Journal word has been derived from the French word ‘jour’ means day; so, journal means daily.
Financial transactions are recorded daily in journal.
It is a book of original entry to record financial transaction in chronologically (in-order-of date).
It is also known day book because journal entries are recorded daily in the book of accounting.
The major features of journal entry are as follows:
o Journal entry is the first step of the double entry system.
o Financial transaction is recorded first of all in the journal; therefore, it is known as the book of original entry.
o A transaction is recorded on the same day it takes place; therefore, journal is called day book.
o Transactions are recorded chronologically; therefore, journal is called chronological book
o For each transaction, two accounts are affected; they are debited and credited.
o This makes ledger-posting easy; therefore, it is known as assistant to ledger.
o Narration is written below each entry.
Click on link for YouTube videos CHAPTERS OF CLASS 11
ACCOUNTING EQUATION http://tiny.cc/c89jkz
BASIC JOURNAL ENTRIES IN NEPALI http://tiny.cc/uaakkz
BASIC JOURNAL ENTRIES http://tiny.cc/8aakkz
JOURNAL ENTRY AND LEDGER http://tiny.cc/caakkz
SUBSIDIARY BOOK http://tiny.cc/399jkz
CASH BOOK http://tiny.cc/889jkz
TRIAL BALANCE & ADJUSTED TRIAL BALANCE http://tiny.cc/c59jkz
BANK RECONCILIATION STATEMENT (BRS) http://tiny.cc/q59jkz
FINAL ACCOUNT: CLASS 11 http://tiny.cc/y89jkz
ADJUSTMENT IN FINAL ACCOUNT http://tiny.cc/keakkz
CAPITAL AND REVENUE http://tiny.cc/peakkz
SINGLE ENTRY SYSTEM http://tiny.cc/n19jkz
NON-PROFIT ORGANIZATION (NON-TRADING CONCERN http://tiny.cc/j09jkz
GOVERNMENT ACCOUNTING http://tiny.cc/hcakkz
GOSWARA VOUCHER (JOURNAL VOUCHER) http://tiny.cc/hcakkz
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