Write the important steps of journalising.

1.	Write the important steps of journalising.
Answer» 1. First step : Firstly we have to find out two accounts involved in the transaction. While ascertaining the two accounts, the account of a person in whose books entries are recorded should not be taken into account. 2. Second step : We have to find out whether the accounts are personal, real or nominal accounts. 3. Third step : After the second step we have to apply the relevant rules of the each account which means the account should be credited or debited. 4. Fourth step : Lastly we should pass the journal as stated earlier.

Answer»

1. First step : Firstly we have to find out two accounts involved in the transaction. While ascertaining the two accounts, the account of a person in whose books entries are recorded should not be taken into account.

2. Second step : We have to find out whether the accounts are personal, real or nominal accounts.

3. Third step : After the second step we have to apply the relevant rules of the each account which means the account should be credited or debited.

4. Fourth step : Lastly we should pass the journal as stated earlier.

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