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Ledger is divided into two,

1. Personal Ledger:

The personal ledger or accounts are accounts kept in the ledger with names of individuals, firms or companies who may be suppliers or customers of the organization. Examples are debtors and creditors.   

Debtors are the people that owe the business organisation. Creditors are the people the organisation owes.

2. Impersonal Ledger/Account:

This is an account where property such as building and machinery are recorded.  It also records revenue and expenses.

There are two types of impersonal accounts as explained below:

i. Real Ledger Account:

This deals with tangible assets which can be touched or seen. Example Cash Account, Stock Account, Building Account, Motor Vehicle, etc.

ii. Nominal Account:

They are accounts that deal with expenses, income and income received, losses and gains etc. Example wages, rent, electricity, insurance etc.


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