JOURNAL
JOURNAL
Journal is a day book where daily business transactions are recorded. It is also called the book of original entry or Books of prime entry or Book of primary entry.
TYPES OF JOURNAL
- GENERAL JOURNAL: This journal is used for recording details of fixed assets sold or bought and for correcting errors made in book-keeping.
- SPECIAL JOURNAL: This day book can be used to enter only one type of business transactions. Examples are:
a). Sales Journals / Sales day book: It is a book of prime entry where goods and services sold on credit are recorded.
QUESTION:
MrAlagbado a sale trader, made the following sales on credit in the month of October, 1999.
October 4:- Sold to Janabel Ventures 2 typewriters at #5000 each on invoice 040
October 7:- Sold to Olomo Enterprises 4 Stapling machines at #200 each on invoice 041
October 16:- Sold to Pa Otolo ventures 2 electric cookers at #600 each on invoice 042
October 28:- Sold to Olekemeji 2 printers at #5000 each on invoice 044.
MR ALAGBADO SALES DAY BOOK, OCTOBER 2000.
| DATE | PARTICULAR | FOLIO | INVOICE NO | AMOUNT | |
| OCT. 4 | Janabel Ventures (2 typewriters) | 040 | 2 x #5000 | # 10,000.00 | |
| OCT.7 | Olomo Enterprises (4 stapling machines) | 041 | 4 x #200 | 800.00 | |
| OCT. 16 | Pa. Otolo (2 Electric cookers) | 042 | 2 x #600 | 1,200.00 | |
| OCT. 28 | Olekemeji (2 printers) | 043 | 2 x #5000 | 10,000.00 | |
| TOTAL | 22,000.00 | ||||
b). Purchases Journal: – This is the day book in which daily credit purchases are recorded.
Question:
This is the journal of OJUTONSORO and post to the ledger for July 1996.
OJUTONSORO PURCHASES DAYBOOK, JULY 1996.
| DATE | PARTICULAR | FOLIO | INVOICE NO | AMOUNT |
| July 1 | 7up 10 crates of Pepsi at #300 | 061 | 10 x #300 | # 3000.00 |
| July 5 | 7up 5 crates of 7up at #700 Trade discount 5% | 062 | 5 x #700 5% x #3500 | 3500.00 (175.00) |
| July 10 | Supreme flour 100bags of flour @200 | 063 | 100 x #200 | 20000.00 |
| TOTAL | 26325.00 | |||
C). Return Inward Journal/ Sales Return Book: This is the day book used for recording details of goods brought back by the customers due to one reason or another.
D). Return Outward Journal/ Purchase Return Book: This is the day book in which details of goods sentback to suppliers are recorded.