Ledger – What is the meaning of Ledger, Format of Ledger

It is known as principal books of account in which account-wise balance of each account is identified.

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What is the significance of Ledger

The journal is the primary book of accounting system. It consists of various accounts where transactions connecting to that account are recorded. A ledger is the collection of all the accounts, debited or credited, in the journal proper and numerous unique journal. A ledger may be in the type of bound register, or cards, or different sheets may be kept in a loose leaf binder. In the journal, each account is opened ideally on separate page or card

The net outcome of all deals in respect of a specific account on a given date can be ascertained just from the journal. The management on a specific date wants to know the quantity due from a certain client or the quantity the company has to pay to a particular provider, such information can be found just in the journal. For easy publishing and location, accounts are opened in the journal in some certain order.

Format of Ledger

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