This GSEB Class 11 Commerce Accounts Notes Part 1 Chapter 8 Journal Proper covers all the important topics and concepts as mentioned in the chapter.
Journal Proper Class 11 GSEB Notes
As number of business transactions increases, the division of books of accounts becomes necessary and because of that the subsidiary books comes into existence. Transactions of credit purchase of goods are recorded in purchase book. Transactions of credit sales of goods are recorded in sales book. While purchase return transactions of goods are recorded in a purchase-return book and sales return transactions of goods are recorded in sales return book.
And all types of cash transactions are recorded in cash book, bills receivable transactions are recorded in bills receivable book and bills payable transactions are recorded in bills payable book. But the transaction which cannot be recorded in the any of the above subsidiary books are recorded in a special book which is known as Journal proper. In short, transactions which are not recorded in other subsidiary books, that transactions are recorded in one subsidiary book which is known as Journal proper.
→ Journal proper is also a type of subsidiary book.
→ Transactions which are not recorded in other subsidiary books, that transactions are recorded in one type subsidiary book which is known as Journal proper.
→ Specimen of journal proper is same as journal.
→ Journal proper is used for very limited number of transactions.
→ Following types of transactions are recorded in journal proper:
- Opening entries,
- Transactions which are not included in other subsidiary books,
- Transactions of inter-account transfer,
- Closing entries
- Adjustment entries and
- Rectification entries.