Exercises · Q5
Q.Distinguish between Journal and Ledger.
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Start your 14-day free trial to unlock the full solution →| Basis | Journal | Ledger |
|---|---|---|
| Meaning | Records transactions first, in the order they occur | Classifies and collects already-journalised transactions, account-wise |
| Also known as | Book of Original Entry / Prime Entry | Book of Secondary Entry / Final Entry |
| Basis of recording | Chronological (date-wise) | Analytical (account-wise) |
| Unit of recording | A transaction, recorded once with both aspects together | An account; each transaction is posted TWICE, once to each account it affects |
| Narration | A brief narration is given below every entry | No narration; only the other account's name, with "To"/"By" |
| Balancing | Never balanced | Balanced periodically to find each account's closing position |
| Prepared from | Original vouchers/transactions | The Journal |
| What is prepared from it | The Ledger | The Trial Balance and Final Accounts |
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