Describe the events recorded in accounti | Class 11 Accountancy Chapter Recording of Transactions - 1, Recording of Transactions - 1 NCERT Solutions

Question:

Describe the events recorded in accounting systems and the importance of source documents in those systems?

Answer:

Source documents are written and authentic proof of the correctness of recorded transaction.They are required for audit of accounts and tax assessments.They also serve as legal evidence in case of a dispute.

Source documents are the first record about the details of a business transaction. Such documents report the date, the amount, parties involved and the nature of the transaction. Entries in the books are always made from the source documents.


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Comments

  • madhushree
  • 2015-07-27 18:29:32

not in bad codition and very good website


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Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 2 , Question 1: Describe the events recorded in accounting systems and the importance of source documents in those s....