Classification of Non Cash Transactions

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 –

1. 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

1. 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