Transaction example sentences

In the above example it is 2, inverse of half – the ratio of money balance and the value of transactions.The balancing of the an account is illustrated below with the help of an example explaining the complete process of recording the transactions, posting to ledger and balancing there of.The number of steps and the sequence in which these are taken vary from one export transaction to another.A part of AIS is Financial Accounting System, which is designed for processing accounting transactions.A specimen of a simple transaction voucher is used in practice is shown in figureure These must be preserved in any case till the audit of the accounts and tax assessments for the relevant period are completed.This transaction was correctly recorded in the cashbook.Such information is very difficult to ascertain from the journal because the transactions are recorded in the chronological order and defies classification.Accounting is used for the maintenance of a systematic record of all financial transactions in book of accounts.Since the supplier in the context of an import transaction resides in a foreign country, he/she demands payment in a foreign currency.Similarly, personal transactions of the owner are not recorded in the books of the business, unless it involves inflow or outflow of business funds.As per AS-3, investing and financing transactions that do not require the use of cash or cash equivalents should be excluded from a cash flow statement.Error in recording a transaction in subsidiary book with wrong name or wrong amount.In the preceding pages, you learnt about debits and credits and observed how transactions affect accounts.When the number of bank transactions is large; it is convenient to have a separate amount column for bank transactions in the cash book itself instead of recording them in the journal.It is a convenient mode of maintaining records as the owner may record only important transactions according to the need of the business.