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Accounting Assignment

By Jime Comfort Awashima

Summary

DIFFERENCES BETWEEN JOURNAL AND A LEDGER
Accounting Assignment
 
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Abstract

NAME: JIME COMFORT AWASHIMA

REGISTRATION NUMBER: 15/33988/UE

DEPARTMENT: BUSINESS ADMINISTRATION

COURSE OPTION: B.SC. BUSINESS ADMINISTRATION

COURSE CODE: ACC 101 – INTRODUCTION TO BASIC ACCOUNTING

LEVEL: 300L

CARRYOVER COURSE

 

QUESTION: Highlight any four (4) differences between journal and ledger

 

JOURNAL

i. Journal   is   a   book   of   accounting   where   daily   records   of   business   transactions   are first recorded in a chronological order i.e. in the order of dates.

ii. It is known as the primary book of accounting or the book of original/first entry.

iii. It is prepared out of transaction proofs such as vouchers, receipts, bills, etc.

iv. A journal is not balanced.

 

LEDGER

i. A ledger is an accounting book in which all similar transactions related to a particular

person or thing are maintained in a summarized form.

ii. It is known as the principal book of accounting or the book of final entry.

iii. It is prepared with the help of a journal itself; therefore, it is the immediate step after recording a journal.

iv. Except nominal accounts all ledger accounts are balanced to find the net result.

 

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