- Firstly, we need to find out the two aspects or two fold effect of a transaction.
- Secondly, we need to identify the accounts whether they are personal, real or nominal accounts.
- Finally, we need to use the golden rules of debit and credit.
Friday, August 14, 2009
Rules of Journalizing:
We have already discussed that journalizing is a task of recording transactions in a journal. Before journalizing a transaction, following three steps must be minded.