Aims and objectives of house hold ing transaction
Answers
The Journal is an important book under the double entry system. Journal is the first book of systematic record of the financial transactions of a business. It is also extremely important for keeping records of financial transactions for any household. The literal meaning of the journal is a record of day-to-day financial transactions. The aims and objectives of journalising of household transactions for a month are as follows.
1) It is very helpful for any household to know that how much a family has spent in a particular month on various expenses, such as children's school fees, groceries, entertainment etc. Moreover, we will be able to know how much money we can save in a particular month.
2) After knowing about each and every expenditure, we will be able to understand about unnecessary expenses and we may cut down those expenses.
3) Through journalising, we can be able to keep the record of monthly financial transactions in a chronological order.
4) Journalising of monthly financial transactions can be used as a legal evidence.
5) Through Journalising, we can be able to manage our home in a more effective and efficient way.
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