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Transactions are those financial activities, which are encountered by a business with another party. These data of these financial transactions are detailed in source documents. These source documents details the nature of the transaction and only those applicable to the business, should be recorded in the accounts. The business entity rule implies that your personal transactions should be kept separate from the business.

Private transactions can be illustrated as follows:

These are private transactions, and consequently it has got nothing to do with the business and may not be recorded in the business' accounting records. You may record these transactions in your own set of personal accounts.

 

Business transaction can be illustrated as follows:

These transactions would then be recorded in the books of the business or organisation.