#Eleventh standard accounts book professional#
A journal is a thorough and detailed record of trades that occur in an individual investor’s or professional manager’s own accounts, which is used for tax, assessment, and auditing purposes. In the investment finance industry, a journal is also employed. Step 9: To distinguish one Journal entry from the other, draw a line across the ‘Particulars’ column. This brief description of the transaction is called narration Step 8- Begin recording a brief summary of the transaction in the ‘Particulars’ column on the next line. In the ‘Credit Amount’ field, write the amount to be credited. In the following line, write the name of the account to be credited, followed by the word “To.” After a few spaces, the word ‘To’ is written towards the right.
Step 7: Write the name of the account to be credited in the Particulars section. In the ‘Debit Amount’ column, enter the amount to be debited. Along with the account name, the abbreviation ‘Dr.’ should also be entered on the same line beside the account name. Step 6 – Write the name of the account to be debited in the ‘Particulars’ section. Step 5: In the ‘Date’ column, write the month and date of the transaction, as well as the year. Step 4: Calculate the amount that will be debited and credited to the accounts. Step 3: Using the debit and credit rules, determine which accounts should be debited and which should be credited. Step 2: Determine the type of the affected accounts, like whether they are Personal, Real, or Nominal (as per the Traditional Approach) Asset, Capital, Liability, Expense, or Revenue Accounts Asset, Capital, Liability, Expense, or Revenue Accounts (as per Modern Approach). Step 1: Identify which accounts are affected by a transaction. The following are the steps involved in journalising: Steps in Journal or Rules of Journalising To make it easier to post transactions to ledger accounts.Accurately record both the debit and credit sides of transactions.
Posting- Posting is the process of transferring a Journal entry to a Ledger Account.Ī journal is a book in which transactions are initially documented chronologically, that is, in the order in which they occur.Journalising- Journalising is the procedure of recording transactions in a journal.Journal Entry – An entry recorded in the Journal Proper is called a Journal Entry.Book of Original Entry-Journal is called a Book of Original Entry (also called Book of Prime Entry) as a transaction is first recorded or written in this book and thereafter transferred, i.e., posted into the Ledger Account.Terms or Expressions Related with Journal The accounting voucher, which is created on the basis of source documents such as cash memos, invoices, purchase bills, and so on, is used to record transactions in the Journal book. The primary book of account in which financial transactions are first recorded in chronological order, i.e., in the order in which they are entered, is called the journal.
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