11. Posting: It means transferring the debit and
credit items from the journal to their respective accounts in the ledger.
12. Trial Balance: Trial balance is
a statement containing the various ledger balances on a particular date.
13. Credit Note: The customer when returns the goods
get credit for the value of the goods returned. A credit note is sent to him
intimating that his a/c has been credited with the value of the goods returned.
14. Debit Note: When the goods are returned to the
supplier, a debit note is sent to him indicating that his a/c has been debited
with the amount mentioned in the debit note.
15. Contra Entry: which accounting
entry is recorded on both the debit and credit side of the cash book is known
as the contra entry.
16. Petty Cash Book: Petty cash is
maintained by business to record petty cash expenses of the business, such as
postage, cartage, stationery, etc.
17. Promisory Note:
An instrument in writing containing an unconditional undertaking signed by the
maker, to pay certain sum of money only to or to the order of a certain person
or to the barer of the instrument.
18. Cheque : A bill of exchange
drawn on a specified banker and payable on demand.
19. Stale Cheque: A stale
cheque means not valid of cheque that means more than Three months the cheque
is not valid.
20. Bank Reconciliation Statement:
It is a statement reconciling the balance as shown by the bank pass book and
the balance as shown by the Cash Book. Obj: to know the
difference & pass necessary correcting, adjusting entries in the books.
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