Question

What do you understand by journal? Elaborate the steps in journalising​

Answer 1

Answer:

Journal and Journalising Process

Every business organization carries various transactions throughout the day. Some transactions are similar, many are different. Hence, it is not possible to keep all the journalising process in mind without recording it. All these transactions are important and therefore can’t be avoided or omitted. So, to avoid any mistake or omission, all these transactions are recorded in books. Journalising is the traditional form of keeping track of happenings in the organization.