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What are Journal entries? 

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  • Journal entries are typically prepared by accountants or bookkeepers based on source documents like invoices, receipts, vouchers, and other relevant records.
  • In accounting, journal entries are the primary records of financial transactions.  
  • Transactions are recorded in the Journal book from the accounting vouchers.
  • It is recorded on a daily basis.
  • It is recorded on a chronological basis.
  • It shows complete information about a transaction.
  • It is necessary for ledger posting.

 

Examples

Purchase a mobile for cash Rs. 20,000.

Purchase A/c ……….Dr.   20,000

    To Cash A/c ………….                20,000

 

Wages paid to Worker for Rs. 3,000

Wages A/c……………………………Dr.   3,000

    To Cash A/c………………………….              3,000

 

Sale furniture for Rs. 8,000.

Cash A/c………………………….Dr. 8,000

     To Furniture…………………….              8,000

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