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Kwago si Angela Santos
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What is difference between Nominal Ledger general ledger?
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
What is a general ledger also known as?
A nominal ledger
Who invented the general ledger?
It is not known who invented the general ledger but use of it can be traced back to Genoa in 1340. General ledgers are used in accounting.
Four main ledgers for bookkeeping in business?
The General Ledger The Account receivable Ledger The Accounts payable Ledger
What are the rules for posting into a general ledger?
The rules of posting into a general ledger are simple. Keep track of expenses in one part of the ledger and keep track of credits in another part.
What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
The principal ledger that contains all the balance sheet and income statement accounts is the general ledger?
general ledger
What is the purpose of the general ledger?
what is the purpose of the ledger?
What are the parts of a ledger sheet?
The ledger is the account sheet.
What is difference between Nominal Ledger general ledger?
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
What is a general ledger also known as?
A nominal ledger
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
Do subsidiary ledger systems need to be reconciled with the general ledger?
yes
What is sub ledger?
A General Ledger is the main ledger & all other ledgers like, Account Receivable, Account Payable Ledgers are all sub ledgers. Previously there used to be only one ledger ie the General Ledger, but as Business grew, the number of accounts too multiplied, so, the General Ledger started getting fatter, therefore the need to bring out accounts of similar nature out of General ledger & create sub-ledgers. However, there is a representative account for the subledgers in the General Ledger, which maintains only the balances of the various accounts in the Sub-Ledgers.So, by doing this the Trial Balance can always be created from the General Ledger only.
Who invented the general ledger?
It is not known who invented the general ledger but use of it can be traced back to Genoa in 1340. General ledgers are used in accounting.
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)
