Journal proper or general journal are for making the original record of such transaction for which no special journal are maintained.
| Examples of Entries normally recorded are as follows:
Opening entries
- Opening Entries are used at the beginning of the financial year to open the books by recording the assets, liabilities and capital appearing in the balance sheet of the previous year;
Closing Entries:
- Closing entries are used at the end of the accounting year for closing off accounts relating to expenses and revenues. Transferring their balances to the Trading, Profit & loss Account, closes these accounts
Adjustment Entries:
- At the end of the accounting year, adjustment entries are to be passed for outstanding /prepaid expenses, accrued income/income received in advance and others
Transfer Entries:
- Transfer entries are passed in the general journal for transferring an item entered in one account to another account
Rectification Entries:
- Rectification entries are passed for rectifying errors which might have been committed in the books of account
Purchase of Fixed Assets, Stationery:
- When fixed assets or stationeries are purchased on credit, the entries are passed in the general journal
Sales of fixed assets re: obsolete or scapping fixed assets
- For obsolete or worn-out assets sold on credit
Others:
- Entries relating to dishonor of cheque so that the discount allowed can be properly cancelled.
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