Explain the columns in a journal
Answers
Answer:
it is the place in which transactions are recorded
Answer:
There are five columns in Journal which are explained below
Explanation:
1. Date: In the first column the date of the transaction is entered. the year is mentioned on the top, then the month and in the narrow part of the column the date is mentioned.
2. Particulars: In the Particulars column the name of accounts involved are written. first the account to be debited with the word "Dr" written towards the end of the column. In the next line after leaving a little space the name of the account to be credited is written preceded by the word "To". in the next line the explanation of the entry be written which is known as narration.
3. LF: LF column is known as Ledger Folio which represents the page number of ledger to that specified account.
4. Debit: The amount to be debited to various accounts concerned are entered.
5. Credit: The amount to be credited to various accounts are entered.