The ledger is a book which contains a condensed and classified record of all the pecuniary transactions of the business generally brought, transferred or posted from the books of original entry.Ledger is called the king of all books of accounts because all entries from the books of original entry must be posted to the various accounts in the ledger. It should be noted that journal contains a chronological record while ledger contains a classified record of all transactions.
Consignment Accounting problems and exercises: Learning Objectives: Prepare journal entries, consignment account and consignee account in the books of consignor. Prepare journal entries and consignor account in the books of consignee. Problem 1 (Journal Entries and Ledger Accounts): Riaz Sugar Factory of Multan, consigned
Example of Ledger and Preparing Ledger Accounts: Learning Objectives: How are ledger accounts prepared? Journalise the following transactions and post them to the ledger accounts concerned: 1991 Jan. 1 Purchased goods for cash 2,000 Jan. 3 Sold goods to Karim 500 Jan. 10 Received