In Accounting Entries the journal is a chronological record of financial transactions. It provides an explanation of each transaction, lists transaction amount, and name that accounts which are affected. The journal was a book in which accountants recorded transactions and performed calculations using a pencil. Now most people use software to record financial transactions, though we still use terms such as “journal entries” and “keeping the books” to describe Accounting Entries.
Discounting a Bill of Exchange: Learning Objectives: Make journal entries in the books of creditor and debtors at the time of discounting of bill of exchange. If the holder of a bill is need of money before the due date of the bill he
Consignment Accounting Journal Entries Learning Objectives: Make journal entries in the books of consignor and that of consignee. As the goods sent on consignment by the cosigner are not his sales, he must not record consignment as sales and the consignee must must not