Question

difference between journal and ledger

Answer 1

____●Journal ● _____
◆Meaning - The in which all the transaction s are recorded,as when they arise is known as Journal.

◆What is it ? - It is a subsidiary book.

◆Also book known as - Book of orignal entery.

◆Record- Chronological record.

◆Process- The process of recording transactions into Journal is known as Journalizing.

◆Debit and credit - Columns

____ ● LEDGER ● _____
◆Meaning-The book which enables to transfer all the transactions into separate accounts is known as Ledger.

◆What is it ? - It is a Principal book.

◆Also known as-Book of second entery.

◆Process- The process of transfering enteries from the Journal to Ledger is known as Posting.

◆Debit and credit - Sides .

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