2006-08-12 07:48:56 · 11 answers · asked by Anonymous in Education & Reference ➔ Higher Education (University +)
http://www.free-articles.blogspot.com/
This website has info about almost everything!
Enjoy!
-Catherine
2006-08-12 07:50:25 · answer #1 · answered by kittypurry 3 · 0⤊ 0⤋
Basic Journal Entries
2016-11-12 04:45:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
When a transaction occurs, a document is produced. This document is referred to as a source document. Some examples of source documents are:
The sales invoice, sales receipt, purchase invoice.
The deposit slips and checks that affect credits (additions) to and debits (subtractions) from a checking account.
(Non US equivalents: check = cheque, checking account = bank current a/c, deposit = lodgement)
These source documents are then recorded in a journal. This is also known as a book of first entry or daybook. The journal records both sides of the transaction recorded by the source document. These write-ups are known as journal entries.
These Journal entries are then transferred to a ledger. A ledger is also known as a book of accounts. The purpose of a ledger is to bring all of the amounts recorded for that account from the journal together. This process of transferring the values is known as posting.
Once the entries have all been posted, the ledger accounts are added up in a process called balancing. A particular working document called an unadjusted trial balance is created. This lists all the balances from all the accounts in the ledger. Notice that the values are not posted to the trial balance, they are merely copied.
Please refer to following site :
http://en.wikipedia.org/wiki/Double-entry_bookkeeping_system
The site fully explains journal entries with suitable examples.
BEST OF LUCK
2006-08-12 18:24:02 · answer #3 · answered by PK LAMBA 6 · 0⤊ 0⤋
There are three basic rules to accountancy: Real, Personal & Nominal Rule...
1) Real Rule (Applicable to Assets & Liabilities)
Debit what comes in
Credit What goes out
2) Personal Rule (Applicable to persons, firms & institutions)
Debit the receiver
Credit the giver
3) Nominal Rule (Applicable to incomes, expenses, losses & gains)
Debit all expenses and losses
Credit all incomes and gains
2006-08-12 08:06:13 · answer #4 · answered by Ghumakkad 3 · 0⤊ 0⤋
what comes in also goes out. the journal entries are the track records. just keep the track.
2006-08-12 09:51:34 · answer #5 · answered by Sambit 1 · 0⤊ 0⤋
Dr what comes in. Cr what goes out.
Dr all expences/ losses, Cr all gains and income
Dr all purchases, Cr all sales
Dr all assets, Cr all liablites
hope this helps u
2006-08-12 08:01:13 · answer #6 · answered by rajesh s 2 · 0⤊ 0⤋
debit the receiver , credit the giver in case of a transaction of sale or purchase of goods or asset sold or purchased
2006-08-12 07:58:21 · answer #7 · answered by amit p 1 · 0⤊ 0⤋
every debit effect has a credit effect .
and the balance sheet should tally, if not you missed on sme transactions.
and also what other said is correct, so refer tht
2006-08-12 18:30:19 · answer #8 · answered by mango123 2 · 0⤊ 0⤋
first i have to say that you're not missusing your connection ,quite nice.you should get a tally accounting it will clear your all concussion.
2006-08-12 08:12:00 · answer #9 · answered by suryodaya 2 · 0⤊ 0⤋
credit what comes in, debit what goes out
2006-08-12 07:51:12 · answer #10 · answered by Anonymous · 0⤊ 0⤋