Question

journalising of household transaction for a month?

Answer 1

helloo


Similar to business, recording household related transactions can also be fruitful. It helps us in knowing how much we have spent in a particular month on various expenses such as tuition fees for the children, groceries, entertainment, etc.
Moreover, it also benefits in understanding the amount we are able to save every month (or every quarter). It improves the cost control measures adopted by households, like, if we know the amount spent on each item, we may cut down unnecessary expenses so that we can save more. Basically, journalising household transactions will help in managing the home in a more effective and efficient way.