_______ is a book in which all the business transactions are originally recorded in chronological order and from which they are posted to the ledger accounts at any convenient time.

Ledger

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Journal

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Purchases returns books

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Sales book

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Solution

The correct option is B Journal
Journal is a book of accounts in which all day to day business transactions are recorded in a chronological order i.e. in the order of their occurence.
Transactions when recorded in a Journal are known as entries.It is the book in which transactions are recorded for the first time.

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Similar questions

Q. A book containing a chronological record of business transaction & original record is called a _________.

Q. A subsidiary book which is used to record all those business transactions which do not find any place in the purchase book, sales book, return books, cash book, bills receivable and payable book, etc. is called journal proper..

Q. State whether the following statements are ‘True or False”.

1) Ledger is known as the book of original entry.
2) Narration is not necessary in ledger.
3) All accounts are closed down at the end of the accounting year.
4) Recording of a transaction in Journal is called posting.
5) Balance of personal account is brought down for the next year.
6) All transactions are recorded directly in ledger.
7) Ledger Folio and index is necessary for ledger.
8) Ledger posting is not necessary for Journal Proper.
9) Ledger Folio is recorded in Journal.
10) Ledger posting is made before passing Journal entry.

Transactions that a business doesn`t record in any of the special journals are recorded in which of the following journals/ day books?

Rectify the following errors-

1) Goods returned to Mr Pathak as they were defective Rs 280 were not recorded in the books.
2) Commission received Rs 625 was recorded in the Journal proper but not posted at all.
3) Purchased Machinery from Hindustan Machinery Ltd. Rs 9,900 on credit was omitted from the books of accounts.
4) Additional capital Rs 20,000 introduced by proprietor in to the business was recorded in the cash book but was not posted to the capital account in the ledger.
5) Cash received from the Patel Rs 3,300 though recorded in cash book was not posted to his personal account in the ledger.
6) Goods sold to Kishor Rs 6,565 on credit was not posted to his personal account.

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