Advantages of Journal
v Chronological record:- It records the transactions in the
order in which they occur.
of transaction:- Each journal entry in the journal carries narration which
gives a brief explanations of the transaction.
v Recording the both aspects:- Both the aspect (i.e. debit and
credit) of a transaction are recorded in the journal. Since the amounts
recorded in both debit amount column and credit amount column must be equal,
the possibility of accounting error is reduced and the detection of errors, if
any committed becomes easy.
Limitation of journal
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