Journal Entry

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Information about Journal Entry

Published on February 16, 2011

Author: Eaman


Journal Entry: Journal Entry Aishath Eaman MA-13 What is a Journal Entry?: What is a Journal Entry? Journal Entry is the record of the accounting information for a business transaction. The entry is made in a journal. The journal entry has a date, account(s) debited, and account(s) credited. Slide 3: In a journal entry, the total debits must be equal to the total credits. The journal entry is accompanied by a short explanation. Need of Journal:: Need of Journal: Convenient recording of a transactions. Maintaining and preserving the identity of a transactions. Ascertaining the true nature of transaction-with the help of narrations. Maintain permanent record of information. Steps to Journalizing: Steps to Journalizing Ascertain what accounts are involved in a transaction. Ascertain what the nature of accounts involved is. Ascertain which rule of debit and credit is applicable for each of the accounts involved. Ascertain which account is to be debited and which is to be credited. Record the date of transaction in the ‘date column’. Characteristics of Journal: Characteristics of Journal Journal is a book of original entry because transaction is recorded at first stage in this book. Journal is the first step in the recording process of double entry system of book-keeping. In a Journal transactions are recorded in it on day to day basis as and when they take place. Slide 7: Journal is a chronological record of all transactions taking place according to the order of occurrence. Every entry in journal is accompanied with narration which describes, briefly, true nature and context of the transactions. Amount of the transaction is recorded in both debit and credit column-side by side. Format of a Journal Entry: Format of a Journal Entry Thank You!: Thank You!

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