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What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
What is the purpose of the general ledger?
what is the purpose of the ledger?
What nicknames does Matilda Ledger go by?
Heath Ledger went by Heathy.
What is heat ledger?
Heath ledger is Joker in Batman.
What is city ledger?
Heath Ledger lived in Perth Australia.
What is the differences between self balancing ledger and sectional balancing ledger?
Below self balancing scheme, change financial records are ready in every ledger but in sectional complementary scheme control the books are set only in General Ledger
What is Self-Balancing system in accounting?
Under the self-balancing system, it is possible to construct a complete trial balance from each ledger, debtors ledger, creditors ledger
What is self balancing ledger?
Self balancing ledgers is system in which two or more ledgers are balanced through making general or nominal ledger.
Is a control account part of the double entry system?
Yes. The balancing entry is passed in the self balancing ledger.For e.g. an increase in debtors due to sales will have the following entry passed- Debtors Ledger Adjustment a/c[In the general ledger] dr. To Sales a/c General Ledger Adjustment a/c[In the Debtors Ledger] dr. To Debtors Ledger Adjustment a/c[In The general Ledger]
System to prepare self balancing form of ledger?
profit and loss
What you meant by Self balancing system?
when separate ledgers are maintained for trade debtors and trade creditors ,the debit and credit aspect of certain transactions will note appear in the same ledger Eg: in case of credit sales ,the credit aspect (Sales account) will appear in general ledger whereas the debit aspect (personal account of debtor)will appear in debtors ledger .Take another Eg.like cash discount allowed by a creditor .The credit aspect (personal account of the creditor )will appear in creditors ledger .Thus no ledger is self balancing and it is not possible to prepare a separate trial balance for each ledger .Hence in ,in order to make each ledger self -balancing it is necessary that the corresponding debit and credit aspects are fully "adjustment accounts " in each ledger . the adjustment account helps in completing the double entry in each ledger and making it self balancing . The adjustment account opens in various ledgers are; 1 ) general ledger adjustment account(in debtors ledger) 2 ) general ledger adjustment account(in creditors ledger) 3 ) debtors ledger adjustment account (in general ledger) 4 ) creditors ledger adjustment account (in general ledger)
What are the key rules of ledger posting and balancing accounts?
it is based on dual aspects of accounting
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
What is the Difference between cash book and ledger?
Day book is the book which we use to record day today record,but Ledger is a book in which we keep classified data
Why a cashbook is called Journalised ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
The general ledger is a book of?
accounts
What is the book of final entry?
ledger
