Journal is the first book where recording of all the government financial transactions begin. It is the first entry of all the financial transactions. It is called the form of the original entry. It is the based on the double entry system. Therefore, every transaction is recorded in the journal voucher with debit and credit. There must be a narration of the transaction. The journal voucher is prescribed by the office of the Auditor's General so it is coded as AGF NO.10.
The following are the main definitions of journal:
"A journal is a book, employed to classify or sort out transactions in a form convenient for their subsequent entry."- L.C. Cropper
"The journal or daily record as originally used was a book of prime entry in which transactions was copied in order to date from a memorandum or waste book. The entries as they were copied were classified as debits and credits, so as to facilitate they're being correctly posted afterwards in the ledger." -R. N. Carter
Hence, the journal is a book of prime or original entry in which all financial transactions of a business are systematically recorded according to their dates of occurrence and is maintained with a view to help to prepare the subsequent book of record known as the ledger.
The main objectives of journal are given below:
The following are the importances of journal:
The financial transactions are first of all recorded in the journal. The process of recording the financial transactions in the journal in a systematic way is called journalizing. The record of the transactions made in the journal is called journal entry. Journalizing is the act of passing journal entry. The following steps are taken into consideration while journalizing the transactions:
What is journal?
Journal is the original book or primary book in which the financial transaction is first recorded in the order of date and helps to maintain the principal book or ledger.
What are the objectives of journal?
The following are the objectives of journal:
Write down the importance of journal.
The importance of journal are as follows:
What is journalizing?
The process of recording the financial transactions in the journal in a systematic way is called journalizing.
What are the steps taken into consideration while journalizing the transactions?
The following steps are taken into consideration while journalizing the transactions:
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