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Question

Distinguish between journal and ledger?
 


Solution

The journal and the ledger are the most important books of the double entry mechanism of accounting and are indispensable for an accounting system. The differences between journal and ledger are
          Basis                Journal                  LedgerNature of BookThe journal is the book of first entryThe ledger is a book of secondary or final (Original entry)EntryChronological AnalyticThe journal is the book for chronologicalThe ledger is the book for analyticalat Recordrecord.recordFormatA journal has five column - Date,Ledger has four identical columns onParticulars, Ledger Folio, Debit Amount,debit and credit side - Date, Particulars,credit AmountJournal Folio and AmountClassificationTransaction is the basis of classificationAccount is the basis of classification ofOf data within the journaldata within the ledgerProcess of RecordingProcess of recording in the journal isThe process of recording in the ledger iscalled journalising.Known as posting.

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