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journal entries

This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.

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April 11, 2018 at 5:15 am #446086
alikhakar
Participant
- Topics: 186
- 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: 54821
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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