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Examples of creditors ledger and a creditors journal?
creditors journal
What side of ledger is payment to creditors?
credit
A firm's accounts payable ledger may include accounts for creditors who are not suppliers of merchandise True or False?
fales
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
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.
Examples of creditors ledger and a creditors journal?
creditors journal
What side of ledger is payment to creditors?
credit
What is forward sub ledger?
A forward sub ledger is the opening balance of your subledger. A subledger is known as the individual ledgers WITHIN the general ledger. For example, The debtors SUBLEDGER is also known as the detailed Debtors Trial balance or the Accounts receivable ledger The creditors SUBLEDGER is also known as the detailed Creditors Trial balance or the Accounts payable 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 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)
A firm's accounts payable ledger may include accounts for creditors who are not suppliers of merchandise True or False?
fales
Does an account payable ledger record credits or debits?
Accounts payable is created when goods purchased on credit so it records the credits that is how much amount payable to creditors.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
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 Incoming Ledger?
What is in incoming ledger
What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
Why AP ledger requires a subsidiary 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.
