Business transactions

Transactions are events entered into by your business, which result in some change in the business. They are initially recorded, summarized and classified in books of original entry, such as sales day book, purchases day book, sales returns day book, purchases returns day book, cash receipts book, petty cash book and cheque payments book. This process is generally referred to as book-keeping. Information collected in the above named books is then used to prepare financial statements, such as balance sheet and trading profit and loss account.

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Explanation of what Business Transactions are and what they consist of. Read More

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