Illustration 19. Journalise the following transactions, post them in Ledger Accounts and balance them:
Solution:
In the Books of Kamal
JOURNAL
Ledger
*Nominal Accounts (Purchases Account, Sales Account, Return Outwards Account, Stationery Account, Wages and Salaries Account) are not balanced but are closed at the end of the year by transferring to Profit and Loss Account. They have been balanced only for the purpose of showing them in the Trial Balance.
Distinction between Journal and Ledger
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