Ledger accounts balancing procedure
After  Ledger Posting is completed,the various accounts are balanced,in order to know the exact position of a particular kind of transaction. For example, To know total money spend on travelling, knowing the balance of ‘travelling account‘ is suffice. After arriving the balance of a particular period it can be arranged in the trail balance for… (0 comment)
Relation between journal and ledger
As per Accounting definition, Accounting is the art of recording,classifying and summarizing of business events in terms of money. The primary function of accounting is the recording of business transactions. The Most important part of accounting is the recording which involves journal and ledger. Journal and ledger are the two books of records. Transactions are initially… (0 comment)
What is subsidiary ledgers?
In order to avoid details from the General ledger we create subsidiary ledgers. The combined account balance of a subsidiary ledgers brought in a single account of general ledger called control account or master account. Example of Subsidiary Ledger An examples of subsidiary ledger is Debtors subsidiary ledger or Accounts receivable subsidiary ledger. The total of… (0 comment)
What is a General Ledger?
General Ledger is a Group of accounts that are stored in a book or in electronics means containing all the transactions related to a business.A General ledger contains information that are required for the preparation of final accounts. All account of a business brought together for easy management of accounting is called general ledger.The term GL… (0 comment)
Posting of Transactions In to Ledger
What Is a Ledger & Why Ledger ? In previous Lesson we have learned how the transactions are recorded in Journal.But there may be several transactions relating to one particular expenses, income. In a journal these transactions are appear in different pages . Suppose your Boss asking you, what is the total travelling expenses for… (4 comments)
What is a ledger ?Types of Ledgers
What is a Ledger? A group of Account is known as a ledger.After the transactions have been recorded in the journal the accounts are prepared in this book.The Ledger is,therefore, a derived or secondary record.Its source of information is the book of original entry, that is journal. The ledger is considered to be the principal… (0 comment)
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