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Journal and its Features and its Format 2017 and 2018


In this lesson, we discuss the journal and its features  + Format 2017-18  as it is the first step in which transaction is posted which are occur during the course of operation of the business

 

Journal and its Features + Format 2017-18

Journal and its Features + Format 2017-18

Meaning

The word journal has been derived from the fresh the fresh word “jour’’ jour means day. So journal means daily transactions are recorded daily in the journal. It is a book of original entry to record chronologically and in detail the various truncation of a trader.

journal and its features are as follows

Definition

It is a book where the financial transaction is initially recorded

Features

  • The transaction is recorded chronologically
  • A transaction is recorded on the same day it takes place
  • The narration is written below each entry
  • There are 2 columns, debit and credit columns
  • It is the first step of double entry system, a transaction is recorded first in the journal and is called a book of original entry

Type of book of original entry

  • Sales day book—–for credit sales
  • Purchases day book—–for credit purchases
  • Return inward day book—–for return inwards
  • Return outward day book—for return outwards
  • Cashbook—–for receipts and payment by cash and cheque

 

for more detail click on balance sheet

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