Accountancy, asked by tabassumaara744, 11 months ago

what is a journal Proper ? list the transactions recorded in the journal proper .

Answers

Answered by wwwayazbaba6z

Answer:

journal is the basic book of original entry in which the transactions or recorded in chronological order..

Answered by sanjay6646

Answer:

Journal proper [or General Journal] is a simple book of chronological record of business transactions. The use of this book is very much restricted in modern accounting system.

Only those transactions, which cannot be conveniently recorded in any of the other books of original entry i.e., subsidiary books or which are not sufficiently numerous to necessitate a special book being devised for them, are recorded in this book.

Transactions to be Recorded in Journal Proper:

This journal is now used to record the following transactions only:

(a) Opening Entries:

ADVERTISEMENTS:

These entries are needed for opening accounts in the beginning of the financial year. All assets accounts are debited and all liabilities accounts credited and the difference is credited to Capital account.

(b) Transfer Entries:

These entries are needed to record transfer from one account to another. For example, an asset purchased is wrongly debited to purchases account, then to rectify the mistake the following entry will have to be passed.

Transfer Entries

When certain errors are committed in the books. These entries are passed in order to nullify the effect of errors. For example, goods sold for Rs.5000 to Mr. Ram has been entered in the Sales Day Book as Rs.500. This mistake is corrected by passing the following rectifying entry.

Rectification Entries

(d) Adjustment Entries:

When accounts are closed at the end of a financial year, before preparing final accounts certain adjustments have to be made relating to certain items like depreciation, outstanding expenses, interest on capital, etc.For example, if rent is outstanding for one month say, Rs.500, then the following entry will be passed in order to charge one full year’s rent to final accounts.

Adjustment Entries

(e) Closing Entries:

These entries are needed at the end of accounting period to close certain accounts. Transferring their balances to some other accounts does this. For example, transferring its balance to Profit and loss account closes the petty cash account.

(f) Compound Entries:

ADVERTISEMENTS:

Sometimes, compound entries are passed through journal proper to make the record of the transaction more clear. For example, goods sold for cash after allowing trade and cash discounts can be recorded in this journal.

(g) Casual Entries:

Journal Proper may also used to record such transactions, which do not occur so frequently so that a separate book may not be provided for them. For example, if sales returns are rare, then instead of opening a Sales Returns Book, such rare cases can be recorded in Journal Proper.

Illustration:

Pass necessary entries in Journal Proper for the following transactions:

ADVERTISEMENTS:

1. Opening Balances:

Cash a/c Rs. 10,000; Stock a/c Rs. 20,000; Debtors a/c Rs. 80,000; Buildings a/c Rs. 160,000; Creditors a/c Rs. 10,000; and Bills Payable a/c Rs.40, 000.

2. Transfer Rs.2000 from the credit of X a/c to the credit of Y a/c.

3. Rs.400 repairs to furniture debited to Furniture a/c by mistake.

ADVERTISEMENTS:

4. Provide 10% depreciation on Buildings.

5. Rent unpaid Rs. 2400.

Solution:

Entries in Journal Proper - Part 1

Entries in Journal Proper - Part 2

what is a journal Proper ? list the transactions recorded in the journal proper .​

Answers

what is a journal Proper ? list the transactions recorded in the journal proper .