Question

explain the types of transactions​

Answer 1

$\red{ \huge{ \underline{ \overline{ \mid{ \bold{ \purple {\: \: ANSWER \: \: \red{ \mid}}}}}}}}$

$\rm{In \: \: ordinary \: \: language \: , \: transaction \: \: means } \\ \rm{exchange \: \: of \: \: goods \: \: or \: \: service \: \: measurable \: } \\ \rm{ in \: \: terms \: \: of \: \: money \: .}$

$\rm{There \: \: are \: \: four \: \: type \: \: of \: \: transaction \:. \: These} \\ \rm{are \: \:as \: \: follows \: : }$

$\rm{1. \: \: PURCHASES} \\ \\ \rm{ 2.\: \: SALES} \\ \\ \rm{ 3.\: \: RECEIPTS} \\ \\ \rm{ 4.\: \:PAYMENTS}$

$\huge \rm{1. \: \: \underline{ \: \: Purchases \: \: } : \to}$

$\rm{The \: \: \: term \: \: \: \red{ Purhcase} \: \: \: means \: \: \: the \: \: purchase} \\ \rm{of \: \: \: goods \: \: \: in \: \: \: which \: \: \: the \: \: business \: \: deals \: .}$

$\rm{Purchase \: \: \: of \: \: \: goods \: \: may \: \: \: be \: \: either \: \: in \: \: cash} \\ \rm{or \: \: \: in \: \: on \: \: credit \: . \: If \: \: \: the \: \: \: goods \: \: are \: \: purchased \: \: } \\ \rm{by \: \: \: making \: \: \: payment \: \: \: in \: \: \: cash \: \: \: or \: \: \: by \: \: \: cheque,} \\ \rm{it \: \: is \: \: called \: \: cash \: \: transaction \: .}$

$\rm{Again \: , \: \: if \: \: \: the \: \:goods \: \: \: are \: \: \: purchased \: \: on \: \: condition} \\ \rm{that \: \: the \: \: payment \: \: made \: \: will \: \: be \: \: \: at \: \: a \: \: \: future \: \: date,} \\ \rm{it \: \: is \: \: called \: \: credit \: \: purchase \: .}$

$\huge{ \rm{2. \: \: \: \underline{ \: \: Sales \: \: }} : \to}$

$\rm{The \: \: \: term \: \: \: \red{Sales } \: \: \: is \: \: \: use \: \: only \: \: for \: \: \: sale \: \: \: of \: } \\ \rm{these \: \: goods \: \: which \: \: are \: \: purchased \: \: \: for \: \: \: the \: \: } \\ \rm{ purpose \: \: \: of \: \: \: resale \: . \: The \: \: term \: \: sale \: \: \: is \: \: \: not \: \: \: } \\ \rm{used \: \: \: for \: \: \: the \: \: \: sale \: \: \: of \: \: assets \: .}$

$\huge{ \rm{3. \: \: \underline{ \: \: Receipts \: \: \: }} : \to}$

$\rm{When \: \: \: any \: \: goods \: \: sale \: \: \: on \: \: \: credit \: \: \: or \: \: \: any} \\ \rm{services \: \: \: provide \: \: on \: \: credit \: \: \: then\: \: \: the } \\ \rm{amount \: \: of \: \: the \: \: particular \: \: goods \: \: \: or \: \: \: service} \\ \rm{is \: \: \: stated\: \: therein \: \: \: at \: \: \: a \: \: \: future \: \: date \: . \: The \: } \\ \rm{amount \: \: \: receivable \: \: \: by \: \: \: seller \: \: \: from \: \: \: the} \\ \rm{purchaser \: \: \: is \: \: \: called \: \: \: \red{Receipt} \: .}$

$\huge{ \rm{4. \: \: \underline{ \: \: Payments \: \: }} : \to}$

$\rm{When \: \: \: a \: \: \: proprietor \: \: \: purchases \: \: \: goods \: \: \: from \: \: \: any} \\ \rm{wholesaler \: \: \: or \: \: \: manufaturer \: \: \: for \: \: resale \: \: by \: \: \: his} \\ \rm{own \: \: \: enterprise \: \: \: on \: \: \: credit \: , \: \: then \: \: \: the \: \: \: amount \: \: \: is} \\ \rm{stated \: \: \: theirin \: \: \: for\: \: \: a \: \: \: future \: \: \: date \: \: \: to \: \: make \: \: \: payment \: .} \\ \rm{The \: \: \: amount \: \: \: is \: \: \: payable \: \: \: by \: \: \: the \: \: \: proprietor \: \: \: to \: \: \: the \: \: } \\ \rm{seller \: \: \: is \: \: \: called \: \: \red{ \: Payment} \: .}$