Revision: Journal Accounts HSC Commerce (English Medium) 11th Standard Maharashtra State Board

A document is any paper, file, or digital record that gives information about something.

In accounting, a document is a paper or digital record that proves a business transaction has happened.

A tax is money that people and businesses must pay to the government. The government uses this money to pay for things like schools, hospitals, roads, defense, and other public services.

A voucher is a formal written document that supports and records a financial transaction in business or accounting. 

In India, a tax invoice is an official bill the seller gives to the buyer when selling goods or services taxable under GST.

A credit memo (also called a credit note) is a document issued by a seller to a buyer, used to reduce the amount the buyer owes for goods or services previously invoiced. This typically happens when goods are returned, there is an overcharge, or an allowance/discount is granted after the sale.

A receipt is a written or printed document that acknowledges money received for goods sold or services rendered.

A cheque is said to be bounced or dishonoured when the bank refuses to pay the amount written on the cheque.

 A chequebook contains several blank cheques, which can be used when payments or money transfers are needed. Banks give a chequebook to their account holders if they keep a certain minimum balance.

A cheque is a written order from an account holder to their bank to pay a specified amount to another person or the bearer (anyone physically holding or presenting it). It is mostly valid for 3 months from the date of issue.

The Cheque Truncation System (CTS) is a modern method used in India for faster and safer cheque clearing. Instead of physically moving the paper cheque from one bank to another, the bank scans the cheque, and an electronic image is sent for clearing and payment.

Endorsement involves writing the name of the new payee (the person who will get the cheque) and signing it on the back of the cheque.

This allows the original payee to transfer the right to receive the payment to another party.

Books of accounts are records in which a business keeps a detailed log of all its financial transactions.

A journal is a book where every business transaction is recorded as soon as it happens.

Journalising is the process of recording business transactions in the journal as soon as they happen.

Casting means totalling up the amounts in the debit and credit columns of the journal—usually at the end of each page or section.

A journal entry is a short written record of a business transaction in the accounting books, showing which account is debited and which is credited, always following the double-entry system.

The Goods Account shows all activities related to buying, selling, returning, losing, or giving away goods that a business trades.

A discount is a reduction in price given by a seller to a buyer