16.1.3. Format of a Journal

Try these first

1. 1.

   What is recorded in the date column of a journal entry?

   Hint

   Think about the order of events.

2. 2.

   What does L.F. stand for in a journal entry?

   Hint

   Consider how we connect entries in different books.

3. 3.

   What is the first component of a journal entry?

   • Particulars
   • Date
   • Debit

   Hint

   Remember the sequence of how entries are noted.

4. 4.

   True or False: The particulars of a journal entry contain only the debit amount.

   • True
   • False

   Hint

   Think about the information included in the particulars.

5. 5.

   Record the following transactions in journal entry format: 1. Received cash of ₹5,000 from a customer for services rendered. 2. Purchased supplies on credit for ₹1,500.

   Hint

   Follow the rules of debit and credit for each scenario.

6. 6.

   A company's accountant mistakenly entered a transaction as ₹8,000 instead of ₹800. How can they correct this error with proper journal entries?

   Hint

   Reflect on how to cancel out the error before recording the new amount.