P1 C2 Dual Effect of Transactions and Types ofAccounts — Account STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C2 Dual Effect of Transactions and Types ofAccounts1 Mark
Question
Which transaction is called non-economic transaction?
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Answer
In a transaction when money is not involved, it is known as non-economic transaction.Non-economic transaction are not to be recorded in the books of accounts. Examples of Non-economic transactions are as follows: $(i)$ Bank sanctioned overdraft facility of $Rs.10,000.\ (ii)$ Placed on order for purchasing goods of $Rs.10,000$ to Bhadreshbhai.
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