Journal proper refer to the special types of journals which occur occasionally.
These are also known by subsidiary journals.
There are certain types of transactions which are not recorded in other subsidiary books but for the systematic recording.
Systematic recording of all such transactions are made under journal proper by following rules of double entry system of book-keeping
Opening entries are to be prepared at the beginning of the given period.
There are two types of opening entries.
They are for new starting company and existing company.
For new business
When a new business is started, the owner of the business may bring some money and assets into the firm.
For new starting business, all the invested items are debited and capital is credited.
For an existing business
In the case of continuing business, we are required to pass an opening journal entry in the new books.
All the assets and liabilities of previous year are recorded in this entry.
This entry is known as ‘opening entry’.
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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
Journal entries made at the end of the accounting period is known closing entries.
The closing entry is used to transfer data in the temporary accounts to permanent account.
These entries are related to balance sheet or income statement accounts.
The purpose of the closing entry in the income statement is to bring the temporary journal account balances to zero for the next accounting period.
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