What is the definition of :-
1) journal
2) ledger
3)p&l A/C
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1) In accounting and bokkeping, a journal is a record of financial transactions in order by date. A journal is often defined as the book of original entry.
2) The ledger provides a complete record of finanicial transactions over the life of the company. The ledger holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owner's equity, revenues and expenses.
3) The Principal and Interest on a loan. The borrower must pay the Principal and Interest according to the agreed-upon schedule
2) The ledger provides a complete record of finanicial transactions over the life of the company. The ledger holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owner's equity, revenues and expenses.
3) The Principal and Interest on a loan. The borrower must pay the Principal and Interest according to the agreed-upon schedule
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