Question

Accounting
2. Distinguish between journal and ledger based on
i) meaning
ii) type
111) Nature of account

Answer 1

Answer:

பவோணமழழணோவடமக்ஷஹபழோடடண

Answer 2

ANSWER :

★ Distinguish between Journal and Ledger are as follows :-

• [1] Meaning :- Journal is a book of original entry for daily records, in which transaction are originally recorded in chronological order (in order of date) from source documents showing the accounts to be debited and credited in a systematic manner. On the other hand, Ledger is a book of final entry which contains a condensed and classified record of all transaction of the business posted from the journal.

• [2] Types :- There are generally two types of Journal entries, namely Single Journal Entry and Compound Journal Entry. Whereas, Ledger accounts are sub-divided into three categories, namely Sales or Debtors' Ledger, Purchase or Creditors' Ledger and General Ledger.

• [3] Nature of Accounts :- Journal is a book of primary entry where transactions recorded on the basis of voucher and in order of happening i.e., date wise. On the other hand, Ledger is a book of final entry where transaction are recorded from the journal and on the basis of account heads.