The various classifications of non cash transaction
Transactions are the most important part of accounting. However, the transactions can be done in two different ways as a cash transaction and non cash transaction. Here, the reader will get the proper classification of non cash transaction. There are two parts of non cash transactions and these are –
- Subsidiary Books – In this section the entries are done in a proper way, and each one is different than another one. This is also known as a special journal as each type of entry is provided to a particular section of journal. These are –
- Purchases book or purchases journal
- Sales book or sales journal
- Purchases return book or purchases return journal
- Sales return book or sales return journal
- Journal Proper – This is only a single type of journal in which the person can enter any type of non cash transaction. This is also known as all purpose journal. Only a single person can enter or retrieve data records through this type of non cash transaction.
Link of Previous Main Topic:-
- Book keeping
- Meaning of gaap
- Origin of transaction
- The concept of debit and credit
- Subsidiary books or sub division of journal
Links of Next Accounting Topics:-
- Special journal
- Journal proper or general journal
- Opening and closing journal entries
- Balancing of ledger accounts
- Meaning of trial balance
- Balance sheet in final accounts without adjustments
- Adjustments additional information in preparation of final accounts
- Meaning of bank reconciliation statements
- Bills of exchange concept of bills of exchange
- Errors affecting or disclosed by trial balance introducing the concept
- Meaning of depreciation