Features of Journal Entry | Characteristics of Journal Entry

Meaning of Journal Entry

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.

Features of Journal Entry | Characteristics of Journal Entry

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.

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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

LEDGER http://tiny.cc/haakkz

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

DEPRECIATION http://tiny.cc/ugakkz

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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