DISTINCTION BETWEEN JOURNAL AND LEDGER

                                      DISTINCTION BETWEEN JOURNAL AND LEDGER

Journal

Ledger

Þ It is a book of primary entry.
ÞIt is prepared on the basis of source documents of transactions.
Þ Recording of transactions in the journal it first stage.
Þ It is prepared to record all transactions
Þ It is not balanced.
Þ Narration is written for each entry
Þ The process of recording in journal is called ‘Journalizing’
Þ Journal directly does not serve as basis for the preparation of final accounts.

Þ It is book of final or secondary entry.
Þ It is prepared on the basis of Journal.

Þ  Recording in the ledger is second stage

Þ  It is prepared to know the net effect of various transactions affecting a particulars account.
 
Þ All ledger accounts (except nominal account) are balanced in the ledger.
 
Þ No narration is required
 
Þ The process of recording in the ledger is called ‘posting’
 
Þ Ledger serves the basis for the preparations of final accounts.

           

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