Journal and Ledger
- A book where transactions are recorded from the source document in a chronological order is known as Journal.
- Some of the features of journal are that transactions are recorded first time, each day’s transactions are reco
- A Journal is a book where transactions are recorded from source document in a chronological order.
- It provides a date wise record of all the transactions with details of accounts debited and credited, along with the amounts of
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- Books of Original Entry are also known as Books of Prime Entry or Special Purpose Subsidiary Books.
- All cash receipts, cash payments and transactions through bank are recorded in the cash book.
- When the business grows and the number of transactions increases, it becomes difficult to record all these transactions in a single book.
- To make the task easier, these small and recurring expenses are recorded in a separate cash book called ‘Pett
- Purchase Book is used for recording credit purchases of goods.
- Posting to the party's account is done daily in this book with individual amounts on the credit side of their accounts.
- Advantages of purchase book are that it is con
- Journal Proper is a residuary book after the sub-division of Journal and records only those transactions that cannot be recorded in any other subsidiary book.
- Transactions recorded in journal are opening entry, closing entry, a