Lesson 7:: JOURNAL

This Video will help you to understand the way the entries are passed in journal considering the rules of Debit and Credit. please follow all the videos so that your knowledge is enhanced. for the clarification, the following question is used to explain the concept
1. Rohit Started the business with cash 500000
2. Opened bank account with amount 480000
3. Bought Furniture for Rs. 60000 and issued a cheque for same
4. bought plant from Ramjee Lal for business for Rs. 125000 and advance of Rs. 10000 in cash is given
5. Goods purchased from Sumit traders Rs 55000
6. Goods Costing Rs. 25000 sold to Rajani Enterprise for Rs. 35000
7. paid monthly store rent 2500 in cash
8. paid salary to employees 5000 in cash
9. Received a cheque in full settlement from Rajani Enterprise and deposited in bank
JOURNAL
Caption: A Journal is a record of all financial transactions related to accounts, such as purchases, sales, and payments. It includes the date of the transaction, a brief description, the accounts involved, and the amounts debited or credited. It's the first place where transactions are recorded before being transferred to other financial statements, and it ensures the accuracy of the organization's financial statements.
Keywords: accounts journal, financial transactions, purchases, sales, payments, chronological record, debits, credits, source document, ledgers, trial balances, accounting process, accuracy, reliability, financial statements.
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