Give the form of Journal and discuss the rules of journalising.
Answers
Answer:
Journal is a book of 'primary entry 'or ' original entry'..hence journal is known as subsidiary record or subsidiary book. Journalising is an act of recording the debit and credit aspects of a business transaction in journal , together with an explanation of the transaction known as Narration.
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Answer:
Journalizing is the technique of recording a business transaction. A journal is a detailed report that documents all of a company's financial activities.
Explanation:
A journal is a thorough account that records all of a company's financial activities and is used for future account reconciliation and information transfer to other official financial accounts, such as the general ledger.
What are the rules of journalizing?
- Debit what comes in, Credit what goes out
- Debit all expenses and losses, Credit all incomes and gains
- Debit the receiver, credit the giver
Thus, a daily record is what the word "journal" signifies. The term "journal" comes from the French word "jour," which means "day." It's a book containing original or prime entries compiled from a variety of sources. In the first instance, every transaction is recorded, and then it is posted to the ledger.