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what is the role of journal in accounts
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Answer / manisha
Journal is the primiry books of acounts
1. Jurnal
2. Ledger
3. Trial Balance
4. Balance Sheet
Every transaction starts with an journal. Journal gives a
details of transaction i.e. accounts debited, acoount
creditied & its narration.
With the help of Jurnal only we can prepared ledger, trial
balance & then balance sheet
| Is This Answer Correct ? | 23 Yes | 2 No |
Answer / govind
it is primary book. All transcatin first entered in journal
then it transferred to ledger. The balances of ledgers are
mentioned in trail balance. From there we can preprare
balance sheet.
The above is chrological order.
| Is This Answer Correct ? | 12 Yes | 2 No |
Answer / tej prakash sati
Journal is the source to transfer the balance to one
account to other account easily and it depends on the
different accounting softwares, i.e
Tally- We can transfer the balances from GL to GL, AR to AR
& AP to AP through Journal.
Oracle & SAP- We can transfer the balances from GL to GL
without affecting AR or AP modules.
| Is This Answer Correct ? | 5 Yes | 0 No |
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From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
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