Question

discuss the advantage of journal​

Answer 1

Answer:

Journal provides records of all business transactions in one place on the time and date basis. All transactions are recorded on the basis of receipts or bill, so we can check authenticity of each journal entries with their bills.

Explanation:

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Answer 2

• journal provides records of all business transactions in one place on the time and date basis.
• All transactions are recorded on the basis of receipts or bill, so we can check authenticity of each journal entries with their bills.
• There is minimum chance to avoid any particular transaction because in journal transactions are recorded date basis.
• Accountant writes every journal entry’s narration bellow of that journal entry, so other auditor can know what the reason of that journal entry is.
• In journal, every transaction is recorded after deep analysis of two accounts on the basis of double entry system, so there is minimum chance of mistake in journal.
• Journal is the basis of posting in ledger accounts. With making of journal, accountant can not make ledger accounts.
• If there is mistake in ledger, we can rectify it with the help of journal or rectify journal entry in journal.