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Journal entries

prithhis (student) (144 Points)

20 August 2012

i m an ipcc student doing self study for all subjects.....my only problem is understanding and using the journal entries....i know entries follow the golden rules of accounting....but how do i remember all the entries of all chapters?? its quite huge ......do i have 2 learn all entries by heart???? pls guide me........................................ i know its a silly question...

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9 Replies

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 20 August 2012

You Need One Private Tutor.

Start From Basic 12th Class.

1 Like

yogesh sharma (CA Student) (268 Points)
Replied 20 August 2012

just follow these rules:

For Personal A/c (like persons names, firms, companies):

Dr. Receiver
Cr. Giver

For Real A/c (like all assets, goods, cash)

Dr. What Comes in business
Cr. What goes out form business

For nominal A/c (e.g. all expenses and incomes)

Dr. all expenses and losses
Cr. all incomes and gains

2 Like

prithhis (student) (144 Points)
Replied 20 August 2012

thanks ayush ji and yogesh ji...i know the golden rules of accounting very well,so that is not my problem....my problem is applying the correct entries based on various situations......means i get confused which entry to pass....do i need to remember the theory part at the time of situations? means like this is happening and so this is increasing and this is decreasing so i have 2 pass this entry? particularly in company accounts part i get confused.....

CA Anushree jain (CA) (1531 Points)
Replied 20 August 2012

first of all let me make you very clear that entries are not mugged up

they automatically comes from concept mere golden rule cant help it ..

you need to be clear at your concepts yes theory is as important as practicle part both are incomplet without each other and even then you face problem join some good tuitions

or you can take guidance of your seniors who are in ca final

2 Like

mrudula (CA FINAL) (57 Points)
Replied 20 August 2012

The journal entries should not be byhearted it should be framed by firstly classifying the accounts to personal A/c,Real A/c or Nominal A/c and then applying the golden rules as applicale............

2 Like

Umesh D. Mungekar (CCA Student) (28 Points)
Replied 20 August 2012

I must say Mrudula is right...

1 Like

CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
Replied 21 August 2012

Prithis love the subject, try to understand the logic and follow the rules said by mrudula everything will be fine. Tell your self you are good in journal entry.

1 Like