Question

What are the transactions that comes under the journal voucher?

Answer 1

Journal voucher is prepared for the transactions which does not relate to sales, purchases, cash, bank, material returns.  Journal vouchers are prepared for the following transactions:-

Opening balances

Purchases of fixed assets and other assets on credit

Sale of fixed assets and other assets on credit

Depreciation on fixed assets.

Purchase of any items relating to business expenditures on credit

Adjustment entries.

Closing entries.

Correction entries.

Transfer entries.

Provisions for expenditures

Accrual income.

The entries for transactions which are no repeated very frequently. For example if there are very limited transaction in respect of material return then the journal vouchers can be prepared rather than preparing the purchase return voucher or sales return vouchers etc.
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