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Answer Posted / lakshminaryanan
Journal Entry means recording of Transactions which will
effect the Books.
Journals entries can be passed only for non-cash items.
Bank Entries should not passed through JEs(Of course, in
ERP environment, it is possible)
This used to rectify the errors happened in one account to
other,
Closing Entries will be passed through JEs
Journal Entries are the one which will also be the deciding
factor for Profit Loss Account.
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