CONCLUSION

 -Ankit Lal Karn, ACW Accounts Edumarz

Till now, we have gained a vast knowledge on entering transactions in the journal 

And posting it to the ledger.

Let us see what we have learned in this chapter –

1. Business transactions and the source document:- business transaction is a transaction in which give and take of consideration take place.

The source document is evidence or proof of transaction.

2. Preparation of accounting vouchers –

There are different types of accounting vouchers such as cash memos, debit vouchers, credit vouchers, salary slips, etc. 

A prescribed format is not there for the accounting voucher, however, it must be preserved till the audit is done of the relevant period.

3. Accounting Equation:-  Assets = Laiblity + Capital

It means the assets of an enterprise should always be equal to its claim by outsiders”s and internal liability.

4. Rules of debit and credit:- Accounts are divided into assets, expenses & revenue, profit & loss , liability and capital.

for an increase in value of assets, expense & losses account is debited.

For a  decrease, such account is credited.

For an increase in liability & capital account is credited,

For a decrease such account is debited.