Explain the following column in a journal?
Date column
Particular column
Debit column
Credit column
Answers
date columns mentions the date of transactions
particular column mentions from which transaction to which transaction the entry is converted
the debit column mentions the debit amount
the credit column mentions the credit amount
Answer:
The columns in Journal are explained below
Explanation:
Date column: Date column shows on which day the transaction has been happened. The first entry on a journal page includes the month and year in the date column. Neither the year nor the month are written again on the same page.
Particular Column: It shows the transaction of entry from which to which by applying the rules of accounting like personal, real and nominal. And it also defines the narration which means complete description about the transaction.
Debit column: It implies for the amount of debit for which the credit particular applies. At least one component of every accounting transaction (journal entry) is a debit amount. Debits increase assets and decrease liabilities and equity. For this reason, you will sometimes see debits entered on the left-hand side (the asset side of the accounting equation) of a two-column journal or ledger.
Credit column: At least one component of every accounting transaction (journal entry) is a credit amount. Credits increase liabilities and equity and decrease assets. For this reason, you will sometimes see credits entered on the right-hand side (the liability and equity side of the accounting equation) of a two-column journal or ledger.