variation between Journal and Ledger

Recorded Books - variation between Journal and Ledger

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Journal

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How is variation between Journal and Ledger

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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 effortlessly 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 reputation amounts of a transaction are recorded in adjacent columns.

10. Journal has two columns one for debit amount another for reputation amount.

11. Journal is not balanced.

12. With the computerization of accounting journal may not be used for habit 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 involved 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 preparation final accounts.

8. Accuracy of the books is tested by means of list of balances.

9. Debit and reputation 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 reputation side.

11. Every list in the ledger is balanced at thorough time.

12. Ledger cannot be avoided. However it may be loose leaf ledger or a computerized ledger. But ledger is a must.

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