What
is journal?
Journal is a book, in
which entries are recorded in first place. Therefore Journal is also known as
books of original entry. The transaction in journal is recorded on the bases of
debit and credit rules defined for transactions.
What
are types of Journal?
There are two types of
journal i.e. General Journal and special journal. General journal is used to
record the all transaction, while the special journal is used to record
specific group of transaction like credit sales, credit purchases. Only large
scale organization uses special journals.
What
is purpose of Special Journal?
The special journal is to
control the volume of transactions in large scale organization. The special
journal is used to divide the work load among different employees i.e.
different employee are responsible for maintain different specialized journal.
What
are types of Special Journal?
The special journal
includes, purchase journal, sales journal, purchase return journal, sales
return journal cash book.
