Entries on Accounting
An assignment from Pilaku Gloria Seember, attempting question on the differences between journal and ledger.
differences between journal and ledger a). The Journal is a book where all the financial transactions are recorded for the first time. When the transactions are entered in the journal, then they are posted into individual accounts known as Ledger b). In journal, transactions are recorded in chronological order, whereas in ledger, transactions are recorded in analytical order. c). In the journal, the transactions are recorded sequentially. Conversely, in the ledger, the transactions are recorded on the basis of accounts d). In the journal, narration must be written to support the entry. On the other hand, in the ledger, there is no requirement of narration.