Question

A record of different imaginary transactions for 10 days of a new business with capital of Rs 1,00,000 , like stationery shop/ newspaper stall/ medical store/ vegetable stall.

Answer 1

Explanation:

An Accounting system must record all business transaction to accurate information , Financial transaction are prepared . In a business all transaction effect on accounting elements. It help to ensure all the data. It help to know about the expenses  and  income  of the business. it provide information about the effect on Assets and liabilities. Here is the example of imaginary transaction of stationary business -