Question

in the book of panchal stores write journal entries
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Answer 1

Answer:

A Journal is simply a chronological record of all the business transactions that take place in an organization. However, if we want to know the net effect of various transactions that affect an item, we need to go through the entire journal, which takes a lot of time.

A Ledger is a book which contains a summarized and classified form of complete record of all transactions. Since it contains complete information about various transactions, it is called the ‘Principal Book’.

Answer 2

ᴀ ʟᴇᴀᴅᴇʀ sᴛᴏʀᴇs ᴀʟʟ ᴛʜᴇ ʙᴏᴏᴋs ɪɴ ᴛʜᴇ ᴘᴀɴᴄʜᴀʟ