Journal

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A journal is a book of accounts in which all day-to-day business transactions are recorded in chronological order, that is, in the order in which they occur. It is the first place where transactions a…

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It is called the Book of Original Record because business transactions are recorded in it for the first time before being posted to the ledger.

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Journalising is the process of recording transactions in the journal. It means identifying the affected accounts, deciding the debit and credit, and writing the journal entry.

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Chronological order means recording transactions in the exact order in which they happen, date by date.

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The five columns are: Date, Particulars, L.F., Dr. Amount, and Cr. Amount.

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The date of the transaction is written in the Date column. The year is written only once, and the month is also written only once for all transactions of that month.

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The account to be debited is written first with Dr., and the account to be credited is written next with To. A brief narration is written below the entry to explain the transaction.

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Narration is a brief explanation written below each journal entry in the Particulars column. It tells what the transaction is about in short and clear words.