What Is Journal, Ledger And Trial Balance..?

15 Answers

amber Jhon Profile
amber Jhon answered
Journal entries are the double entries which are made with each accounting transaction. Journal entries are very important for keeping accounting records. Basically different ledgers are made for different accounts. The debit entries are made if the accounts are assets and there is an increase in assets or if they are liabilities and there is a decrease in liabilities. Similarly, if liabilities are increasing, then credit entries are made on the ledgers of liabilities and if assets are decreasing then credit entries are made in the ledgers. When the balances of all the ledgers are summed up then it is known as atrial balance. Basically for every debit entry there must be a credit entry in the ledger accounts. This keeps the debit and credit balance equal to each other. Therefore, when all of the balances are summed up and debit and credit are not equal then errors can be identified.

The difference among all these three is that in Journal entries you make a separate accounting entry for each transaction you make. In Ledger you have to make different accounts for all the same transactions like you can make a sales account ledger and whenever you will make sales, you will enter credit or debit entries in the same sales ledger. On the other hand, a trial balance contains two sections, where all debit and credit entries come regardless of which ledger they belong.
Anonymous Profile
Anonymous answered
Journal means posting business transactions as a debit , credit.
Trail balance means posting all expenses ,losses assets debit and all gains incomes liabilities credit
Anonymous Profile
Anonymous answered
The journal is a book of prime entry in which transactions are copied in order of date from a memorandum or waste book.
The  book which contains a classified and permanent record of all the transactions of a business is called ledger.
For differences refer DK goel class11
Anonymous Profile
Anonymous answered
A Journal is a book which records day-to-day transactions of a business.A journal is also known as an initial book.There are various types of journals which are used for various purposes in a business.Such types are purchase of goods,cash,sales,drawings etc.
Anonymous Profile
Anonymous answered
Dear All,

Journal entry is an recording of the daily business transactions in an accounting manner in a set of books in a systematic manner.

And ledger accounting or posting to the ledger means posting the transactions made in the journal entry to the particular head of account.

Trial balance is the Totals of the Debits and Credits differences.

Regards
S.Ba-bu
Anonymous Profile
Anonymous answered
Journal is the book of origonal entry where transactions of financial nature are daily recorded in a cronological order. Journal is the step of accounting
Anonymous Profile
Anonymous answered
Journal entey is used to record each transaction. For example, you purchased a piece of equipment for $10. You will Dr Equipment $10 and Cr cash for $10.

Then you will need to set up two Ledges to track cash account and equipment account each is in a T format.

Then the ending balance of these two T account balances are posted to Trial Balance to balance the total Dr to Total Cr.
Anonymous Profile
Anonymous answered
Ledger is a bunch of accounts in which all the related data is posted in it from general journal.
Trial balance shows whether the ledgers are correctly balanced or not. In other words it is used to check the accuracy of the ledgers.
Yasir Baqar Profile
Yasir Baqar answered
Ledger is known as T account where all the transactions are recorded in T form.
Trial Balance as itself says that its a trial of recording all the items of income statement and balance sheet.
Anonymous Profile
Anonymous answered
The ledger is used for personal account of the buyers and sellers and all all the original entries from the Journals are posted into the Ledger in order to ascertain the position of the Business.
Anonymous Profile
Anonymous answered
Ledger is a principal or main book which contain all the accounts in which transaction recorded in the books of original entry
1) secondry entry
2) classified $ permanent
3) personal , real , nominal
Anonymous Profile
Anonymous answered
Leder as we know journal records all business transaction separatelly and date wise. The transaction pertaining to perticular person's asset,expenses, and incomes are recorded at different places in the journal as they occur of different dates.
Anonymous Profile
Anonymous answered
Ledger is the individual accounts of those who owes you(creditors) and those who you own (debtors) while trial balance shows the brought down of various accounts.

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