B Com Exam > B Com Notes > Accountancy and Financial Management > PPT - Journal, Ledger and Trial Balance
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Page 1 JOURNAL,LEDGER AND TRIAL BALANCE Page 2 JOURNAL,LEDGER AND TRIAL BALANCE ? Journal means a daily record of business transactions. Journal is a book of original entry because transaction is first written in the Journal from which it is posted to the ledger. JOURNAL Page 3 JOURNAL,LEDGER AND TRIAL BALANCE ? Journal means a daily record of business transactions. Journal is a book of original entry because transaction is first written in the Journal from which it is posted to the ledger. JOURNAL ? Increase Debit ASSET Decrease Credit Increase Credit LIABILITY Decrease Debit Increase Debit EXPENSE Decrease Credit Page 4 JOURNAL,LEDGER AND TRIAL BALANCE ? Journal means a daily record of business transactions. Journal is a book of original entry because transaction is first written in the Journal from which it is posted to the ledger. JOURNAL ? Increase Debit ASSET Decrease Credit Increase Credit LIABILITY Decrease Debit Increase Debit EXPENSE Decrease Credit ? Increase Credit REVENUE Decrease Debit Increase Credit EQUITY Decrease Debit Page 5 JOURNAL,LEDGER AND TRIAL BALANCE ? Journal means a daily record of business transactions. Journal is a book of original entry because transaction is first written in the Journal from which it is posted to the ledger. JOURNAL ? Increase Debit ASSET Decrease Credit Increase Credit LIABILITY Decrease Debit Increase Debit EXPENSE Decrease Credit ? Increase Credit REVENUE Decrease Debit Increase Credit EQUITY Decrease Debit Bob Sample opened the Campus Laundromat on September 1, 2017. During the first month of operations, the following transactions occurred. Sept. 1 Bob invested $20,000 cash in the business. 2 The company paid $1,000 cash for store rent for September. 3 Paid $1,200 for a one-year accident insurance policy. 4 Bob withdrew $700 cash for personal use. The chart of accounts for the company is the same as that for Pioneer Advertising plus No. 610 Advertising Expense. Instructions: (a) Journalize the September transactions. (Use J1 for the journal page number.) (b) Open ledger accounts and post the September transactions. (c) Prepare a trial balance at September 30, 2017.Read More
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FAQs on PPT - Journal, Ledger and Trial Balance - Accountancy and Financial Management - B Com
| 1. What is a journal in accounting? |  |
Ans. A journal is a book or record in accounting where all financial transactions are initially recorded in chronological order. It serves as a primary source of data for the preparation of ledger accounts.
| 2. What is a ledger in accounting? | |
Ans. A ledger is a book or record in accounting where individual accounts are maintained. It summarizes and classifies all the transactions recorded in the journal, providing a detailed view of each account's balance.
| 3. What is a trial balance in accounting? | |
Ans. A trial balance is a statement in accounting that lists all the debit and credit balances of the ledger accounts. Its purpose is to ensure that the total debits equal the total credits, helping to identify any errors or discrepancies in the recording of transactions.
| 4. What is the purpose of a journal, ledger, and trial balance in accounting? | |
Ans. The journal is used to record all financial transactions in chronological order, ensuring accurate and systematic recording. The ledger then takes the information from the journal and organizes it into individual accounts, providing a clear picture of each account's balance. The trial balance acts as a summary of all the ledger balances, helping to verify the accuracy of the recorded data.
| 5. How are journal, ledger, and trial balance related in the accounting cycle? | |
Ans. In the accounting cycle, transactions are first recorded in the journal, then transferred to the respective ledger accounts. Once all transactions have been recorded and posted to the ledger, a trial balance is prepared to ensure that debits equal credits. If the trial balance balances, it indicates that the recording and posting of transactions have been done accurately.
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