Book of Original or Journal is the book in which all the financial transactions are recorded of any company irrespective of the project. These entries are recorded for the first time in this book. All these transaction records are mostly chronicled in the order of occurrence in the Journal. This data is then made to the Ledger Accounts.
If these transactions are unable to accommodate in the cash book of business records, then these values are documented in Journal Proper. This suggests that Books of Original Entry consists of mainly three essential parts i.e. Cash Books, Subsidiary Books and Journal Proper.
Links of Previous Main Topic:-
- Book keeping
- Meaning of gaap
- Origin of transaction
- The concept of debit and credit
- Definition of debit and credit
Links of Next Accounting Topics:-
- Subsidiary books or sub division of journal
- Balancing of ledger accounts
- Meaning of trial balance
- Balance sheet in final accounts without adjustments
- Adjustments additional information in preparation of final accounts
- Meaning of bank reconciliation statements
- Bills of exchange concept of bills of exchange
- Errors affecting or disclosed by trial balance introducing the concept
- Meaning of depreciation