Question

is also called the book of original entryl
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Answer 1

Answer:

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A Journal is often called a book of original entry and contains a chronological record of the transactions of a business.

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Answer 2

ANSWER :

Journal is also called the book of original entry.

• Books of original entry means the books of accouts where the transactions are recorded as and when they take place.

• The first book of original entry is called 'Journal'.

MORE TO KNOW :

• The word 'Journal' has been derived from the French word 'JOUR' which means 'Daily records'.

• Journal is a book of primary entry for daily records.

• Journal is a book of original entry in which transactions are originally recored in chronological order from source documents showing the accounts to be debited and credited in a systematic manner.

• Recording of transactions in journal is a first step in the process of Double entry system.

• Each entry in the journal is followed by a brief explanation of the transaction which is called 'Naration'.

• Journal provides the basis and source for posting into ledger.