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Learning Objectives:

  1. Define and explain the term ledger.

  2. What are the main advantages of ledger?

  3. What is the difference between ledger and journal?

  4. Explain the method of posting.

  5. What are the different methods of preparing a trial balance? Why a trial balance is prepared?

  6. Prepare a trial balance.

Definition and Explanation of Ledger:

When all the transactions of a given period have been journalised, the next thing is to classify them according to the accounts affected. All similar transactions must be brought together. Click here to read full article.

Advantages of Ledger

Difference Between Ledger and Journal:

The journal and the ledger are the most important books of the double entry system of accounting Click here to read full article.

Form of Ledger and Method of Posting:

One account usually occupies one page in the ledger. But if the account is big one it may extend to two or more pages. The pages of the ledger are vertically divided into two equal halves. The left hand half or side is known as the debit (Dr.) side and the right hand half is the credit (Cr.) side. Abbreviations "Dr." and "Cr." are put on the top left and right hand corners. Click here to read full article.

Example of Ledger Accounts | Preparing Ledger Accounts

Preparing a Trial Balance | Accuracy of Ledger:

Having posted all the transactions into the ledger, it is necessary to check the correctness of the work done before proceeding further. In order to test the arithmetical accuracy of our ledger we should prepare a statement called trial balance. Click here to read full article.


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