General Ledger Entries
The general ledger, (nominal ledger- called sometimes), is the main accounting record of a business which uses double entry bookkeeping services. It includes accounts for such items as:
- Current Assets
- Current Liability
- Owner's equity
- Expense items
The ledger is a collection of the group of accounts that supports the items shown in major financial statements. It is made based on general journal entry and its recorded transactions as if:
This show, which accounts the journal entries, be taken on ledger with date
The General Ledger can be supported by one or more subsidiary ledgers. It is only for accounts detail. An account receivable subsidiary ledger would contain a separate account for each credit customer. This separate account is an example of subsidiary ledgers that tracks the customer’s balance separately. To ensure accuracy as a part of the process of preparing a trial balance, this subsidiary ledger is totaled and compared with controlling account.
The General Ledger has balance sheet and income statements consists of one or more pages. Posting of accounts occur in general ledger. Posting is the process of entering or recording amount as credit side (right side) and amount as debit side (left side) in general ledger pages. Moreover, additional columns are provided to the right hold a running activity total.
“Chart of Account” is the list of account names and the extraction of account balances is called “Trial Balance.” The main purpose of trial balance is to provide preliminary stage of financial statement preparation for balanced accounts. General Ledger should include:
- Balanced Account or Total Amount
Each bookkeeping entry should be equal to debit side and credit side in total amount. This can be ensured through double entry bookkeeping system, while maintaining balance and accounting equation management.
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