- Journal Entry for
In this blog post, we will cover the top most frequently asked 100 journal entries in accounting which are helpful for all accounting students, job seekers who want to practice journal entries for accounting interviews, students of accounting ERPs like Tally, Busy, Marg, Quickbooks, Peoplesoft, SAP, Oracle, etc.
Businesses make notes in their books whenever they do something with money, like buying supplies or selling products. Whenever such an event is recorded and entered in the journal books it is called a “journal entry“. The purpose of journal entries in accounting is to keep track of money coming in and going out.
Suppose a business bought some pens for their staff in cash. They’d make a journal entry to keep track of the expense. The journal entry would show that the business used some of its money to buy stationery (pens), and now has less cash in hand.
It is essential for businesses to stay on top of their money and ensure they have sufficient funds to cover their payments. It helps a firm track its profits and losses. Companies keep track of their money through journal entries as you do with your bank account.
Business started
Introduction of capital (assets)
Opening a bank account
Cash deposit in bank
Withdraw cash for office use
Asset Purchase
Opening Stock
Cash Purchase
Credit Purchase
Purchase Return
Cash Sales
Credit Sales
Sales Return
Unbilled Revenue
Closing Stock
Account Receivable
Money Received from Debtor
Cheque Dishonoured
Bills Receivable Received
Accounts Payable
Payment to Creditor
Bills Payable
Depreciation on Fixed Asset
Provision for Depreciation
Amortization Expense
Disposal of Asset (At Loss)
Disposal of Asset (At Profit)
Exchange of Asset
Bank Overdraft
Loan taken from Bank
We have an eBook on “100 Most Asked Journal Entries on Google”. This research was done extensively on www.google.co.in (India) and should be helpful to people from the APAC & ASEAN countries who follow British accounting.
Download the PDF/eBook