Meaning of journal :

journal can be define as process whereby The initial occurrence of financial transactions is recorded in one place.

1. General Journal: Accounts for each and every kind of financial transaction as they happen.


2. Sales Journal: Records each and every sale transacted on credit.


3. Purchases Journal: Accounts for all type of purchase made on credit.


4. Cash Receipts Journal: Documents incoming cash flow.


5. Cash Payments Journal: Records any out going cash flow.

1. Paper Ledger: A hand written book where transactions are written down


2. Computerized Ledger: Electronic accounts kept with software specifically made for bookkeeping


3. Specialized Ledger: Documents created for certain operations e.g sale or purchase ledgers with fixed columns