Journal is a book of prime entry.
State whether the following statements are True or False with reason:
Journal is a book of prime entry.
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This statement is True.
Reasons: Journal is the most important book of accounts. It is a book of daily records. It is the main book of accounts in which transactions are recorded for the first time from source documents. Therefore this book is known as the book of original entry or first entry or prime entry. Business transactions are first entered in the journal and then they are recorded in other accounts book. For these reasons, the journal is called a book of prime entry.
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