Journal Proper is used for transactions that do not fit into special subsidiary books (like Cash Book, Purchase Book, Sales Book). Credit purchase of fixed assets (Furniture) goes to Journal Proper, whereas credit purchase of Goods goes to Purchase Book.

A Contra Entry is recorded when cash is deposited into the bank or withdrawn from the bank for office use. It affects both Cash and Bank columns simultaneously on opposite sides.

In the Imprest system, the petty cashier is given a fixed float (Imprest amount) at the beginning. At the end of the period, they are reimbursed the exact amount spent to restore the float to the original level.

Trade discount is given at the time of sale to encourage bulk buying. Only the net amount (List Price - Trade Discount) is entered in the books. Cash discount, however, is recorded.

Journalizing is recording; Posting is the act of transferring the debit and credit aspects to the respective accounts in the Ledger.

Cash column represents physical cash in hand. Since you cannot pay out more cash than you have, the cash balance can never be negative (Credit). It is always Debit or Nil.

Sales Book records only CREDIT sales of GOODS (inventory). Cash sales go to Cash Book. Asset sales go to Journal Proper.

The Journal Proper is the residual book of original entry used for Opening, Closing, Transfer, and Rectification entries.

Real accounts represent assets. An asset cannot have a negative value. Hence, the Debit side (inflow/value) is always greater than or equal to the Credit side (outflow/sale), resulting in a Debit Balance.

Abnormal losses like fire or theft are adjusting entries that don't fit in special journals. Entry: Loss by Fire A/c Dr to Purchase A/c. This goes to Journal Proper.

Nominal accounts are temporary. They are summarized in the P&L account to determine profit/loss, which is then added to Capital. Real/Personal accounts go to Balance Sheet.

Returns Inward (Sales Return) of goods sold on credit are entered here.