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Cheat sheet · Class 11 · CBSE · Commerce Accountancy

Recording of Transactions – I cheat sheet

The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.

CBSE Class 11 · Accountancy

Cheat sheet

Chapter 3Recording of Transactions – I

DEAD CLIC: Debit Expenses, Assets, Drawings; Credit Liabilities, Income, Capital.

1. Accounting Equation

Assets=Liabilities+Capital\text{Assets} = \text{Liabilities} + \text{Capital}

Every transaction keeps the equation balanced.

2. Rules of Debit and Credit

AccountIncreaseDecrease
AssetsDebitCredit
Expenses / LossesDebitCredit
DrawingsDebitCredit
LiabilitiesCreditDebit
CapitalCreditDebit
Revenue / GainsCreditDebit

3. Source Documents

  • Cash memo, invoice/bill, receipt, pay-in slip, cheque, debit and credit notes.
  • Vouchers: prepared from source documents (cash, non-cash, compound).

4. Journal & Ledger

  • Journal: book of original entry (chronological).
  • Ledger: principal book; accounts grouped by head.
  • Posting: journal → ledger; then balance each account.

Goods bought on credit from Ram: Purchases A/c Dr. To Ram A/c.

5. Key Points

  • Every debit has an equal credit.
  • Trade discount is not recorded; cash discount is.
  • Goods withdrawn: Drawings Dr, To Purchases.
  • Opening entry brings forward balances.

Remember: A = L + C | DEAD CLIC | journal → ledger

Recording of Transactions – I: questions and notes

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