Definition
A journal, also known as a book of original entry, is a chronological record of financial transactions in order of occurrence. Each entry in the journal includes the date, accounts affected, and a brief description of the transaction. Journals serve as the first step in the accounting cycle and provide a complete audit trail of a company's financial activities, facilitating the preparation of financial statements and analysis of business performance.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.