Interested to Buy Any Domain ? << Click Here >> for more details...
4- What do you mean by journals and journalizing?
- 1 Answers
- 2768 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 |
Can you differentiate public and private accounting?
What is Bank ?
what is share slipt and its typea?
2 Answers Bank Of America, Capital IQ,
Explain what does financial statement of the company includes?
examples for depereciation
what is an ideal organisation
As per AS-26, preliminary expenses are to be written off in the year in which it is incurred. How will you treat Preliminary expenses in Cash Flow Statement of that year
rate of vat on gold purchase local & o.m.s. & rate of % in sale local & o.m.s.
sir i want know how to fill vat return
what is the difference between 'Quotation' & 'Profarma Invoice'?
what is the format of salary slip when basic , D.A.H.R.A. ,conveyance allowence , concluded and in deduction part P.F. E.S.I. & P.Tax.
Who was the first person to climb Mount Everest?
Audit 
