Dear Teachers,
These slides have been prepared based on the NCERT syllabus to support you in teaching Plus One and Plus Two Accountancy and Computerised Accounting.
Please review and verify the content before using it in your classrooms. If you find any errors or have feedback, please let me know.
Mujeeb Rahiman C
HSST Commerce
GHSS Pattikkad
Malappuram Dt.
✉️ mujeebchemmala@gmail.com
9995983075 �
Chapter - 4
Recording of Transactions - II
Journal Proper
Journal Proper
A book maintained to record transactions, which do not find place in special journals, is known as Journal Proper or Journal Residual.
Format of Journal Proper
Journal
Date
Particulars
L.F.
Debit Amount
Credit Amount
Following transactions are recorded in this journal
1. Opening Entry
2. Adjustment Entries
3. Rectification entries
4. Transfer entries
5. Other entries
1. Opening Entry
In order to open new set of books in the beginning of new accounting year and record therein opening balances of assets, liabilities and capital, the opening entry is made in the journal
2. Adjustment Entries
In order to update ledger account on accrual basis, such entries are made at the end of the accounting period. Such as Rent outstanding, Prepaid insurance, Commission received in advance and depreciation.
3. Rectification entries
To rectify errors in recording transactions in the books of original entry and their posting to ledger accounts this journal is used.
4. Transfer entries
Accounts relating to operation of business such as Sales, Purchases, Income, Gains and Expenses, etc. are closed at the end of the year and their balances are transferred to Trading and Profit & Loss account by recording the journal entries. These are also called closing entries.
5. Other entries
(iv) Loss of goods by fire/theft/spoilage etc..
(i) Purchase/sale of Fixed Assets
(ii) Goods withdrawn by the owner for personal use.
(iii) Goods distributed as samples for sales promotion.
Prepare proper subsidiary books for the following transactions
Purchased Machinery from ABC Ltd. for Rs. 25000/-
01/01/2017
31/12/2017
31/12/2017
Depreciate Machinery @ 10%
Salary outstanding Rs. 1000/-
Journal
Date
Particulars
L.F.
Debit Amount
Credit Amount
01/01/2017
Machinery Account
Dr.
25000
To ABC Ltd. Account
25000
(Credit purchase of Machinery)
Purchased Machinery from ABC Ltd. for Rs. 25000/-
01/01/2017
Journal
Date
Particulars
L.F.
Debit Amount
Credit Amount
01/01/2017
Machinery Account
Dr.
25000
To ABC Ltd. Account
25000
(Credit purchase of Machinery)
31/12/2017
Depreciation Account
Dr.
2500
To Machinery Account
2500
(Depreciation on Machinery)
31/12/2017
Depreciate Machinery @ 10%
Journal
Date
Particulars
L.F.
Debit Amount
Credit Amount
01/01/2017
Machinery Account
Dr.
25000
To ABC Ltd. Account
25000
(Credit purchase of Machinery)
31/12/2017
Depreciation Account
Dr.
2500
To Machinery Account
2500
(Depreciation on Machinery)
31/12/2017
Salary Account
Dr.
1000
To Salary Outstanding Account
1000
(Outstanding salary)
31/12/2017
Salary outstanding Rs. 1000/-
Journal
Date
Particulars
L.F.
Debit Amount
Credit Amount
01/01/2017
Machinery Account
Dr.
25000
To ABC Ltd. Account
25000
(Credit purchase of Machinery)
31/12/2017
Depreciation Account
Dr.
2500
To Machinery Account
2500
(Depreciation on Machinery)
31/12/2017
Salary Account
Dr.
1000
To Salary Outstanding Account
1000
(Outstanding salary)
28500
28500
Total
Special Journals
1) Cash Book
2) Purchases Book
3) Purchases Return (Return Outwards) Book
4) Sales Book
5) Sales Return (Return Inwards) Book
6) Journal Proper
MUJEEB RAHIMAN C
HSST COMMERCE
GHSS PATTIKKAD
MALAPPURAM DT