1. All financial transactions carried out by the merchants as well as his personal money withdrawals shall be recorded in the general journal on daily basis. 2. The merchant may use auxiliary journals to record the details of his commercial transactions, in which case it shall be sufficient to record the total of such transactions in the general journal at regular intervals. Where such procedure is not followed, any auxiliary book shall be deemed a general ledger.
Interpretation and application must be checked against the official text and current version.