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journal entries

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › journal entries

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  • April 11, 2018 at 5:15 am #446086
    alikhakar
    Participant
    • Topics: 187
    • Replies: 79
    • ☆☆☆

    I want to know that whether in practice credit transactions are recorded in journal or not ? because they are already recorded in sales and purchase day book and directly posted in nominal ledger account from books of prime entry. So, are they journalised or not ?

    April 11, 2018 at 8:07 am #446114
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    Very few companies use a journal these days. Those that do only use it to record unusual transactions and the year end adjustments.

    I explain this in my free lectures on books of prime entry.

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