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Journal Entry Assignment help is mostly required by students who find it difficult to solve accounting problems. In this case one can seek help from professional and skilled experts. Before we understand the need of Journal entry assignment help, let us try to understand what Journal entry means.
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Basics of Journal Entry Assignment Help
Journal entry is the first record of transaction in the books of account. Journal entry is done in chronological manner which helps to prepare other financial statements such as ledger. It is the most basic form of accounting entries where we get to know the account that are affected by the particular transaction. Journal entry is not that easy as it seems to be. Understanding different terms and transaction is essential to make journal entry.
Few important terms in Journal
- * Journal Entry-
entry recorded in Journal
- * Journalising-
process of recording a transaction in Journal
- * Posting-
transfer of entry from Journal to Ledger account.
- * Ledger-
It is a book containing ledger accounts
- * Opening Entry-
accounting for last year closing balances
Journal Entries Categories for Journal Entry Assignment Help
Journal entry is basically divided into two categories.
- 1) Simple Journal Entry:
In simple journal entry two accounts are affected. One account is debited and other is credited.
For example- Cash paid for Rs 5000 as rent. So, journal entry would be:
Rent A/C DR. Rs 5000
To cash A/C CR. Rs 5000
(being rent paid for cash)
2) Compound Journal Entry: entries where multiple transactions are recorded in the books of accounts.
For example- Cash paid to Amit Rs 5000 and he gave a discount of Rs 500. Here discount received is an income for Amit. So, journal entry would be:
Amit A/C DR. Rs 5000
To cash A/C CR. Rs 4500
To discount received A/C Cr. Rs 500
(Being cash paid and discount received)
Above is the example of how transaction is recorded in the book of accounts. Similarly, there might be multiple transactions which has to be recorded properly and in a particular manner. This is the reason why Journal Entry Assignment Help can ease your burden by giving you clear details of all the transactions made.
Features of Journal Entry
Before we understand why there is a need of Journal Entry Assignment Help,
let us first understand the features of Journal entry.
1) It contains detail of each and every transaction in chronological order.
2) Each transaction is first posted here and then in the Ledger.
3) Each transaction is bifurcated in debit account and credit account depending upon the nature of transaction.
4) It shows detail of all the transactions in one entry.
5) It reduces the possibility of error.
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