Preparation of Journal Entries – Beginner Friendly Notes by Dr. Rahul S. Kharat A Simple Guide to Journal Entries in Accounting What is a Journal? A Journal is the book of original entry in accounting. It is the first place where every business transaction is recorded in chronological (date-wise) order. Definition: A Journal is a book in which all business transactions are recorded for the first time according to the rules of debit and credit. What is a Journal Entry? A Journal Entry is the recording of a business transaction by applying the rules of debit and credit. Example Business purchased furniture for cash ₹20,000. Journal Entry Date Particulars L.F. Debit (₹) Credit (₹) xx Furniture A/c…………… Dr. To Cash ...
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