if two or more transactions of same nature are journalized together it is known as ........

Accountancy (Phase -I & II) Accounting cycles

Download Solution PDF

if two or more transactions of same nature are journalized together it is known as :

compound journal entry

separate journal entry

posting

none of these

छोटे Courses बड़े Results

Master Accounting cycles

Prepare through Micro-courses

Try Now

Explanation:

If two or more transactions of the same nature occur on the same day and either debit account and/or credit account are common in them, then instead of passing a separate entry for each such transaction, one combined entry may be passed. Such type of entry is known as compound journal entry.