Correct the following statements and rewrite the statements

1) All business transactions are recorded in the Journal.
Ans: Only monetary transactions are recorded in the Journal.

2) Cash discount is not recorded in the books of accounts.
Ans: Cash discount is recorded in the books of accounts.

3) Journal is a book of Secondary entry.
Ans: Journal is a book of Prime entry.

4) GST is imposed by the Government of India from 1st July 2018.
Ans: GST is imposed by the Government of India from 1st July, 2017.

5) Machinery purchased by the Proprietor decreases his capital.
Ans: Machinery purchased by the proprietor increases his Capital.