Question

Please answer this correct or I will report.​

Answer 1

Answer:

Please Refer the Attachment

EXTRA INFORMATION :-

✭ Journal :

• A journal entry is an analysis of the effects of a transaction on the accounts, usually accompanied by an explanation (popularly called narration).
• Therefore, a journal is a tool for analysing and describing the impact of various transactions upon a business unit.

✭ Features of a Journal :

1. A journal is a daily accounting record.
2. A journal contains the day-to-day transactions in chronological order.
3. A journal records both debit and credit parts of a transaction by using double entry system.
4. A journal provides a prelist total of the entries to be posted in the ledger.

✭ Advantages of using a Journal :

1. It shows all necessary information regarding a transaction. The Ledger Account cannot provide detailed information of w transaction.
2. It provides an explanation of the transaction.
3. It helps to locate and prevent errors.
4. It provides an individual source of quick reference in the future in response to queries.

✭ Golden Rules :

❐ Personal Accounts :

➵ Debit - Receiver

➵ Credit - Giver

❐ Real Accounts :

➵ Debit - What comes in

➵ Credit - What goes out

❐ Nominal Accounts :

➵ Debit - Expenses, Loss

➵ Credit - Income, Gain

Answer 2

Answer:

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