4- What do you mean by journals and journalizing?
- 1 Answers
- 2137 Views
- I also Faced
- E-Mail Answers
Answer / aqeel raza
Journal is a book or diary columnar designed to make easy record keeping but journalizing is the method of recording transaction in general journal or in specified journals but where cash book is used instead of journals, journal entry affects general ledger or to its subsidiary ledger accounts.
In business, sale or purchase on credit; the payment of which made later; is journalized by journal voucher which effect debtor or creditor accounts.
All adjustments such as sales discount, purchase discount, sale return, purchase return, transfer of amount from an account to another account and so on in accounts are made through journalizing.
Journalizing mostly affects general ledger consists on permanent accounts and sometimes affects temporary accounts for adjustment purposes.
Because of journalizing, we find the actual balance of debit and credit fluctuating immediately from the process of journalizing facilities one to pay or receive the amount payable or receivable.
Journalizing is mostly used for correction the amount of an account or transfers the balance from an account to another account freely.
| Is This Answer Correct ? | 0 Yes | 0 No |
Do is it proper fo an engineer to head a bank without a good backgroud in accounting? ?
what is accounting
Who is Sundry Debtor and who is the sundry creditor ?
18 Answers Finance, Home, Reliance,
how can i settle the party ac with cr & dr
what is the amount withdrawlfrom other cbs branch by multicity chequ book.
what is tds,pf and vat?
what is entry for salary paid in advance ?
what is journal entry for "Interest allowed by bank" and where does it come in pass book??
pls friends pass journal entry for purchase returns to x with example?
Define fair value accounting?
Hello friends, I want to sk that Is computer proficiency certificate necessary at the time of SBI clerk Interview?and all other guys who have cleared the nov 2009 exam and have got the bio data form please give replies,,, waiting for replies ,thank you.
in Tally accounting programme where should I can make ledger for Work in Progress? under which accounting head? Eg. Debit will be under Current Asset a/c and what about credit? whether it is under Purchase a/c? or under Income a/c?
Audit 
