Because ledger has records of all books. No other books keeps so much details in itself. Ledger alone is sufficient to provide actual status of a business. Therefore, Ledger is king of all books. Moreover, all other books function for Ledger like Ministers of a King.
Ledger
c. General Ledger
Income summary
Income summary
The final destination of all entries made in the journal is the ledger as they are all subsequently transferred to it. The ledger is the most important book under the double-entry system. Ledger is a permanent book of record, which contains all accounts relating to the financial transactions of a business. Therefore, it is also called the book of accounts. An account contained in the ledger book is called ledger account. A ledger account is a statement shaped liked an English alphabet 'T' that systematically contains all financial transactions relating to either a particular person or thing for a certain period of time. Ledger account provides financial information such as how much a particular person owes to or from the business, what is the value of particular asset the business possesses at a point in time, or what is the amount of particular head of expense or income business has incurred or earned during a particular period. , The ledger book, therefore, contains the details of all classified information of financial transactions of the business. It is also called the principal or main book of accounts. It collects records and provides the financial information of the business in a classified manner so as to ascertain the profit and loss and financial position of the business at a certain point of time.
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
General ledger is the book of final entry of all business transactions of a company. Primarily, any end balance from the said ledger of all accounts used by a particular business enterprise is the...The all important books in the financial transaction is known as ledger.A general ledger is a summary of all transactions that occur in a company (this is not entirely accurate, the general ledger shows you the balances and debits and credits to each specific account but..
Ledger
General ledger is the book of final entry of all business transactions of a company. Primarily, any end balance from the said ledger of all accounts used by a particular business enterprise is the...The all important books in the financial transaction is known as ledger.A general ledger is a summary of all transactions that occur in a company (this is not entirely accurate, the general ledger shows you the balances and debits and credits to each specific account but..
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
general ledger
Spring is called the king of all season
c. General Ledger
Income summary
Income summary
general ledger, general journal, special ledger, special journal, column balance ledger.
The final destination of all entries made in the journal is the ledger as they are all subsequently transferred to it. The ledger is the most important book under the double-entry system. Ledger is a permanent book of record, which contains all accounts relating to the financial transactions of a business. Therefore, it is also called the book of accounts. An account contained in the ledger book is called ledger account. A ledger account is a statement shaped liked an English alphabet 'T' that systematically contains all financial transactions relating to either a particular person or thing for a certain period of time. Ledger account provides financial information such as how much a particular person owes to or from the business, what is the value of particular asset the business possesses at a point in time, or what is the amount of particular head of expense or income business has incurred or earned during a particular period. , The ledger book, therefore, contains the details of all classified information of financial transactions of the business. It is also called the principal or main book of accounts. It collects records and provides the financial information of the business in a classified manner so as to ascertain the profit and loss and financial position of the business at a certain point of time.