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Difference between ledger and journal |
| Answer» BASIS FOR COMPARISONJOURNALLEDGERMeaningThe book in which all the transactions are recorded, as and when they arise is known as Journal.The book which enables to transfer all the transactions into separate accounts is known as Ledger.What is it?It is a subsidiary book.It is a principal book.Also known asBook of original entry.Book of second entry.RecordChronological recordAnalytical recordProcessThe process of recording transactions into Journal is known as Journalizing.The process of transferring entries from the journal to ledger is known as Posting.How transactions are recorded?SequentiallyAccount-wiseDebit and CreditColumnsSidesNarrationMustNot necessary.BalancingNeed not to be balanced.Must be balanced.\t | |