Question

What is a journal and opening entry

Answer 1

A journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records, such as the general ledger. A journal states the date of a transaction, which accounts were affected, and the amounts, usually in a double-entry bookkeeping method.

Assets are represented by real accounts. They carry a debit balance. By recording the journal entry for bringing the value of closing stock into books, we create the asset by name Closing Stock a/c. For this we have to debit the Closing Stock a/c.

Answer 2

Answer :

Journal

》A journal is a book of original entry in which transactions are recorded in the order in which they occur i,e., in chronological order.

Opening entry

》 An opening entry is a compound entry which carries forward all the balances of assets and liabilities of previous year to the current year.