Here we detail about the difference between journal and ledger Journal: 1. In the journal, business transactions are recorded first. 2. In journal, all transactions are recorded in the chronological order. 3. In journal , both debit and credit aspect are recorded for each transaction 4. In the case of journal, net positions of any account cannot be ascertained. 5. [...]
Let us make in-depth study of the rules and respective ledger accounts in posting from Journal to Ledger. Journal is daily diary of a business enterprise in which all monetary transactions are recorded in chronological order. Posting from journal means transferring amounts from journal to the respective accounts in the ledger. The basic aim of posting is to summarize all [...]
Difference between General Journal and Special Journal! General Journal (Journal Proper): 1. General journal is a book of original entry in which only those transactions are recorded that cannot be recorded in special journals. 2. All the entries are recorded in their respective ledger accounts. 3. Format of general journal is same as of journal. 4. In every type of [...]