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Difference between ledger and journal

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Difference between ledger and journal

    • Posted by Malavika J 6 years, 8 months ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Naveen Sharma 6 years, 8 months ago

    BASIS FOR COMPARISON JOURNAL LEDGER
    Meaning The 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 as Book of original entry. Book of second entry.
    Record Chronological record Analytical record
    Process The 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? Sequentially Account-wise
    Debit and Credit Columns Sides
    Narration Must Not necessary.
    Balancing Need not to be balanced. Must be balanced.

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