8. Journal

Are you looking for solution of TS Grewal book class 11 financial accounting 2024-25 edition.

I have solved all the practical problems in this book and complete video available my you tube channel studynatic

Meaning

                    Journal is a book of primary entry or a book of original entry in which transactions are first recorded in a chronological order from the accounting vouchers that are prepared on the basis of source documents, i.e., cash memo, invoices, purchase bills, etc. The transactions can be recorded in one journal.

Terms of Journal

1. Book of Original Entry – Journal is called a Book Of Original Entry (also called Book of Primary Entry) because a transaction is first recorded or written in this book and thereafter transferred, i.e., posted in the Ledger Accounts.
2. Journal Entry – An entry recorded in the Journal is called a Journal Entry.
3. Journalising – The process of recording a transaction in a Journal is known as Journalising.
4. Posting – The transfer of Journal entry to Ledger Accounts is called Posting.

                                      Format of Journal

                                                          

Rules of Debit and Credit:-

Based on Traditional Classification of Accounts:-

Types of Account	Debit	Credit
Personal Account	The Receiver	The Giver
Real Account	What comes in	What goes out
Nominal Account	All Expenses and Losses	All Incomes and Gains

Based on Modern Classification of Accounts:–

Types of Account	Debit	Credit
Asset Account	Increase	Decrease
Liability Account	Decrease	Increase
Capital Account	Decrease	Increase
Revenue Account	Decrease	Increase
Expense Account	Increase	Decrease

Question 1 to 5

Question 6 to 10

Question 11 to 15

Question 16 to 20

Question 21 to 25

• Facebook
• Telegram
• LinkedIn