Journal Entry with GST [ Part 3 ] Class 11th CBSE Commerce

journal Entry with gat Part 12 for 11th Class: Accounting

In the context of accounting, a journal entry is a chronological record of financial transactions. It is the first step in the accounting cycle. Part 12 likely refers to the series of journal entries that a 11th-grade student is creating.

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Typical components of a journal entry include:

👉Date: The date the transaction occurred.
Account title: The name of the account affected by the transaction (e.g., Cash, Accounts Receivable, Inventory).

👉Debit or credit: Indicates whether the account is increased (debit) or decreased (credit).
Amount: The monetary value of the transaction.

👉Reference: A number or code that links the entry to supporting documentation.

👉Examples of accounting transactions that might be recorded in a journal entry include:
⨀Purchase of inventory
⨀Sale of goods
⨀Payment of expenses
⨀Receipt of revenue
⨀Adjusting entries at the end of the accounting period

By understanding the structure and purpose of journal entries, 11th-grade students can develop a strong foundation in accounting principles and practice.

🕵️‍♀️Who should watch:

👉Class 12 Commerce students preparing for exams
👉Anyone interested in partnership accounting and business structures

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