Question

Which book is known as total of debit and credit?

Answer 1

Rudyard kipling the book is known as total of debit and credit

Answer 2

We are asked which book is known as the total of debit and credit. The book which is known as the total of debit and credit is the Trial Balance.

• Before the computerization of accounts took place there were several books that were required to be maintained by the business.
• The primary book or the book where the transactions were first written was called the journal.
• The transactions were maintained in this according to chronological order.
• From the journal, the transactions were transferred to a book that was referred to as the ledger.
• From the ledger, after the balancing of seperate accounts was done the total of debit and credit were carried forward to the trial balance.
• In the trial balance, only the total of the debit and credit accounts were written.
• Therefore the book that is known as the total of debit and credit will be the trial balance.

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