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
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
###########
***********
Thank for investing your time.
Please comment on article..
You can help me by sharing this article at your social media platform.
Jay Google, Jay YouTube, Jay Social Media
जय गूगल, जय युट्युब, जय सोशल मीडिया