What is the difference between a journal and a ledger?
|It is the first entry of financial transaction summarized and recorded according to the double-entry system||A ledger is recorded from the journal in the format of a ‘T.” In addition to that, a ledger is the source of the income statement, trial balance, and balance sheet.|
|If the journal is made correctly, then the only perfection can be added into the ledger||It is dependent on journal|
|Date, ledger folio, particulars, credit amount, and debit amount||T format journal includes particulars, date and amount on both sides|
|Called “book of original entry”||Called ‘book of second entry;|
BY Best Interview Question ON 07 Oct 2021