Is journal entry and ledger the same?

In a journal, the entry is recorded sequentially, i.e., as per the happenstance of the transaction. In the ledger, the entry is recorded account wise. The act of recording into the journal is called journaling. The act of recording into the ledger is called posting.

What is relation between journal and ledger?

Relationship between Journal and Ledger: Business transactions are recorded first in Journal and other books of original entry and then from these books they are transferred to Ledger. Journal records transactions in a chronological order while the ledger records the transactions in a classified form.

Is cash book a journal or a ledger?

A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger.

What is Golden Rule in account?

The journal entries are passed on the basis of the Golden Rules of accounting. To apply these rules one must first ascertain the type of account and then apply these rules. Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses Credit all income.

Which book is both journal and ledger?

cash book
A cash book o both a journal as well as a ledger. The cash book is a journal because it records the cash transactions from the source document for the first time and then these are posted in the respective ledger accounts. The cash book is a ledger in the sense that it serves the purpose of a cash account also.

What is Golden Rule in accounting?

The golden rules of accounting also revolve around debits and credits. Take a look at the three main rules of accounting: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.