Students can go through AP Inter 1st Year Accounts Notes 5th Lesson Ledger will help students in revising the entire concepts quickly.
Ledger Class 11 Notes AP Inter 1st Year Accounts 5th Lesson
→ Accounting involves recording, classifying and summarising financial transactions.
→ Recording is done in the journal whereas the classification and posting of recorded transactions are done in the ledger.
→ The ledger is a book of accounts that contains a classified summary of all transactions recorded in journal.
→ The ledger is the main book that contains all accounts to which the transactions recorded in the books of original entry are transferred. It is also called the “Book of Secondary entry” because the transactions are ultimately incorporated into the ledger.
→ The process of transferring the entries recorded in the journal or subsidiary books to the respective accounts opened in the ledger is called posting.
→ The excess of Debit total over the Credit total is called the Debit Balance.
→ The excess of Credit total over the Debit total is called the Credit Balance.