write the objectivs of journal. at least in 1page
Answers
Explanation:
Journal is a book of original entries containing a chronological record of business transaction according to the principle of double entry system. A journal may, therefore, to be defined as a book containing a day to day record of transaction.
L.C. Cropper, a 'A journal is a book, employed to classify or sort out transaction in a form convenient for their subsequent entry in the ledger.'
R.N. Carter, the journal' or 'daily record' as original use was a book of prime entry in which transactions were copied in order of date from memorandum or waste book. The entries as they were copied, were classified into debits, so as to facility their being correctly posted afterwards in the ledger.'
It is clear from the above definition that the journal is books of prime or original entry in which all financial transactions of a business are systematically recorded according to their dates of occurrence and is maintained with a view to help to prepare the subsequent ledger book.
Objective of journal
Journal is a book which is used to record financial transaction. It is the book of original record of financial transactions.
The objectives of journal are as follows:
• To record the financial transactions in a systematic way.
• To show necessary information in a systematic way.
• To provide legal evidences of business.
• To provide data wise (chronological) record of transactions.
• To help in preparing ledgers.