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What is the difference between ledger and journal?
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Answer Posted / h.r. sreepada bhagi
Journal is a book of primary entry, where as Ledger is a
book of secondary entry. All transactions are entered
through journals by type such as Purchase Journal, Sales
Journal, Payments, Receipts, Debit Notes, Credit Notes,
General Journal, etc. These transactions are then
transferred to Ledger which have full all transaction
details for each revenue(income) A/c, Expense A/c, Customers
A/cs, Vendors A/cs and all Assets & Liabilities A/cs.
In manual system of accounting, transactions are entered in
journals first & from there they are posted to concerned
ledger accounts. Where as in computerised accounting system,
transactions are getting recorded in journals & ledgers
simultaneously.
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