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October 31, 2018 super20

What is journal?

What is Journal By Super20 | The Best Accounting Classes in Ahmedabad

We will learn accounting concept through this article i.e. Journal. Journal is the book of primary entry in which every transaction is recorded before being posted into the ledger. In this book of accounts, transactions are recorded in a chronological order.

Transactions are entered to see which account should be debited and which credited. Journal is also called a subsidiary book. Recording of the transaction in Journal is called journalizing the entries.

While you learn accounting, it is very rewarding to know how the various transactions can be recorded in the journal. If one can record all the transactions in the journal correctly, we can say that one has won more than half of the battle.

The specimen ruling the Journal is as under:

Journal | The Best Tally Classes in Ahmedabad

  • Date: The date which the transaction has taken place is recorded here. The year written at the top of the date column of each page of the journal. Therefore, on the next line of the date column, the month and day of the first entry are written.
  • Particulars: The two aspects of transactions are recorded in his column i.e., the detail regarding the accounts which have to be debited and credited, the name of the account(s) to be debited are entered at the extreme left of the particulars column next to the date column. The abbreviation ‘Dr.’ is written at the right end of the particular column on the same line of the account debited. The name of the account to be credited is entered on the next line with prefix ‘To’ and is intended to the right of the date column. A brief explanation of the transaction known as narration is written below the account title of the transaction.
  • L.F. (Ledger Folio): this column records the page number in the ledger in which the account in the particular column are transferred (posted).
  • Amount (Debit): The debit account is recorded in the amount (Dr.) column opposite to the title of the account debited.
  • Amount (Cr.): The credit amount is recorded in the amount (Cr.) column opposite to the time of the amount credited.

Many students approaching our training institute to learn practical accounting in Ahmedabad are explained concepts in detail differently. Normal accounting journal entries can be easily made if these rules are followed but some complex entries may confuse you. These types of entries are called compound journal entries. Transactions which are inter-connected and have taken place simultaneously are recoded by means of a combined entry provided that takes place the same day. For example, if the amount is spent on the same day for salary, wages, stationery, rent, etc. a combined entry can be passed debiting all nominal accounts with particular amounts and crediting cash account with the total amount spent. There are cases where a combined entry is passed even for transactions of like nature which have taken place on different dates. This happens when the details of a particular type of transaction are recorded separately but journal entries are passed only periodically with the total amounts of those transactions.

If you have queries pertaining to the journal or want to learn practical accounting in detail please write to us at [email protected] or call us at M – +917069646028.

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