Question

give the form of journal and discuss the rules of journalising​

Answer 1

Answer:

The form of the journal is date particular L. F. debit amount credit amount

the rules of journalising are

i) Identification of accounts: transaction are recorded in the books of accounts under different account heads. Incorrect identification would lead to incorrect recording of transaction.

ii) Classification of accounts: The next step is to classify the identified accounts affected by the transaction either according to English Approach or Modern Approach.

iii) Application of rules: The next step is to apply the rules for Debit and Credit to ascertain the account to be debited or credited.