its a ledger which contains a personal account for every debtor who owes some money to a business
its a ledger which contains a personal account for every debtor who owes some money to a business
in the ledger all debtors on 1!
A Debtor is a Custor in Tally , to whom we sell goods on credit and amount due at the time of sell. We open a ledger of the customer under sundry debtors.
SUNDRY - Miscellaneous small or infrequent customers that are not assigned individual ledger accounts but are classified as a group.SUNDRY CREDITORS - refers to companies or individuals to which money is owed.SUNDRY DEBTOR - is an entity from who amounts are due for goods sold or services rendered or in respect of contractual obligations. Also termed: debtor, trade debtor, and account receivable.
This is important as this is part of the ledger which shows what is owing or owed at any given point in time. For example Debtors; all receipts from Debtors are posted into the subsidiary ledger (individual debtor accounts). Therefore, this ledger would show what is truly outstanding at any given day hence the need for daily posts..
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)
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary 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 in incoming ledger
Another name for the General Ledger is Nominal Ledger.
AP Ledger requires a subsidiary ledger to help keep the clutter down in the general ledger. The standard ledger can often fill up with a large amount of activity, making it difficult to handle.
Ledger lines can be used to extend the staff.