm. It is an acknowledgement of payment or cash received by firm.<\/p>\n<p><strong>(e) Cheque :<\/strong> A cheque is a order in writing, drawn upon a specified banker and payable on demand.<\/p>\n<p><strong>(f) Debit Note :<\/strong> it is prepared when a buyer returned goods to seller or when purchased return transaction is entered in the books of accounts. It is prepared by the buyer of the goods.<\/p>\n<p><strong>(g) Credit Note :<\/strong> it is prepared when a seller received goods from buyer or when Sales return transaction is entered in the books of accounts. It is prepared by the Seller of the goods.<\/p>\n<p><strong>VOUCHER<\/strong><\/p>\n<p>A voucher is a document evidencing a business transaction. Recording in books of accounts are done on the basis of voucher. It is an accounting evidence of a business transaction.<\/p>\n<p><strong>Classification of Accounting Vouchers<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Vouchers<\/td>\n<td>Further classification<\/td>\n<td>Purpose<\/td>\n<\/tr>\n<tr>\n<td>Cash Vouchers<\/td>\n<td>Debit Vouchers<\/p>\n<p>Credit Vouchers<\/td>\n<td>To show Cash Payment<\/p>\n<p>To show Cash Receipt<\/td>\n<\/tr>\n<tr>\n<td>Non Cash Voucher<\/td>\n<td>Transfer Voucher<\/td>\n<td>To show Transactions not involving cash<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>CASH VOUCHERS<\/strong><\/p>\n<p>Cash voucher is prepared to record all the transactions which involve cash either in the form of receipt or payment. Thus cash voucher is further classified into Debit Voucher &amp; Credit Voucher.<\/p>\n<p><strong>Debit Voucher<\/strong><\/p>\n<p>Debit voucher is prepared for all cash payment made by the business firm such as Payment of Rent payment of salary, payment for purchase of goods etc.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Recording_of_Transactions-II_class_11_Notes\"><\/span>Recording of Transactions-II class 11 Notes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>CBSE Revision notes (PDF Download) Free<\/li>\n<li>CBSE Revision notes for Class 11 Accountancy PDF<\/li>\n<li>CBSE Revision notes Class 11 Accountancy \u2013 CBSE<\/li>\n<li>CBSE Revisions notes and Key Points Class 11 Accountancy<\/li>\n<li>Summary of the NCERT books all chapters in Accountancy class 11<\/li>\n<li>Short notes for CBSE class 11th Accountancy<\/li>\n<li>Key notes and chapter summary of Accountancy class 11<\/li>\n<li>Quick revision notes for CBSE exams<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class-11_Revision_Notes_and_Key_Points\"><\/span><strong>CBSE Class-11 Revision Notes and Key Points<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Recording of Transactions-II class 11 Notes Accountancy. CBSE quick revision note for class-11 Mathematics, Physics, Chemistry, Biology and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-physics\/1340\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-chemistry\/1356\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-mathematics\/1371\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-biology\/1388\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-accountancy\/1411\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-economics\/1423\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-business-studies\/1740\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-computer-science\/1852\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-informatics-practices\/1874\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-geography\/1864\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Geography<\/a><\/li>\n<\/ul>\n<p>To download Recording of Transactions-II class 11 Notes, sample paper for class 11 Chemistry, Physics, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT solutions, NCERT Exemplar solutions, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n<ul>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/introduction-accounting-class-11-notes-accountancy\/\">Introduction to Accounting class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/\">Theory Base of Accounting class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-class-11-notes-accountancy\/\">Recording of Transactions-I class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/\">Recording of Transactions-II class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/bank-reconciliation-statement-class-11-notes-accountancy\/\">Bank Reconciliation Statement class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/trial-balance-rectification-errors-class-11-notes-accountancy\/\">Trial Balance and Rectification of Errors class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/depreciation-provisions-reserves-class-11-notes-accountancy\/\">Depreciation, Provisions and Reserves class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/bill-exchange-class-11-notes-accountancy\/\">Bill of Exchange class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statements-class-11-notes-accountancy\/\">Financial Statements \u2013 I class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statements-ii-class-11-notes-accountancy\/\">Financial Statements \u2013 II class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounts-incomplete-records-class-11-notes-accountancy\/\">Accounts from Incomplete Records class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/applications-computers-accounting-class-11-notes-accountancy\/\">Computerized Accounting System class 11 Notes Accountancy<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CBSE Accountancy Chapter 4 Recording of Transactions-II class 11 Notes Accountancy in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides Recording of Transactions-II class 11 Notes Accountancy latest chapter wise notes for quick preparation of CBSE exams and school based annual examinations. Class 11 Accountancy &#8230; <a title=\"Recording of Transactions-II class 11 Notes Accountancy\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/\" aria-label=\"More on Recording of Transactions-II class 11 Notes Accountancy\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":9774,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47,456],"tags":[620,457,150,426,240,708],"class_list":["post-9798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbse-class-11","category-revision-notes","tag-accountancy-notes","tag-cbse-notes","tag-cbse-notes-and-key-points","tag-quick-revision","tag-quick-revision-notes","tag-recording-of-transactions-ii"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Recording of Transactions-II class 11 Notes Accountancy | myCBSEguide<\/title>\n<meta name=\"description\" content=\"Recording of Transactions-II class 11 Notes Accountancy Chapter 4 in PDF format for free download. 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