Basic Accounting Question: Download Questions PDF
List the type of transactions entered in Journal proper?
Answer:
The Journal proper is used to record following transactions:-
-Opening Entries : are the entries which are made at the starting of the financial year.
-Closing Entries : At the close of the accounting period balances from the various accounts are transferred in order to balance the books of accounts. Thus, this process of transferring balances of the trading and profit and loss account at the end of year is called closing the books and entries passed at that time are called closing entries.
-Transfer Entries : are the entries which are passed in order to transfer one account to another account.
- Adjustment Entries : are passed at the end of an accounting period in order to modify the accounts.
-Rectification Entries : are passed to rectify the error detected the books through an entry in journal proper.
-Entries for rare transactions : Journal proper is used for rare transactions.
-Entries for which there is no special journal : When the transactions cannot be recorded in the above sub journals then the same are entered in the journal proper.
Examples of such transactions are: Distribution of goods as free sample, Goods destroyed by fire, etc
-Opening Entries : are the entries which are made at the starting of the financial year.
-Closing Entries : At the close of the accounting period balances from the various accounts are transferred in order to balance the books of accounts. Thus, this process of transferring balances of the trading and profit and loss account at the end of year is called closing the books and entries passed at that time are called closing entries.
-Transfer Entries : are the entries which are passed in order to transfer one account to another account.
- Adjustment Entries : are passed at the end of an accounting period in order to modify the accounts.
-Rectification Entries : are passed to rectify the error detected the books through an entry in journal proper.
-Entries for rare transactions : Journal proper is used for rare transactions.
-Entries for which there is no special journal : When the transactions cannot be recorded in the above sub journals then the same are entered in the journal proper.
Examples of such transactions are: Distribution of goods as free sample, Goods destroyed by fire, etc
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