Journal Entry

Tax Glossary Definition

Journal Entry

A journal entry is an accounting record that documents a financial transaction in the books of accounts, showing the debit and credit aspects of the transaction in accordance with the double-entry system. It ensures that every transaction is accurately recorded and classified.

Example: When rent of ₹10,000 is paid through the bank, the journal entry is — Debit: Rent Expense ₹10,000 Credit: Bank ₹10,000

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