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In journal transactions are recorded on

This question was previously asked in
UP TGT Commerce 2021 Official Paper
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  1. Chronological basis
  2. Analytical basis
  3. Convenience basis
  4. Selective basis

Answer (Detailed Solution Below)

Option 1 : Chronological basis
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Detailed Solution

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The correct answer is Chronological basis

Key Points Journal: 

  • All business transactions are recorded in a journal after following the rules of debit and credit and keeping them in chronological order.
  • As the recording of transactions is done first in the journal, it is also called the book of original entry or prime entry.
  • Journalizing is defined as the process of recording transactions in the journal.
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