Chapter 3 · Accounting Process
Recording of Transactions – I
लेन-देनों का अभिलेखन – I
Source documents and vouchers, the accounting equation, rules of debit and credit, journal entries (with GST) and posting to the ledger.
🎯 Unit 2: Accounting Process — 44 marks (Ch 3 to Ch 7)
Dost Sir: The heart of accountancy: once you can pass a journal entry, the rest becomes easy. Read the lessons from top to bottom, in this order. At the end of each lesson press “Lesson complete” so your progress is saved.
Lessons
- 1 Transactions, Source Documents and Vouchers: where every entry begins Tell what a business transaction is and spot its two-fold (give and take) effect · Name common source documents like cash memo, invoice, receipt, pay-in-slip and cheque · Tell the difference between a source document and an accounting voucher · Identify transaction, debit, credit and journal (complex) vouchers and fill a voucher neatly ⏱ 25 min ✓
- 2 The Accounting Equation: why the books always balance State the accounting equation A = L + C and its forms A − L = C and A − C = L · Explain why it is also called the balance sheet equation · Show the effect of any transaction on assets, liabilities and capital in an analysis table · Find missing figures and the closing capital when profit, losses, drawings and extra capital are given ⏱ 30 min ✓
- 3 Rules of Debit and Credit: which side, and why Explain what debit and credit mean using the T-account · Classify any account as asset, liability, capital, expense/loss or revenue/gain · Apply the rules of debit and credit (accounting equation approach) to any transaction · Use the traditional golden rules for personal, real and nominal accounts as a quick cross-check ⏱ 35 min ✓
- 4 Journal: the book where every transaction is first written Understand why the journal is called the book of original entry · Write simple and compound journal entries in the correct format · Pass an opening entry from a list of assets and liabilities · Handle special entries like goods for personal use, discount, bad debts and outstanding expenses ⏱ 35 min ✓
- 5 GST entries: recording CGST, SGST and IGST in the journal Explain why input GST is an asset and output GST is a liability · Pass journal entries for purchases, sales, expenses and assets with CGST + SGST or IGST · Set off input tax credit against output tax in the correct order · Pass the entry for the net GST paid through the Electronic Cash Ledger ⏱ 35 min ✓
- 6 Ledger and posting: from the journal to each account Explain what a ledger is and why it is called the principal book · Draw the ledger (T-account) format and distinguish the journal from the ledger · Post simple and compound journal entries to the correct side of each account · Balance an account and understand debit and credit balances ⏱ 35 min ✓
10 MCQs (instant result) + 6 board-style questions (with full solutions) Challenge Zone (Advanced / HOTS)
Challenge Zone: Recording of Transactions – I · 4 topper-level problems + 2 brain teasers