what is journal and ledgers ?
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Answer / ashok kumar cherukuri
Journal
1. Is the book of prime entry.
2. As soon as transaction originates it is recorded in
journal
3. Transactions are recorded in order of occurrence i.e.
strictly in order of dates.
4. Narration (brief description) is written for each entry.
5. Ledger folio is written
6. Relevant information cannot be ascertained readily e.g.
cash in hand can't be found out easily.
7. Final accounts can't be prepared directly from journal.
8. Accuracy of the books can't be tested.
9. Debit and credit amounts of a transaction are recorded
in adjacent columns.
10. Journal has two columns one for debit amount another
for credit amount.
11. Journal is not balanced.
12. With the computerization of accounting journal may not
be used for routine transactions like receipts, purchases,
sales etc
Ledger
1. Is the book of final entry.
2. Transactions are posted in the ledger after the same
have been recorded in the journal.
3. Transactions are classified according to the nature and
are grouped in the concerned accounts.
4. Narration is not required.
5. Folio of the journal or sub-journal is written.
6. Since transactions of particular nature are grouped at
one place therefore relevant information can be ascertained.
7. Ledger is the basis of preparing final accounts.
8. Accuracy of the books is tested by means of list of
balances.
9. Debit and credit amounts of a transaction are recorded
in two different sides of two different accounts.
10. Ledger has two sides: left side is debit side right
side is credit side.
11. Every account in the ledger is balanced at appropriate
time.
12. Ledger cannot be avoided. However it may be loose leaf
ledger or a computerized ledger. But ledger is a must.
| Is This Answer Correct ? | 102 Yes | 9 No |
Answer / madhuri.a
Jounal is a prime entry.
While coming to Journal----------
1.Purchases Book.
2.Sales Book
3.Bills receivable.
4.Bills Payble.
5.Purchase register.
6.Sales register.
7.Journal Proper.
8.Cash book:-
a.Single Column cash book
b.Double column cash book
c.Threeble column cash book.
d.Petty cash book
e.Bank Reconciliation Statement.
Leder is a final entry.Under Ledger...
1.Sundry Debtors Ledger
2.Sundry Creditors Ledger
3.General Leder.
| Is This Answer Correct ? | 69 Yes | 19 No |
Answer / sakshi
journal refers to diary. the origin of journal word is from
a french word jour which means daily.so journal is a book
in which day to day transactions are recorded
| Is This Answer Correct ? | 46 Yes | 8 No |
Answer / manpreet
1. journal is the primary book.
2. any transaction which occurs in business, firstly
recorded in the journal
3.with the help of journal ledger posting is very easy.
4.it shows which a/c is debited or which is credited.
| Is This Answer Correct ? | 32 Yes | 6 No |
Answer / ajit
A jounal is chronological record of business transactions
showing the names of the accounts that are to be debited or
credited. It is analogous diary.
1. It'sused as a book of orignal and primary entry of
business transactions of business.
2. The journal is a subsidiary book.
3. keeps chronological records of transaction
The jounal is sub-divided in five columns:
Date\\particulars \\ledgerFlio\\DebitAmount\\CreditAmount
| Is This Answer Correct ? | 18 Yes | 4 No |
Answer / gulshan
in journal day to day transactions are recorded.
inledger final transactions are made.
| Is This Answer Correct ? | 16 Yes | 3 No |
Answer / dharmendar singh rawat
Journal
business transactions ENTERY......
Ledger
Accounts and final entery.................Leder is a final
entry
| Is This Answer Correct ? | 15 Yes | 4 No |
Answer / sachin
Jounal is a prime entry.
While coming to Journal----------
1.Purchases Book.
2.Sales Book
3.Bills receivable.
4.Bills Payble.
5.Purchase register.
6.Sales register.
7.Journal Proper.
8.Cash book:-
a.Single Column cash book
b.Double column cash book
c.Threeble column cash bo
| Is This Answer Correct ? | 15 Yes | 5 No |
Journal: Journal is a primary book of transaction where
entry according to the double entry system non permanent.
Ledgers: Ledgers is the permanent record of transaction
where transaction record classified and record permanent.
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / zaiunddin jan
journal is a daily written record of (usually personal)
experiences and observations
ledger is a record in which commercial accounts are
recorded.
| Is This Answer Correct ? | 8 Yes | 2 No |
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