Академический Документы
Профессиональный Документы
Культура Документы
Pankaj Kumar
(CS-Final/CS-Inter/MBA/IFRS/NCFM/BCOM)
Pursuing MCOM
JOURNAL
Journal may be describe as a book in which the transaction are recorded in the
order of occurrence i.e. in chronological order.
It is called a book of prime entry because all business transactions are entered
first in the book. The process of writing the a transaction in journal is known as
journalising and the transaction written in journal is known as journal entry.
LEDGER
Ledger is principal book of accounts. It is most important book in accounting
system. It contain all the accounts (assets, Liabilities, capital, revenue and
expenses) to which the transaction recorded in the book of original entry are
transferred. Ledger is ultimate destination of all the transaction. It is also
called book of final entry. In ledger, the information is classified by nature and
relevance. It may be maintain as bound book or loose leaf sheet or in floppy
disk.
Need of Journal
Convenient recording of the transactions
Maintaining and preserving the identity the transactions
Ascertaining the true nature of transaction with the help of narrations
Maintaining permanent record of information.
Types of Account
Personal Account Impersonal Accounts - Real
Accounts