Conclusion of accountancy project for class 11 including journal ledger balance sheet
Answers
Explanation:
A Journal entry is a list of transactions comprising of debits and credits made and this is then recorded in General Ledger
A General Ledger is an account used to store balance sheet and income statement transactions.
A trial balance is a list that shows all the of all the debit and credit transactions in an account for an entity for a given period – usually a month.
Usually a trial balance is prepared having a format of two-column schedule with all the debit balances listed in one column and all the credit balances listed in the other.
The trial balance is made once all the transactions for the period have been journalized and posted to the General Ledger and in the correct coulmn.
Accountancy can be termed as the report of business transactions which provides the financial results and status of the companies
Explanation:
Conclusion for journal, ledger and balance sheet are as follows
Journals are the data which is entered for maintains books and the accounts in the form of documentaries for business.
Ledger accounts are the type of accounts which is maintained for the proper storing of the statement for income transaction and also the balance sheets
Balance sheets are made for maintaining the company records at a single point which covers the shareholder equity, liabilities and assets of the company. balance sheet provide the status of the financial position of the company by representing its profit and liabilities.
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