Relation between journal and ledger
As per Accounting definition, Accounting is the art of recording,classifying and summarizing of business events in terms of money. The primary function of accounting is the recording of business transactions. The Most important part of accounting is the recording which involves journal and ledger. Journal and ledger are the two books of records. Transactions are initially… (0 comment)
compound journal entry example
An entry in a journal which contains more than one debit and once credit are necessary, the entry is called compound journal entry. Or in other words an entry which affects more than two accounts is called compound journal entry. A compound journal entry may have one debits and two or more credits or one… (0 comment)
Simple journal entries examples
An entry in a journal which contains only one debit item and one credit item is called a simple journal entry. The following example will illustrate this point. Example: March 31 : Paid Rent Rs 1000 March 31 : Paid wages Rs 2500 March 31 : Paid Salaries Rs 5000 Lets record this transactions in simple journal… (0 comment)
Format of journal in accounting
A Format of Journal tells, how journal entries are recorded in the journal books. The arrangement of each entry in a page of a book is termed as Journal format.Journal entry is the first step taken after a business transaction is taken place. First we analyse the transaction and find out which accounts are affected with the transaction,… (0 comment)
What is a Journal Entry?
The record of a transaction in the Journal is called a journal entry. Definition of Journal entry A journal entry is a formal accounting entry used to identify a business transaction. The entry itemizes accounts that are debited and credited, and should include some description of the reason for the entry, as well as the… (0 comment)
What is Journalising?
We know what is the concept of journal? and types of Journals.In this chapter of Accounting Basics,Lets Under stand What is Journalising. What is Journalising? The Procedure of Recording Transactions in the journal is called Journalising. Before a transaction is recorded in the journal, it is essential to analyse the transactions and decide the account should… (0 comment)
Types of Journals
Journals can be mainly classified in two.They are General Journal and special journal. General Journal It is the journal at which all kinds of transactions are recorded.or in other words all transactions not recorded in the special journals. Special Journal Special journals are the classifications of journals. Transactions with similar nature are recorded in journal book is… (0 comment)
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