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Defining Ledger, Accounts Book, Accounting Assignment Help
Accounting Assignment Help
>> Ledger, Accounts Book, Accounting Assignment Help
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The book in which accounts are maintained is called ledger. An accountant must have clear ledger basics. The problems faced in maintaining ledger are sometimes making trouble students and they need quick help to solve ledger entry based problems.
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The book in which accounts are maintained is called ledger. One account is opened on each page of this book, but transaction is relating to a particular account are numerous .It may or may not extend to more than one page. All the transactions are recorded chronologically. From journal every transaction is posted in at least two accounts, debit side or on credit side.
This process of transforming information….. Debit and credits…. From journal to the ledger is called posting. The goal of all the transaction is the ledger. It is rightly said that the ledger is destination of the entries made in the journal.
Transaction ------------>>journal -------------->>ledger
It has two identical sides’ left hand and right hand.
Debit aspects of all the transactions are recorded on the debit side and credit aspects on the credit side according to the date.
The difference of total of two sides represents the balance.
Balance is drawn at the year end and recorded on the lesser side to make the two sides equal. This is called closing balance.
The closing balance of the previous year will be opening balance of current year.
Generally balance is drawn at the year end and recorded on the lesser side to make the two sides equal. This is called closing balance. The closing balance of the current year will be the opening balance of the next year.
Forms of the ledger accounts
There are two forms of ledger accounts
• Standard form
• Self balancing form
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