What is the significance of Journal entry

Answers were Sorted based on User's Feedback



What is the significance of Journal entry..

Answer / kamal

Since we are accounting in double entry system. our assets
equals to liabilities. There is two side of Journal entry
one is dr & other is cr.and accounting is done on three
basis rule.

Personal A/c Dr the receiver & Cr the giver
Nominal A/c debit all expenses & loses & credit all income
& gains

Real A/c Dr what comes in, Cr what goes out.

Is This Answer Correct ?    3 Yes 2 No

What is the significance of Journal entry..

Answer / amit chaudhary

Journal Entry has a major one significance in Accounting.
Journal entries are basically used to classify two parties
or Dr and Cr. on the occassion of Transaction.

Is This Answer Correct ?    0 Yes 1 No

Post New Answer

More Accounting AllOther Interview Questions

How can i download International accounting Standards (IAS ) (41) from the internet in PDF format .Please can u tell me site name.

2 Answers  


how u will identify the duplicate invoice, on what basis?

3 Answers  


market capitalisation

2 Answers   RRDonnelley,


what is EDP reports?

1 Answers  


what is global currinces

1 Answers   Deloitte,






I have done MBA Finance. After a lot of hard work i got a job as a business Analysist. Is that profile is good for my career? what are the future oppor. for me? Pls help me Thanks a lot

8 Answers  


land Adn Building come under fixes assets or not?

1 Answers  


WHAT IS C FORM AND H FORM WHAT IS THE DIFFERENCE BETWEEN THESE TWO AND HOW TO SUBMIT?

2 Answers   BMW, WWF,


Mr.Jadhike owns a fleet of taxis adn the following information are available from the records maintained b him: 1.Number of taxis 10 2.salary of manager 600pm 3.cost of each taxi 20000 4.salary of cleaner 500pm 5.salary of mechanic 400 pm 6.garage rent 600pm 7.insurance premium 5%pa 8.annual tax 600 per taxi 9.driver salary 200 pm per taxi annual repair 1000 per taxi total life of a taxi is about 200000 kms. a taxi runs in all 3000kms in a month of which 30% it runs empty. Petrol consumption in one litre for 10kms@1.80 per litre. Oil and other are rs 5 per 100 kms calculate the cost of running a taxi per km 5

2 Answers  


what is differed revenue

2 Answers   Siemens,


Hi friends, can you please send me GENPACT's Accounts Test Questions. Thanks in advance.

7 Answers   Genpact,


Why to use tally only. What are the advantages of using tally

2 Answers   Telco,


Categories