Journal and Ledger
What is a Journal?
A journal is the first book in which we record financial transactions of a business. It is called a book of original entry because its entries are transferred to a second book known as the ledger. Each transaction entered or recorded in the journal is called ‘an Entry’.
Types of Journal
There are two major types of Journal:
General Journal: This journal is used to record all transactions (both sales and purchases) which do not pass through a book of original entry.
Format of a General Journal:
The General journal consist of date, name of the account to be debited and the amount.
General Journal
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