Lesson 7:: JOURNAL

This Video will help you to understand the way the entries are passed in journal considering the rules of Debit and Credit. please follow all the videos so that your knowledge is enhanced. for the clarification, the following question is used to explain the concept 1. Rohit Started the business with cash 500000 2. Opened bank account with amount 480000 3. Bought Furniture for Rs. 60000 and issued a cheque for same 4. bought plant from Ramjee Lal for business for Rs. 125000 and advance of Rs. 10000 in cash is given 5. Goods purchased from Sumit traders Rs 55000 6. Goods Costing Rs. 25000 sold to Rajani Enterprise for Rs. 35000 7. paid monthly store rent 2500 in cash 8. paid salary to employees 5000 in cash 9. Received a cheque in full settlement from Rajani Enterprise and deposited in bank JOURNAL Caption: A Journal is a record of all financial transactions related to accounts, such as purchases, sales, and payments. It includes the date of the transaction, a brief description, the accounts involved, and the amounts debited or credited. It's the first place where transactions are recorded before being transferred to other financial statements, and it ensures the accuracy of the organization's financial statements. Keywords: accounts journal, financial transactions, purchases, sales, payments, chronological record, debits, credits, source document, ledgers, trial balances, accounting process, accuracy, reliability, financial statements. Consignment Accounting: Part 1 https://youtu.be/h0YCxXmvciA Consignment Accounting: Part 2 https://youtu.be/V4LsXIW3Sk0 Consignment Accounting: Part 3 https://youtu.be/QqGdMX4ssBQ JOINT VENTURE: PART 1 https://youtu.be/46c3KG0luvY Types of Accounts and Accounting Process https://youtu.be/FcYt0Lclc3E Accounting Equation Part 1 https://youtu.be/fHd0bVz8R1U Accounting Principles https://youtu.be/YrfMOf84N6o Rules of Debit and Credit https://youtu.be/DyVfV7Yov2w Accounting Equation-Part 2 https://youtu.be/19AMOiNuduU JOURNAL https://youtu.be/X5Y_CsxbvdI Ledger and Trial balance https://youtu.be/G5rA7bW21rE Final Account Adjustments https://youtu.be/GBFjorPa_Rs Trading A/c, P & L A/c and Balance Sheet https://youtu.be/Y4azRCTTWoU Depreciation Accounting https://youtu.be/njmcGSHMwEk Difference Between Trial Balance and Balance Sheet: Trial Balance vs Balance Sheet https://youtu.be/Je3aSfyEGAQ JOINT VENTURE: PART 2 https://youtu.be/t-fBHDosaxA HOW TO SOLVE FINAL ACCOUNT QUESTIONS FAST https://youtu.be/9gbphJoHAKk HIRE PURCHASE: PART 1 https://youtu.be/2ckDdN27YRU HIRE PURCHASE: PART 2 https://youtu.be/hT_Ay1ZnHhE BRANCH ACCOUNTING: PART 1 https://youtu.be/DE0hNAswfuA BRANCH ACCOUNTING: PART 2 https://youtu.be/RRmjLou2cQc BRANCH ACCOUNTING: PART 3 https://youtu.be/neQWeI0IXqE INVENTORY VALUATION https://youtu.be/NhFUjgWttzc Funds Flow Statement Part 1 https://youtu.be/CytTfaDBNxY Funds Flow Statement Part 2 Adjustments https://youtu.be/WDyJ3DEiwzc Garner Vs Murray Rule: Insolvency of Partner(s) https://youtu.be/PnFHGAic_9U Insolvency of All the Partners https://youtu.be/bMMucGxOeXw FINANCIAL ACCOUNTING SYLLABUS OVERVIEW B.COM | B.COM (Hns) https://youtu.be/o23AJ2q8Qjo Periodic Vs Perpetual System of Inventory https://youtu.be/5sebvyNuYsI Bills of Exchange Part 1 https://youtu.be/WAe-1GSxVyU Bills of Exchange Part 2 https://youtu.be/bMjs015T7q4 Accounting Notes and MCQs https://youtu.be/PUc6f-2fW5M Financial Accounting Syllabus B.Com Hns https://youtu.be/VRxVKoJIjb4 Income Tax live class Series 1 https://youtu.be/3c_DO5EZeds B.Com 1st Semester Syllabus II B.Com First Year Syllabus DU II B.Com Syllabus https://youtu.be/znEx7jKmKYc