name any one type of transction recorded in journal proper
- Opening entry recorded in the beginning of a financial year to open the books by debiting assets and crediting the liabilities and capital appearing in the previous year.
- Closing entry passed at the end of the year to close the accounts relating to expenses and revenues by transferring them to the Trading and Profit and Loss Account.
- Rectification entry passed to rectify the errors in the books of original entries or of a ledger.
- Transfer entry for amount to be transferred from one account to another.
- Adjustment entry at the end of the year for the amount of expenses or incomes which are to be adjusted for amounts paid or received in advance or for amounts not settled in cash like outstanding expenses, prepaid expenses, depreciation, etc.
- Other entries passed for dishonour of bills, discount allowed, received, credit purchase of assets, bad debts, etc.
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