If several languages coalesce the grammar
3 min ago
It will seem like simplified English.
1 hours ago
As a skeptical Cambridge friend of mine occidental.
JournalJournal is a primary book of account in which all transaction of a business are recorded systematically date-wise. Like:- sales transaction, purchase transaction, receipt transaction, payment transaction, return transaction, etc.ORThe word journal has been derived from the French word "Jour" Jour means day. So, journal means daily. Transactions are recorded daily in journal and hence it has named so. As soon as a transaction takes place its debit and credit aspects are analyzed and first of all recorded chronologically (in the order of their occurrence) in a book together with its short description. This book is known as journal. Thus we see that the most important function of journal is to show the relationship between the two accounts connected with a transaction. This facilitates writing of ledger. Since transactions are first of all recorded in journal, so it is called book of original entry or prime entry or primary entry or preliminary entry, or first entry. Recording a transaction in a journal is called journal entry or journalizing.Journal has the following features:Journal is the first successful step of the double entry system. A transaction is recorded first of all in the journal. So, journal is called the book of original entry.A transaction is recorded on the same day it takes place. So, journal is also called a day book.Transactions are recorded chronologically. So, journal is called chronological book.For each transaction the names of the two concerned accounts indicating which is debited and which is credited, are clearly written into consecutive lines. This makes ledger - posting easy. That is why journal is called "assistant to ledger" or "subsidiary book".Narration is written below each entry.The amount is written in the last two columns - debit amount in debit column and credit amount in credit column.
Journal
Journal is a primary book of account in which all transaction of a business are recorded systematically date-wise.
Like:- sales transaction, purchase transaction, receipt transaction, payment transaction, return transaction, etc.
OR
The word journal has been derived from the French word "Jour" Jour means day. So, journal means daily. Transactions are recorded daily in journal and hence it has named so. As soon as a transaction takes place its debit and credit aspects are analyzed and first of all recorded chronologically (in the order of their occurrence) in a book together with its short description. This book is known as journal. Thus we see that the most important function of journal is to show the relationship between the two accounts connected with a transaction. This facilitates writing of ledger. Since transactions are first of all recorded in journal, so it is called book of original entry or prime entry or primary entry or preliminary entry, or first entry.
Recording a transaction in a journal is called journal entry or journalizing.
Journal has the following features:
To give knowledge of all transaction.
To give correct knowledge of every transaction.Helpful in setting all disputesAdvantage of JournalThe following are the advantages of journal:Each transaction is recorded as soon as it takes place. So there is no possibility of any transaction being omitted from the books of account.Since the transactions are kept recorded in journal chronologically with narration, it can be easily ascertained when and why a transaction has taken place.For each and every transaction which of the two concerned accounts will be debited and which account credited, are clearly written in journal. So, there is no possibility of committing any mistake in writing the ledger.Since all the details of transactions are recorded in journal, it is not necessary to repeat them in ledger. As a result ledger is kept tidy and brief.Journal shows the complete story of a transaction in one entry.Any mistake in ledger can be easily detected with the help of journal.Format of Journal Date Particular LF Debit Credit Total There are five Column In Journal:-v Datev Particularv L.F. [Ledger Folio (page)]v Dr. Amountv Cr. AmountDate:- In this column, we enter the date of transaction.Particular:- In this column, we write transaction in the form of debit and credit.L.F.(Ledger Folio):- In this column, we enter the page number when you posting ledger.Credit Amount:- In this amount, we enter the credit amount of transaction.Debit Amount:- In this column, we enter debit amount of transaction.Ex.Journalize the following transaction.July 2016v July 1 Started business with cash of ₹. 10000v July 2 Withdraw cash for personal use of ₹ 3000v July 4 Bought goods from Shyam of ₹ 7000 by cash.v July 6 Purchase goods from Rohit of ₹ 8000v July 8 Sold goods to Raju for cash of ₹ 4000v July 10 Sold goods to Chandan of ₹ 5000v July 15 Paid wages to workman of ₹ 1000v July 19 Rent paid to landlord of ₹ 500v July 21 Salary paid to staff of ₹ 300v July 25 Commission paid to agent of ₹ 200v July 27 interest received from Mayank of ₹ 1000v July 28 Received from Chandan of ₹ 5000v July 30 Rent received of ₹ 100v July 31 Paid to Rohit of ₹ 8000Journal entry in the book of ----------------------
The following are the advantages of journal:
Any mistake in ledger can be easily detected with the help of journal.
Format of Journal
Date
Particular
LF
Debit
Credit
Total
There are five Column In Journal:-
v Date
v Particular
v L.F. [Ledger Folio (page)]
v Dr. Amount
v Cr. Amount
Date:- In this column, we enter the date of transaction.
Particular:- In this column, we write transaction in the form of debit and credit.
L.F.(Ledger Folio):- In this column, we enter the page number when you posting ledger.
Credit Amount:- In this amount, we enter the credit amount of transaction.
Debit Amount:- In this column, we enter debit amount of transaction.
Ex.
Journalize the following transaction.
July 2016
v July 1 Started business with cash of ₹. 10000
v July 2 Withdraw cash for personal use of ₹ 3000
v July 4 Bought goods from Shyam of ₹ 7000 by cash.
v July 6 Purchase goods from Rohit of ₹ 8000
v July 8 Sold goods to Raju for cash of ₹ 4000
v July 10 Sold goods to Chandan of ₹ 5000
v July 15 Paid wages to workman of ₹ 1000
v July 19 Rent paid to landlord of ₹ 500
v July 21 Salary paid to staff of ₹ 300
v July 25 Commission paid to agent of ₹ 200
v July 27 interest received from Mayank of ₹ 1000
v July 28 Received from Chandan of ₹ 5000
v July 30 Rent received of ₹ 100
v July 31 Paid to Rohit of ₹ 8000
Journal entry in the book of ----------------------
Particulars
L.F.
Dr. amt
Cr. Amt
1-July – 2014
Cash A/c. -----------------Dr.
To, Capital A/c.
(Being: Started Business with Cash)
10000
2-July-2014
Drawing A/c. ------------ Dr.
To, Cash A/c.
(Being:- Withdraw Cash for personal use)
3000
04-July-2014
Purchase A/c. --------------Dr.
(Being: Bought Goods from Shyam by Cash)
7000
06-July-2014
To, Rohit A/c.
(Being: Purchase goods from Rohit)
8000
08-July-2014
Cash A/c. ------------------ Dr.
To, Sales A/c.
(Being: Sold goods to Raju by Cash)
4000
10-July-2014
Chandn A/c.---------------Dr.
(Being: Sold Goods to chandan )
5000
15-July-2014
Wages A/c.----------------Dr.
(Being: Paid wages to workman)
1000
19-July-2014
Rent Paid A/c. ------------Dr.
To,Cash A/c.
(Being: Rent Paid to Landlord)
500
21-July-2014
Salary Paid A/c. ----------Dr.
(Being: Salary Paid to Staff)
300
25-July-2014
Commission Paid A/c.------------Dr.
(Being: Commission Paid to agent)
200
27-July-2014
Cash A/c.-------------- Dr.
To, Interest Rec. A/c
(Being: Interest Received from Mayank)
28-July-2014
Cash A/c.------------------ Dr.
To, Chandan A/c.
(Being:Received from Chandan)
30-July-2014
Cash A/c. ---------------- Dr.
To, Rent Received A/c.
(Being:Rent received)
100
31-July-2014
Rohit A/c. ----------------Dr.
(Being: Paid to Rohit)