Explanation

General journal: This is a book of original entry/subsidiary book into which all transactions which cannot be recorded in any other subsidiary book are recorded.

The general journal is used for:
- Recording opening entries
- Recording sale/disposal of fixed assets on credit
- Recording purchase of fixed assets on credit.
- Correction of errors in the ledger accounts
- Making adjustments to any of the entries in the ledger
- Recording closing entries
- Making entries in respect of contra-transactions/set-off/transfer
- Writing off bad debts
- Recording sale of existing business
- Recording acquisition of new businesses.

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