Question

Give the characteristics of Journal.
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Answer 1

The characteristics of a journal are
(i) It contains day-to-day transactions in a chronological order
(ii) It shows complete details of a transaction in one entry.
(iii) It records both the debit and credit aspect of a transaction according to the double entry system of book - keeping.
(iv) Each entry in the journal is followed by a narration which is a brief explanation of the transaction