DK Goel Solutions Chapter 8 Origin of Transactions: Source Documents of Accountancy

DK Goel Accountancy Class 11 Solutions Chapter 8 Books of Original Entry – Journal which is outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy books. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. There are numerous concepts in Accountancy, but the concepts of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required.

DK Goel Accountancy Class 11 Solutions – Chapter 8

Question 1

Define source documets of accountancy.

Answer- In a business transaction, the source document is the first recorded document for the transaction. In this document, all the important details like date, amount, parties name involved, and the nature of the account is reported. Only from the source document, all the entries in other books are recorded.

Question 2

Mention few common source documents.

Answer- The few common source documents are.

  • Cash Memo- Whenever there is a purchase or sale of goods or services the trader receives or gives the cash, memo. The transaction is recorded in the book according to the details mentioned in the cash memo (i.e. item name, price, quantity, date, time, etc)
  • Invoice & Bill- Whenever there is a credit sale the trader will prepare a sale invoice which has all the details. Similarly, when a trader purchase goods on credit, he receives a credit bill from the seller.
  • Receipt- Whenever a customer buys goods, the seller makes a receipt of the items. Wherein, the original receipt is given to the customer and the duplicate is kept by the seller to record the transaction in the book.
  • Debit Note- Whenever a customer return goods to a supplier, the customer make a debit note and send it to the supplier along with the return goods.
  • Credit Note- Whenever the return goods are received by the seller from a customer a credit note is made indicating that the customer’s account has been credit with the amount.
  • Pay-in-slip- This slip is used to deposit the money in the bank.
  • Cheque- It is used to withdraw or deposit the money. Each cheque has a counterfoil in which each transaction done through the cheque is recorded which is used while entering the transaction in the book.

Also Check: DK Goel Solutions Chapter 9 Books of Original Entry – Journal

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