Always Journal Proper Records Transaction Of Mcq References

Because It Records Only Goods Returned By The Firm To Its Suppliers.

Cash purchase and cash sales transactions. Fundamentals of accounting top mcqs with answer practice set. Cash bank and discount transactions.

Proper Record Keeping Provides Evidence Of How The Transaction Was Handled And Substantiates The St Eps That Were Taken In Or Der To Comply Wit H Business Standards.

All those transactions which can not record in the any of other subsidiaries books are recorded in journal proper. A journal proper in the accounting system is a book of original entry in which all type of miscellaneous credit transactions, which usually do not fit in any other books are recorded. The use of journal proper is confined to record the following transactions.

When The Journal Is Divided Into Various Subsidiary Books, It Remains Only A Residuary Book In Which Only Those Transactions Are Recorded That Cannot Be Recorded In Any Other Subsidiary Book.

Interest on proprietor’s capital is also one of those items which can only be recorded in journal proper. Journal entry is a record of a business transaction taking place in the accounting books of a business. Following are some of the journal entry multiple choice questions and answers that will help the students in brushing.

This Is Why It Is Also Called Miscellaneous Journal.

So it is a journal (a book of original entry). At the close of the accounting period balances from the various accounts are transferred in order to balance the books of accounts. All cash transactions are primarily recorded in it as soon as they take place;

Journal Proper Is A Book Of Original Entry.

Journal proper is mainly used for original records of a transaction which due to their importance or rareness of occurrence do not find a place in any of the subsidiary books of accounting. Journal proper is used for recording the following entries: It is the first step of the accounting process.