What is the purpose and the use of special journals (cash payments, cash receipts, sales, and purchase)?
by 
Dee
ANSWERS: 2
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Why are you asking this in the adult section?
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There are several advantages of special journals( also called 'day-books') like: 1.By taking a total at any time you will know the full value of that type of transaction. For example, if you total the cash receipt journal, it should tally with the cash collection. Likewise the day's sale can be obtained by totalling the sales journal. 2.It is a chronological record, that is date/time - wise record 3.Only the total of the special journal is posted in the main ledger. This reduces the number of entries in the ledger. Otherwise ledger will be clogged by large number of entries, most of which may be of small value
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