CBSE Class 11 Accounting Vouchers and their preparation

CBSE Class 11 Accounting-Vouchers and their preparation. Students can download the specific chapters from the CBSE and NCERT text books from studiestoday.com. Please refer to the attached file to access the chapters. The books and specific chapters have been collected by the tutors on studiestoday for the benefit of CBSE students. They can access these chapters anywhere and use them for their studies.

Accounting-Vouchers and their preparation

4.1 Types of Vouchers: Vouchers are of two types

i) Supporting vouchers

ii) Accounting vouchers

Vouchers which support business transactions are called supporting vouchers, for e.g., cash receipts, invoices, bills, counterfoils of pay-in-slips confirming the deposit of cash or cheques in the bank etc. Supporting vouchers are the primary evidence of business transactions having taken place.

A supporting voucher is a written document having details of the business transaction and signed by the maker. It can be used as legal evidence of a business transaction having taken place.

Supporting vouchers, for the purpose of recording the transactions in the journal proper or subsidiary books, are handed over to the accountant. These supporting vouchers may be in different forms, shapes and sizes. No doubt that supporting vouchers support business transactions but before the transactions are recorded in the books of accounts they should be properly analysed. The analysis of business transactions for the purpose of recording is done by preparing another set of vouchers called ‘accounting vouchers’. An accounting voucher, therefore, refers to a written document containing the analysis of business transaction for accounting and recording purposes, prepared by the accountant on the basis of supporting vouchers. The accounting voucher is countersigned by some authorised and responsible person of the business organisation. We shall discuss accounting vouchers in detail here.

4.2 Types of Accounting Vouchers: Accounting vouchers may be divided into two categories.

i) Cash vouchers

ii) Non-cash vouchers

4.2.1 Cash Vouchers: Cash vouchers are prepared for cash transactions i.e. cash receipts and cash

payments. They can be further subdivided into two

i) Credit vouchers and

ii) Debit Vouchers

Credit Vouchers: Credit vouchers are prepared for recording transactions related to receipt of cash only.

The business may receive cash because of the following reasons.

Cash sales of goods

Cash sales of assets

Income received in cash, for e.g., rent received, interest received, dividend received on investments etc.

Cash received from debtors

Loan obtained

Cash withdrawn from bank for use in business

Cash brought as capital by the owner(s)

Cash received in advance from the customers or for providing certain other services.

In all transactions pertaining to the receipt of cash, one aspect of the transaction is cash account and the other aspect is the account on account of which cash has been received, for e.g., the individual, or firm, or entity from whom cash has been received, or the revenue heads of accounts, or the fixed asset on the sale of which cash has been received. While recording a transaction on the basis of a credit voucher, cash account is debited with the amount given in the voucher and the account on account of which cash has been received is credited. The name of the account which is to be credited is mentioned in the credit voucher.

 

Please refer to the link below - CBSE Class 11 Accounting-Vouchers and their preparation

Tags: 

 


Click to View or Download pdf file
Click for more Accountancy Study Material

Latest NCERT & CBSE News

Read the latest news and announcements from NCERT and CBSE below. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning

Online Teacher Training Course on Competency based Education in DIKSHA

Competency is a set of skills, abilities, knowledge that helps an individual perform a given task in real life. Every learning should go into the imbibing of these skills to lead a productive and joyful life. The NATIONAL EDUCATION POLICY-2020 calls for shift towards...

National Online Painting Championship

The National Mission for Clean Ganga, Ministry of Jal Shakti in collaboration with Kalantar Art Trust is organizing KALANTAR-2020: National Online Painting Championship with the aim to provide a platform to youth and school children to demonstrate their artistic skills...

TERI Green Olympiad 2020

Green Olympiad is a value driven project conducted by TERI (The Energy and Resources Institute) for school students annually since 1999. This Olympiad assesses the environment quotient of students and also enhances their understanding on issues related to sustainable...

Keep your kids engaged during Lockdown

Kids are the Future of our Country! Outlines have changed and so should the formats of existence! It is the best time to teach our kids the pleasure of Self-Discipline, Self-Realization and Self-Control. To keep the future generation safe in such unpredictable...

Revised SOP preventive measures followed while conducting examinations

Revised SOP on preventive measures to be followed while conducting examinations to contain spread of COVID-19 issued by Ministry of Health & Family Welfare Examination centres are frequented by large number of students (as well as their parents) and staff till the...

Conduct of the practical work during the lockdown

CBSE has advised schools to follow the Alternative Calendar developed by NCERT to continue education during the lockdown through alternative modes to achieve learning outcomes. Schools have reportedly started using these calendars and other prescribed pedagogical...

×
Studies Today