Interested to Buy Any Domain ? << Click Here >> for more details...
what is journal and ledgers ?
- 16 Answers
- 41662 Views
- Banking, Bhel, ICICI, Prolect, I also Faced
- E-Mail Answers
Answer Posted / ashok kumar cherukuri
Journal
1. Is the book of prime entry.
2. As soon as transaction originates it is recorded in
journal
3. Transactions are recorded in order of occurrence i.e.
strictly in order of dates.
4. Narration (brief description) is written for each entry.
5. Ledger folio is written
6. Relevant information cannot be ascertained readily e.g.
cash in hand can't be found out easily.
7. Final accounts can't be prepared directly from journal.
8. Accuracy of the books can't be tested.
9. Debit and credit amounts of a transaction are recorded
in adjacent columns.
10. Journal has two columns one for debit amount another
for credit amount.
11. Journal is not balanced.
12. With the computerization of accounting journal may not
be used for routine transactions like receipts, purchases,
sales etc
Ledger
1. Is the book of final entry.
2. Transactions are posted in the ledger after the same
have been recorded in the journal.
3. Transactions are classified according to the nature and
are grouped in the concerned accounts.
4. Narration is not required.
5. Folio of the journal or sub-journal is written.
6. Since transactions of particular nature are grouped at
one place therefore relevant information can be ascertained.
7. Ledger is the basis of preparing final accounts.
8. Accuracy of the books is tested by means of list of
balances.
9. Debit and credit amounts of a transaction are recorded
in two different sides of two different accounts.
10. Ledger has two sides: left side is debit side right
side is credit side.
11. Every account in the ledger is balanced at appropriate
time.
12. Ledger cannot be avoided. However it may be loose leaf
ledger or a computerized ledger. But ledger is a must.
| Is This Answer Correct ? | 102 Yes | 9 No |
Post New Answer View All Answers
Expand RMP
explain about mergers & aquisitions? asked on 30/7/09
if a person join company on 01-04-04. after 5 year he is resigned on 31-03-09 and date of leaving is 14-04-09. Is he is on under gratuity payable or not? he is completed 5 years on 31-03-09. what is basis on calcultion on final settlement is date of resignation or date of leaving whcih is on 14-04-09.
While we are bringing our machinery items to factory through a vehicle from other state to Andhra pradesh, is this correct to send our own state way bill along with the other state way bill.
distinguish between price rate and time rate?
Plz send me the questions that could be asked in an interview for a Bank Clerical job to suja_aln@yahoo.co.in. Thank you.
If a bank lends money to FFMC's for working capital requirement, whether the Bank can have charge on the currencies FFMC deal/exchange, by way of hypothecation or is it just a clean loan.
purchase car from toyota innova 50000 cheque from one firm and 449893 from other firm.... and 1350000 loan saction from kotak mahindra.....how can entry make with interest
Dear sir, I have complete B.com in march 2007, for past 4year i am doing some marketing jobs in insurance sector, now i need to change my job in accounting sector, i have heard that by doing SAP Fico there will be better opurtunity in corporate companies.
KINDLY PROVIDE ME RBI OFFICER SCALE B QUESTION PAPER (PREVIOUS)
what is new updates in account
What was the most chlleging task you face while working in SAP FI/MM and how did you solve?
how can make configration related with electronic bank statment and how can i upload bank statment to system
while passing a journal entry we rite dr. for the a/c to be debited but why don't we write cr. for the a/c which is credited and instead write 'TO'??
What is the difference between horizontal balence sheet & vertical balence sheet explain in detail.
