Get premium membership and access questions with answers, video lessons as well as revision papers.

Describe a General Journal.

      

Describe a General Journal.

  

Answers


Kavungya
General Journal is also known as Journal Proper. It is used to record transactions or correspondences that are not in other prime books. It contains the date, details, debit and credit columns, explanation/ narrative of the transaction and folio reference to source documents.
The General Journal uses double entry system where a debit entry must be corresponded with a credit entry or a set of credit entries and vice versa.

Uses of a General journal
1.) Used to correct presence of any errors in ledger accounts.
2.) Used to make necessary adjustments to entries in the ledgers.
3.) Records purchase and sale of non current assets on credit.
4.) Used to record bad debts written off.
5.) Records opening and closing balances of assets and liabilities.
6.) Records drawings for goods or other assets from the business by the owner.

fig231781126.png
Kavungya answered the question on August 17, 2021 at 08:27


Next: The following transactions relate to Jasho Enterprises. Enter the transactions in the relevant books of original entry and show the postings made in the general...
Previous: Record the following entries in a journal for the year 2011. - On May 1st bought a vehicle on credit from Kenya motors for Kshs 96,000. -...

View More Financial Accounting Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions