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Book-keeping is a part of accountancy. Accounting is concerned with the initial records, ledger accounts, trial balance and also with the preparation of financial statement to ascertain profit or loss of the business. The value of assets and liabilities are also reported. The results of the business are also interpreted in terms of ratios and statements. Book-keeping as an initial and integral part of accounting is restricted to initial records i.e., journal, subsidiary books, ledger and trial balance. Book-keeping is the art of preparing original or initial books of accounts, whereas accounting is concerned with the recording, reporting and interpreting the results of the business. In this way, book-keeping is an essential part of accounting. Both book-keeping and accounting are complementary and supplementary to each other, but even then they are different in the following respects:

Difference between Book-keeping and Accountancy