A source document is the original record containing the details to substantiate a transaction entered in an accounting system
-petty cash voucher
i)to record all the cash receipts and payments.
ii)to record all the credit purchases
iii)to record all the credit sales
Accumulated fund:This is the funds that correspond to the capital of the partnership or sole trader and it will be calculated using the statement of affairs
Subscription in arrears: This is the sum of money due for members but remained unpaid.It is treated as debtors in the balance sheet
Reciepts and payments: This is the accounts that shows the summary of a cash book over a particular period of time
Income and expenditure account: This is type of account being prepared based on the same principle as the profit and loss accounts.It is described as the equivalent of profit and loss account
Entrance fees: This is the money paid on application for membership of an association or club.It is normally treated as income in income and expenditure account
A share is defined as that portion of the joint stock companies capital owned by a share holder while debentures are documents in form of borrowing (eg bond issued under the seal of company in respect of money lent to it) on which the company agree to pay a certain fixed rate of interest
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