Topic Content:
- Definition of Ledger
- Classification of Ledger Accounts
- Personal Ledger
- Impersonal Ledger
- Items on the Ledger
- Common Abbreviations used in the Ledger
What is a Ledger?
The ledger is the main book of accounts used for recording all accounting transactions. In the ledger, financial transactions are posted using the double-entry system.
Division of Ledger:
Ledger Classification:
Personal Ledger:
The personal ledger is used for recording accounts with names of individuals, firms, or organizations who may either be customers or suppliers. An example of a personal ledger is a capital account, which is an account where the entrepreneur’s investment in the business is recorded.
Impersonal ledgers:
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