Question

difference between journal and ledger?​

Answer 1

Explanation:

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Answer 2

Answer:

An important difference between the Journal and Ledger is that the Journal is the first step in the accounting cycle in which all accounting is done, and the ledger is an extension of the journal entries by the company whose account is general ledger on the basis of which the company's financial statements are prepared.

Journal

1. A journal is a book of accounting in which daily records of business transactions begin to be recorded chronologically i.e. in chronological order.

2. It is known as the main accounting book or the first / first entry book.

3. Prepared for proof of transaction such as vouchers, receipts, bills, etc.

 Ledger

1. A book is a book of accounting in which all similar functions concerning a person or thing are kept in a summary format.

2. It is known as the main accounting book or the last entry book.

3. Prepared with the help of the journal itself, therefore, is the quickest step after recording a journal.