Required Ledgers in Financial System
In the financial Systems the Required ledgers are as:
- The General Ledger
- Debtors Ledger
- Creditors Ledger
In the cost book-maintaining system, the desired ledgers are as:
a) General Ledger Adjustment Account: It is occasionally called the cost ledger account. The entire item extracted from the financial account is recorded in this account. The balance in this account represents the net of all the balances of the impersonal accounts extracted from the financial books. It finishes the double entry in the cost accounts.
b) Stores Ledger Control Account: This account illustrates all the transaction of materials as an example of, issuance, purchases of materials, and returns to suppliers. The balance of such account represents in entirety the detailed balance of the stores account.
c) Work in Progress Ledger Control Account: this shows the entire work in progress at any particular time.
d) Finished Goods Ledger Control Account: these receipts from production and transfer to distribution department are entered in this account and the balance of this account illustrates the total value of finished goods in stock.
e) Production Overheads Control Account
f) Distribution and Selling Overheads Control Accounts.
g) Wages Control Account
h) Administrative Overheads Control Accounts.