Question

1) All business transactions are recorded in the Journal.
2) Cash discount is not recorded in the books of accounts.
3) Journal is a book of Secondary entry.
4) GST is imposed by the Government of India from 1st July 2018.
5) Machinery purchased by the Proprietor decreases his capital.​

Answer 1

Answer:

1) first statement is correct

2) cash discounts should be recorded in journal entries

3)journal is primary book or day to day entry book