Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C4 Joumal2 Marks
Question
Write a note on the significance of journal.
✓
Answer
Importance or advantages or significance of journal can be briefly explained as under:
$(1)$ As the transactions are recorded in the journal in the order of time and date, notransaction is left out from recording.
$(2)$ Systematic record of all transaction is kept in the book journal. So useful detailscan be available as and when required.
$(3)$ Two separate column are kept in the journal for debit and credit amounts. Hencewhile posting there is no difficulty about which account should be debited andwhich account should be credited.
$(4)$ As the dual effects of the transactions are given in the journal as per the principlesof accountancy, the probability of accounting errors is reduced.
$(5)$ Due to journal, posting of the transaction to the ledger becomes easy andsystematically it can be done.
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