Question

Answer question below fast. Please answer question 20 and 22.

Answer 1

Answer:

Question 20. In journal day book we record transactions in their chronological order. The process of recording transaction in a journal is known as ‘Journalisation’. The entry recorded in this book is a ‘journal entry’. Journal is the book of primary entry in which we record all transactions before posting them into the ledger. We need to keep a journal in a columnar form. There are some function and advantages of journal day book.

Advantage:- Chronological Record: Journal book records transactions as and when it happens. Therefore it is possible to get day-to-day information.

Steps:-

Step I – Identify the accounts involved in the transaction

Step II – Determine the type of accounts involved

Step III – After identifying the accounts & correctly determining their types the next step is to apply appropriate rules of accounting to either debit or credit the respective accounts with the currency value.

Step IV – Inside the journal book record the transaction along with narration or a short description which depicts purpose of the transaction.

Explanation:

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