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Wednesday, August 12, 2009


When any transaction takes place, it may be immediately noted down in a book which is known as memorandum book so that the transaction may not be forgotten. It is a just rough book and after it, a journal is prepared. A journal is also known as book of original entry which is a chronological record (in order of occurrence) of transactions according to double entry book-keeping system. In other words, it is subsidiary book meant for recording the day-t0-day transactions of a business in the order in which they take place.

The word 'Journal' has come from a French word 'Jour' which denotes a 'day book'. Therefore, it also may be known as day book. The act of recording transactions in journal is called 'journalizing' and the record of a transaction in journal is called 'journal entry'.

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