Is journal a book of original entry? Explain
Asked by Topperlearning User | 14th Jun, 2016, 05:30: PM
All the transactions recorded in the books for the first time is called journal or book of original entry. The source documents are used to record all these transactions in the journal. These transactions are entered with the details of debit and credit in the journal and are transferred to an individual account. This sequence causes the journal to be called the book of original entry and the ledger account is called principal book of entry.
Answered by | 14th Jun, 2016, 07:30: PM
- Define journal and journalising.
- Give the format of a journal and explain in detail.
- Explain bad debts in brief. Give an example.
- Write down the limitations of a journal.
- What are the steps involved in journalising?
- What do you mean by discount? Explain the types of discount.
- Rebello purchased from Rs.100 each on which he is given 20% Trade Discount. He is further given 2% Cash Discount as he made payment for the purchases immediately. Calculate the amount that Rebello will debit in purchases account. Pass necessary journal entries for the following transaction.
- Journalise the following transactions: Date Rs. 2016 March 31 Stock at the end of the year 40,000 Salaries due to staff 8,500 Sold goods to Mohan 20,000 Purchased goods from Radha 10,000 Withdrawn from bank for private use 1,000 Placed in fixed Deposit Account at bank by transfer from current account. 6,000 Goods given as charity 5,000
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