0
Add your answer:
Earn +20 pts
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
What is dual function of the cash book as a book of prime entry?
it serves as a prime book as well as a ledger
What is another term for the book of original entry?
prime entry** good luck
Is a petty cash voucher a book of original entry?
yes
What is the Types of original book of entry?
1.cash book 2. bank book 3.general journal
Why is ledger called a book of final entry?
Because it is prepared from the journal which is the book of "original entry".
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
What is dual function of the cash book as a book of prime entry?
it serves as a prime book as well as a ledger
What is another term for the book of original entry?
prime entry** good luck
What are examples of books of original entry?
Examples of books of original entry are the sales day book, the purchases day book, the sales returns book, the purchases day book, the journal, and the cash book. These are books used in accounting.
Is a petty cash voucher a book of original entry?
yes
What is the Types of original book of entry?
1.cash book 2. bank book 3.general journal
Why cashbook is a book of prime entry and part of the double entry system?
The cash book is a book of prime (original) entry because it is written up from business documents. The cash book is part of the double entry system as it acts as ledger accounts for cash and bank.
What is the Original book of entry and their functions?
These are accounting journals where financial transactions are initially recorded....
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
Why is a journal sometimes called original entry?
Because as soon as any business transaction occurred first of all it is recorded in journal and after that it is summarized in different ledgers that's is why it is called book of original entry.
Why journal is called book of original entry?
The word journal has been derived from the French word "Jour" Jour means day. So, journal means daily. Transactions are recorded daily in journal and hence it has named so. As soon as a transaction takes place its debit and credit aspects are analyse and first of all recorded chronologically (in the order of their occurrence) in a book together with its short description. This book is known as journal. Thus we see that the most important function of journal is to show the relationship between the two accounts connected with a transaction. This facilitates writing of ledger. Since transactions are first of all recorded in journal, so it is called book of original entry or prime entry or primary entry or preliminary entry, or first entry. Farhad Rana (SMUCT)
