Question
Why is journal sub-divided? Name the special journals generally maintained
by the business and state the type of transactions entered in each of them.
Answer :
Word Count : 504
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Skip in 10
Journal is sub-divided to make the recording of business transactions more systematic, convenient and efficient. In a business, a large number of transactions take place every day. If all transactions are recorded in one journal, it becomes difficult to maintain the books, locate particular transactions, and check the accuracy of accounting records. Therefore, transactions of a similar nature are grouped and recorded in separate books known as special journals or subsidiary books. The subdivision of the journal reduces the workload of the accountant and facilitates the division of accounting work among different persons. It also saves time because transactions of the same type can be recorded together. Posting into the ledger becomes easier and the possibility of errors is reduced. Special journals also provide detailed information about particular classes of transactions and make checking and verification of accounts more convenient. The special journals generally maintained by a business are as follows: 1. Purchases Journal – This
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