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Definition of Journal
Meaning of Journal Homework Help is what you are here for, so we should start off with the very definition of thejournal. Journal comes from a French word, ‘jour’, that means day. And if you notice, business transactions occur daily, hence, ajournal which means daily.
The journal is a book in which all the debit and credit of the business is recorded and kept, occasionally with a small note or description beside it, if necessary. Journals or bookkeeping as it is called, is very important to keep a track of all business dealings that occur. To stay clear of all these topics, students should avail Meaning of Journal Assignment Help.
Rules of Journalizing
While we understand what the basics of bookkeeping or journalizing is, as we progress with the Meaning of Journal Assignment Help, we reach the rules. And the rules are a very important aspect of keeping a journal when running a business.
- The exact date must be put down for all business transactions that are made. This is the first and foremost rule to be kept in mind.
- There should be a particulars or details column. This holds the details of the account, from the account number or the name of the account and the very particulars of the account of thetransaction.
- There is a ledger folio, with the transaction number. This is done so that it is easier to locate or pinpoint.
- Then you have the amounts in the debited and credited columns. This is to keep a track of all the money that goes in and out of the business, profits and losses, etc.
Benefits of Journalizing
While understanding or looking for the Meaning of Journal Homework help it is important to understand the benefits and reasons as to why you’re studying the topic. Everything has a reason and purpose behind it and when you understand that the topic or subject becomes a lot more interesting and easier to study. There are numerous reasons and benefits for keeping a journal when handling a business:
- Every transaction that is made is noted So, in the future it is impossible for any transaction to disappear mysteriously or be omitted from the journal.
- Since the transactions are made in chronological order with narration, it is easy to identify when a transaction has been made and locate it in the journal.
- For each transaction made, what goes in the debit section and the credit section is very clearly written in the journal so that when the entry is made in the ledger there is no mistake and the ledger is also a lot neater and easier to read.
- The Journal has all the details necessary for one transaction in a single entry. Making it simple and quick when necessary.
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