Journal vs Ledger | Top Differences You Must Know!

In this video, we will go through a comparative analysis of Journal vs Ledger and we will also look at various aspects of Journal and Ledger. 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐉𝐨𝐮𝐫𝐧𝐚𝐥 𝐚𝐧𝐝 𝐋𝐞𝐝𝐠𝐞𝐫 ------------------------------------------------------------------------- The journal is called the original entry book because the transaction is first uploaded in the magazine. Whereas, Ledger is called the second entry book, because the transaction in the library is converted from the journal to the library. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐉𝐨𝐮𝐫𝐧𝐚𝐥? -------------------------------- Journal is the first payment form. In the journal, the accountant deposits and credits the right account and records the transaction for the first time with the dual entry system in the account books. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐋𝐞𝐝𝐠𝐞𝐫? ----------------------------- The accountant creates a "T "format in the ledger and then places the journal in the correct order. We can say that a journal extension is a ledger. 𝐊𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐉𝐨𝐮𝐫𝐧𝐚𝐥 𝐚𝐧𝐝 𝐋𝐞𝐝𝐠𝐞𝐫 ----------------------------------------------------------------------------------- #1 - The journal recording act is called journaling. The recording act in the Ledger is called posting. #2 - The narration in a journal is a necessary, otherwise the entry would lose its value. The narration is optional in ledger. #3 - There is no need for balancing in a journal. Balancing in a ledger is a must at the end of the period. If you want to find out some more 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐉𝐨𝐮𝐫𝐧𝐚𝐥 𝐯𝐬 𝐋𝐞𝐝𝐠𝐞𝐫, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/journa... Subscribe to our channel to get new updated videos. Click the button above to subscribe or click on the link below to subscribe -    / @wallstreetmojo