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Preparation of journal entries
how to prepare journal entries ?
Replies (6)
Based on the three golden rules.
Income statment has all nominal accounts
Balance sheet has all real and personal accounts.
In the books of original entry, all transaction are recorded in a line but the amounts are posted to debit or credit.
From there these transactions are transferred to individual ledgers. The above one is called a jgeneral journal and this one comes into general ledgering.
For what purposes and what is the situation?
Games, journal entries are passed on the basis of transactions. These are posted to ledger . closing entries are essential which are essential.
There will be journal voucher and you may pass the entries as part of finalization of accounts or closure of books of accounts
That is what I meant. Followed a counting cycle/process
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