DOUBLE ENTRY BOOK-KEEPING
CONTENT- Meaning of Journals
- Meaning of Ledgers
- Classes of Ledger
- Classification of Accounts
Meaning of Journals
Journals are documents which contain the daily records of business transactions. Information from source documents are first recorded in journals before being transferred to the principal books of account. Journals are called day books because they need to be updated daily. Each record in a journal is called an entry. Journals are also called books of original entry or books of prime entry because the entries are transferred to a second book i.e. principal book of account.Meaning of Ledgers
Ledgers are principal books of account used to record the weekly and monthly transactions from the journal entries. It is therefore called a book of second or secondary entry because transactions are transferred from the journal entries to it.Classes of Ledger
The following are the classes of ledger we have:You are viewing an excerpt of this lesson. Subscribing to the subject will give you access to the following:
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