write Needs and functions of journal. ( in point wise)
Answers
Answer:
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Explanation:
Functions of Journal
(i) Analytical Function: While recording a transaction in the journal each transaction is analyzed into the debit aspect and the credit aspect. This helps to find out how each transaction will financially affect the enterprise.
(ii) Recording Function: Accountancy is a business language which helps to keeps the record of the transactions based on the principles. Each such recording entry is supported by a brief narration, which explains, every transaction in simple language. Narration means to narrate – i.e. to explain. It starts with a word – Being.
(iii) Historical Function: Journal book contains a chronological record of the transactions for future references.
Answer:
Journal records all business transactions in one place on the time and date basis. All transactions which are recorded, are supported with a receipt or bill, so we can check the authenticity of each journal entries with their bills.In journal day book we record transactions in their chronological order. The process of recording transaction in a journal is known as ‘Journalisation’. The entry recorded in this book is a ‘journal entry’. Journal is the book of primary entry in which we record all transactions before posting them into the ledger. We need to keep a journal in a columnar form. There are some function and advantages of journal day book. Now we are going to discuss the Journal – Functions and Advantages.
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