1.

What is journal proper? Write the transactions recorded in journal proper.

Answer»

A book maintained to record transactions which do not find place in special journal is known as journal proper or journal residual.
Transactions recorded in journal proper are as follows:

1. Opening and closing entry.

2. Adjustment entry.

3. Rectification entries.

4. Transfer entries.

5. Sale or purchase of assets on credit.

6. Entries for endorsement and dishonor of bills of exchange.

7. Goods are withdrawn for personal use.



Discussion

No Comment Found

Related InterviewSolutions