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name any one type of transction recorded in journal proper

Asked by ushanihar12 22nd December 2019, 5:28 PM
Answered by Expert
A Journal Proper records the transactions which cannot be recorded in any other subsidiary book prepared by the business like cash book, purchases book, purchases return book, sales book, sales return book, bills receivable book and bills payable book. Apart from the transactions recorded in these specific books, there are several other transactions which are to be recorded in the books. For all of them, a Journal Proper is used for recording the following types of entries:
  • 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.
Answered by Expert 22nd December 2019, 6:29 PM
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