What is ledger, Accounting Basics

Assignment Help:

 

Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent records of all transactions .The format of ledger is as follows;

Dr.                                                                                                                                                      Cr.                                                                         

 Date

        Particulars         

       Amount

    Date

        Particulars

     Amount

 

To Common stock

 

$20000

 

By purchases

 

$10,000

 

 

 

 

By Balance C/D

 

$10,000

 

Total

 

$20000

 

Total

 

$20,000

This is an example of Cash A/C

 


Related Discussions:- What is ledger

Function and scope of the accounting standards board, Function and scope of...

Function and scope of the Accounting Standards Board: The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up su

Total liabilities, A) During the year, total liabilities enhanced $106,010 ...

A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B)  If total assets e

Liz marett is the chief financial officer, Liz Marett is the chief financia...

Liz Marett is the chief financial officer for Fulton Restaurants. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5

Sales discounts and cash receipts journal, SALES DISCOUNTS AND CASH RECEI...

SALES DISCOUNTS AND CASH RECEIPTS JOURNAL SALES DISCOUNTS Sales discount is recorded as a reduction in sales revenue.  CASH RECEIPTS JOURNAL Source documents: ca

Skills for the long haul, The decision has been made: You [Tracy] have opte...

The decision has been made: You [Tracy] have opted to start your career by joining an international accounting firm. But you can't help wondering if you have the right skills both

Explain the scope of accounting standards, Fundamental of Accounting 1....

Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s

What is the marginal cost and average total cost, Below is a table with tot...

Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10

Financial accounting, It dates from the development of huge scale business ...

It dates from the development of huge scale business and the advent of Joint Stock Company as a form of business that enables the public to participate in giving capital in return

Corporate accounting and accounting for sole proprietorship, Q. Corporate a...

Q. Corporate accounting and accounting for sole proprietorship? Several textbook authors use a sole proprietorship and a partnership form of business ownership to exemplify acc

Example of income statement, Q. Example of Income statement? Income sta...

Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd