Junior Accountant Question: Download Junior Accountant PDF
Do you know what is the relation between journal and ledger?
Answer:
☛ The journal is the book of first entry whereas the ledger is the book of second entry.
☛ The journal as a book of source entry ordinarily has greater weight as legal evidence than the ledger.
☛ The journal is the book for chronological record whereas the ledger is the book for analytical record.
☛ The unit of classification of data within the journal is the transaction; in the ledger the unit of classification of data within the ledger is the account.
☛ The process of recording in the journal is called journalizing, the process of recording in the ledger is called posting.
☛ The journal as a book of source entry ordinarily has greater weight as legal evidence than the ledger.
☛ The journal is the book for chronological record whereas the ledger is the book for analytical record.
☛ The unit of classification of data within the journal is the transaction; in the ledger the unit of classification of data within the ledger is the account.
☛ The process of recording in the journal is called journalizing, the process of recording in the ledger is called posting.