1- Can ledger make without journal?
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Answer / aqeel raza
Journal is the source of providing information to ledger accounts relating to transaction’s date, nature of account, reference number, applied rubes and amount. The information in journal comes from vouchers which make base to source documents.
Ledger is the bunch of accounts requires prescribed information which may be supplied by journals or from the source documents to which journal make base for recording. Then we are in right to say that ledger can be made from source documents but the importance of maintaining journals is in its own place. The diary for cash or bank will have to maintain necessarily if ledger is made without journals or cash book.
In small business where some transactions occurred in a month, it can be applied but where transactions’ volume is huge, the practice of maintaining journals must be adopted.
The good way is to walk step by step.
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paid vendor to RS 15000 and incentives of RS.5000 and deducted Rs.3000 as penalty so finally paid to vendor is Rs.17000. please let me know the journal entry for this.
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