Journals, Ledgers, and Cash Books

The totals of each column should agree

All errors would be highlighted by the trail balance

It provides a useful check on the accuracy of the ledger accounts

Preparation of the final accounts is speeded up

Capital

Insurance

Sales

Machinery

Standing order

Cheque endorsement

Credit transfer

Direct debit

Credit note

Purchase

Imprest system

Prudence

Journal

Cash book

Ledger

Trial balance

Two times a year

Once a year

Frequently during the accounting period

At the end of an accounting period

Going concern

Contra entry

Imprest system

Prudence

Credit balance

Nil balance

Debit balance

Pass balance

Ledger

Statement

Journal

Cash book

One

Two

Three

Infinite