Explain Journal proper

Explain Journal proper


Journal proper is the book of original entry in which those miscellaneous transactions are recorded which do not find place in any other books. It is also called miscellaneous journal. The Journal proper is used to record following transactions:-

-Opening Entries
-Closing Entries
- Transfer Entries
- Adjustment Entries
- Rectification Entries
- Entries for rare transactions
Different types of expenditures considered for the purpose of accounting
For the accounting purpose expenditures are classified in three types: Capital Expenditure, Revenue Expenditure, Deferred Revenue Expenditure
What are capital expenditures?
Capital Expenditure is an amount incurred for acquiring the long term assets such as land, building, equipments
Explain Revenue Expenditure. Does it affect the profitability statement in a period?
Revenue Expenditure is the expenditure incurred in one accounting year and the benefits from which is also enjoyed in the same period only......
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