DISTINCTION BETWEEN JOURNAL AND 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
Þ It is book of final or secondary entry.
Þ It is prepared on the basis of Journal.
Þ Recording in the ledger is
Þ It is prepared to know the
net effect of various transactions affecting a particulars account.
ledger accounts (except nominal account) are balanced in the ledger.
narration is required
process of recording in the ledger is called ‘posting’
serves the basis for the preparations of final accounts.
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