27. Ledger:
A ledger is an account book in which all the accounts are maintained. It contains all the accounts of a business in a well arranged form. It is a book of final entry, in the sense that all the transactions are finally recorded in the ledger. It is the principal, chief or main book of accounts, in the sense that it is from this book that a businessman can obtain the final information relating to his business.
28. Entry:
Strictly speaking, the term 'entry' refers to the record of a transaction made for the first time. In this sense, an entry means a record in the journal or in any subsidiary book.
However, in practice, the record of a transaction made in any book of account, either in the book of original or first entry (i.e., journal or in any subsidiary book), or in the book of final entry (i.e., ledger) is called an entry.
29. Journal Entry:
An entry in the journal is called a 'journal entry's.
30. Journalising:
Journalising refers to the recording of a transaction in the journal, or passing a journal entry (i.e., making an entry in the journal).
31. Narration:
Narration is a brief explanation to a journal entry, given below the journal entry, within brackets. It indicates the purpose of the journal entry. That is, it explains the reason for debiting one account and crediting another account in the journal entry.
A ledger is an account book in which all the accounts are maintained. It contains all the accounts of a business in a well arranged form. It is a book of final entry, in the sense that all the transactions are finally recorded in the ledger. It is the principal, chief or main book of accounts, in the sense that it is from this book that a businessman can obtain the final information relating to his business.
28. Entry:
Strictly speaking, the term 'entry' refers to the record of a transaction made for the first time. In this sense, an entry means a record in the journal or in any subsidiary book.
However, in practice, the record of a transaction made in any book of account, either in the book of original or first entry (i.e., journal or in any subsidiary book), or in the book of final entry (i.e., ledger) is called an entry.
29. Journal Entry:
An entry in the journal is called a 'journal entry's.
30. Journalising:
Journalising refers to the recording of a transaction in the journal, or passing a journal entry (i.e., making an entry in the journal).
31. Narration:
Narration is a brief explanation to a journal entry, given below the journal entry, within brackets. It indicates the purpose of the journal entry. That is, it explains the reason for debiting one account and crediting another account in the journal entry.
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