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Journal is an every days record of business transactions, this is also termed a 'Day Book' and is used for recording every day transactions in the order wherein they arise. It is a book of prime entry (also termed as book of original entry) because all transactions are recorded first in this book. He process of recording (transaction in the journal is termed as 'Journalizing' and the entries made in this book are termed as Journal-Entries. The Performa of Journal is specified in figure.
The Journal is separated in five columns. The primary column is utilized for writing the date of the transaction. This is customary to write the year on the top of the column merely once and then in the subsequent line the month and date are written.
The second column termed as 'Particulars' column, the names of the two accounts affected through the transaction are to be recorded into this column. The identity of the account to be debited is written initially. The abbreviation Dr. for debit is also written against the identity of the account to be debited. This is written on similar line extremely close to the L. F. column. In the subsequent line, the identity of the account to be credited is written. This is always preceded through the word 'To'. This is not essential to write against the name of the account to be credited. In the subsequent line, a brief explanation of the transaction is also specified inside brackets. This is termed as 'Narration'. After writing the narration a line is drawn in the particulars column to divide one entry from another.
The third column L.F. that is Ledger Folio is meant for writing the page number of the ledger where the related account appears. Such column is filled at the time of posting in the ledger. The fourth and fifth columns are meant for recording the amounts along with that the two accounts have been affected, the amount to be debited is entered in the debit amount column against the identity of the account debited and the amount to be credited is entered in the credit amount column against the identity of the account credited. Both the amounts will all the time. Let us acquire a transaction and notice how this will be recorded in the Journal. Purchased Machinery for on May 1, 1988 year. In this transaction, the two accounts influenced are Machinery Account and Cash Account.
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