Accounting Cycle : Journal — Chapter Summary
ICSE · Class 11 · Accountancy
Summary of Accounting Cycle : Journal for ICSE Class 11 Accountancy. Part of the ICSE Class 11 Accountancy syllabus.
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Overview
Journal is the book of original entry in which business transactions are recorded first, date-wise, from vouchers or source documents. It gives a chronological record, analyses each transaction into debit and credit, and reduces the chance of error because both sides are written together. The journa
Key Concepts
A journal is a book
A journal is a book of original entry or daily record. Transactions are first recorded here from source documents in date order before being posted to
A voucher is documentary evidence
A voucher is documentary evidence of a transaction, such as an invoice, cash memo, pay-in-slip, counterfoil of cheque book, wages sheet, or salary reg
Each journal entry is followed by
Each journal entry is followed by a short explanation of the transaction. It tells why the entry was made and why accounts were debited or credited.
The L
The L.F. column shows the ledger page number where the journal entry has been posted. It is filled only at the time of posting, not during journalizin
Personal accounts follow Debit the receiver
Personal accounts follow Debit the receiver, Credit the giver; real accounts follow Debit what comes in and Credit what goes out; nominal accounts fol
Learning Objectives
- Understand the meaning, definition, and functions of journal
- Learn the format and columns of a journal
- Know the meaning and steps of journalizing
- Apply rules of debit and credit under the traditional approach
- Apply rules of debit and credit under the modern approach
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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