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"NEWS AND UPDATES"
2020

The Journal and Ledger

12/2/2017

1 Comment

 
The Journal
     -the journal is the accounting book wherein the business transactions are recorded for the first time ; it is also called the book of original entry.

Advantages of the Journal
-a complete record of transactions is provide in one place.
-a chronological order of transactions and events is provided in one book
-the explanation given to each entry in the journal permits the omission of repetitive explanation in the ledger
-the use of the journal affords an easy check on the proper implementation of the rules of debit and credit
-the journal facilitates the discovery of errors

The Ledger
     -since transactions are recorded in the journal according to their dates of occurrence, items of similar nature are not grouped together. Information in the general journal is spread amount various transactions recorded. The transaction recorded in the journal are group into one account.  A group of accounts constitute a ledger.

Relationship between the journal and the ledger
-information in the journal is grouped according to transactions while in the ledger, by accounts
-information recorded in the ledger always comes from the journal
-the journal is a book of original entry while the ledger is a book of final entry
the two records are cross-referenced to each other by the use of the folio columns

What is posting?
-It is the process of transferring to the ledger the same information recorded in the journal. Debit entries in the journal are transferred to the debit side of the pertinent account in the ledger and credit entries in the journal are transferred to the credit side of the proper account in the ledger.


1 Comment
Smart Home Oregon link
12/10/2022 02:14:58 am

Gratefull for sharing this

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  • HOME
  • OUR SERVICES
    • BUSINESS REGISTRATION
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    • CALL CENTER SERVICES
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