Category: Accountancy Class 11

Account Meaning – What is an Account in Accounting terminology ? Account meaning  – It is best described as  a summarized record of transactions ,

Rectification of Errors involves rectifying wrong or incorrect entries in books of accounts. Such errors could be : – Errors of omission, Errors of principle

Cash at Bank Journal Entry Cash at Bank Journal Entry is passed, when a business or person, either deposits cash in the bank or withdraws

Cash received Journal Entry Cash received Journal Entry is passed, when a business or person, receives cash from the following : – Debtor Sale of

Cash Sales Journal Entry Cash Sales Journal Entry is the accounting entry made in the books of accounts, to record cash sales, i.e., sales transaction

Cash Purchase Journal Entry Cash Purchase Journal Entry, is the accounting entry made in the books of accounts, to record purchase of goods by paying for it 

Accounts Payable Journal Entry Accounts Payable Journal Entry arises when a  business, purchases certain goods or avails certain services, like maintenance, rent, housekeeping, stationery, carriage in respect of trading goods etc. on a future

Cash Sales Journal Entry and Credit Sales Journal Entry – Accounts Meaning of Sales Sales simply means to transfer something, whether goods or services , by

Basic Journal Entries Examples, discussed here under are for various types of expenses, income, assets and liabilities that take place during the normal course of

Meaning of  Purchase Purchase means to acquire something from someone either by making the payment at that time itself or at a later date. To

Carriage Inward Journal Entry – Accounts Meaning of Carriage Inwards Where goods,  or any other item is purchased by the company, it we have to increase certain

There are two types of Journal Entries. These are as under : –  (i) Simple Journal Entry : A Journal entry in which only two accounts are affected, i.e.