Journalising

Journalising in Accounting

1. Jithin K Thomas Journalising

2. Journalising Recording Transactions Journal Journalising

3. Proforma Date Particulars LF Debit Credit

4. Rules of Debit and Credit Persons Properties and assets Income and expenses

5. Personal Natural Artificial Representative Debit the Receiver Credit the giver

6. Real Tangible Intangible Debit what comes in Credit what goes out

7. Nominal Expenses and loses Incomes and Gains Debit all expenses & losses Credit all gains & income

8. Journalising

9. Examples Rent Paid Salaries paid Interest received Dividends received Furniture purchased for cash Machinery sold Outstanding for salaries Telephone charges paid Paid to Suresh Received from owner Lighting

10. Transactions A/c involved Nature of A/c Debit/Credit Rent paid Rent A/c Nominal A/c Debit Cash A/c Real A/c Credit

11. Problems John Starts business with a capital of Rs.200,00/- on January 1, 2012 Date Particulars LF Debit Credit 01/01/2012 Cash Account Dr To Capital Account (Being commencement of business) 20,000 20,000

12. Classification of goods Account Purchase account Sales account Purchased Returns account Sales return account

13. Compound Journal Entry Payment to Gautham Rs.1000/- after receiving a cash discount of Rs.50/- Cash received form Praveen after allowing a cash discount of Rs.50/- A running business was purchased by Vijith with the following assets and liabilities: Cash Rs.2000/-, land Rs.4000/- ,Furniture Rs.1000/-, stock Rs.2000/- Creditors Rs.1000/- bank Overdraft Rs.2000/-

14. Sub Divisions of Journal Convenience Division of labor Classified information

15. Sub Divisions of Journal

16. General Journal Opening entries Closing entries Adjustment entries Transfer entries Rectification entries Purchase of fixed assets

17. Cash journal Importance of Cash Book Number of transaction Changes of fraud Nerve center of business Types of cash Book Simple cash book Two columnar Cash book Three columnar cash book Cash receipts book Cash payments book

18. Journalising Contra entry Receipt of Cheques Endorsement of cheques received Dishonore of cheques

19. Journalising Petty Cash book Purchases Journal Purchases return Journal Sales Journal Sales Returns Journal

20. Journalising