LEDGER ENTRIEES

LEDGER ENTRIEES

Ledger is a principal book in which transaction are recorded in a summarize form. It is final destination of all transactions in the subsidiary book.

Dr                                            Format of ledger                                                              Cr

SIMPLE CLASSIFICATION OF LEDGER ACCOUNT

Ledger

Personal                                                                                                            impersonal

Debtors     creditors                                                                                      real              Nominal

1. PERSONAL ACCOUNT: This ledger account record the persons account such as debtors, creditors, capital and bank account
2. IMPERSONAL ACCOUNT: This records non – persons account such as real and norminal account.
3. Real Account: records the assets of the business such as building, motor vehicle, furniture, stock etc.
4. Norminal Account: records the income and expenses of the business such as insurance, transport, salary etc.

Ledger Account is divided into

• Sales ledger / debtors ledger
• Purchases ledger / creditors ledger
• General ledger
• Private ledger

SALES LEDGER/DEBTORS LEDGER: This is used to record account relating to debtors. Debtors are those who owe money that belongs to an organisation.

PURCHASES LEDGER: This records account of creditors. Creditors are people to whom money is owned or person from whom goods have been bought.

GENERAL LEDGER: This takes care of both real and norminal account

PRIVATE LEDGER: This is ledger where properties confidential accounts are recorded.

See also

BOOK – KEEPING ETHICS

SHOPPING TIPS

CONSUMER RIGHT

APPLIED KEYBOARDING

SPEED DEVELOPMENT IN SHORTHAND

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