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Naveen Sharma 8 years, 7 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. |
Posted by Umesh Chaudhary 8 years, 7 months ago
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Govind Jha 8 years, 7 months ago
"accounting is an art of recording, classifying, summarising the financial data and interpreting the result thereof"
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Govind Jha 8 years, 7 months ago
Limitations of Accounting
- The items expressed in monetary terms are recorded in the accountings where as the items which are non-monetary nature not recorded.
- Sometimes accounting data are recorded on the basis of estimates and which could be inaccurate.
- fixed assets are recorded as the original cost.
- Value of money does not remain stable so accounting value does not show true financial results.
- Accounting can be manipulated and biased.
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Rishabh Malhotra 8 years, 7 months ago
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