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Features of Journal

  • The Chief features of journal may be stated as under:
  • Journal is a book in which the transactions are recorded first of all, as and when they take place. For this reason, it is called a book of original entry.
  • A journal is only a book of primary (Original) entry. All the transactions recorded in the journal are subsequently transferred to ledger which is the principal in the accounts.
  • A journal is a daily accounting record. i.e., it keep a chronological (i.e., date – wise) record of all transactions
  • It maintains the identity of each transaction and provides a complete picture of the same in one entry.
  • A journal records both debit and credit aspects of a transaction according to the double entry system of book – keeping.
  • Each entry in the journal is followed by a brief explanation of the transaction which is called “Narration”.
  • A single journal entry is capable of recording more than one transaction involving more than two accounts. Such an entry is called compound entry.

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