5 Questions
What is journalising?
The process of analysing the business transactions under the heads of debit and credit and recording them in the journal is called journalising.
What is a journal entry?
An entry made in the journal is called a journal entry.
What are the steps followed in journalising?
The steps followed in journalising are: 1) Analyse the transactions and identify the accounts involved, 2) Classify the accounts under Personal, Real, or Nominal account, 3) Apply the rules of debit and credit, 4) Determine which account is to be debited and credited, 5) Record the date of transaction, and 6) Enter the details of the debit and credit in the journal.
What is recorded in the particulars column of a journal entry?
The name of the account to be debited is entered in the particulars column followed by 'Dr.' at the end, very close to the left hand side, in the same line.
What is entered in the debit amount column of a journal entry?
The amount to be debited is entered in the debit amount column in the same line of the journal entry.
Test your knowledge of accounting with this quiz on the steps involved in journalising. Challenge yourself to identify the accounts involved in transactions and classify them into debit and credit. Perfect for students and professionals looking to reinforce their understanding of journalising in accounting.
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