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Financial Accounting by R. Lalitha, V. Rajasekaran

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Chapter 4b

Accounting Process – Ledger

LEARNING OBJECTIVES

At the end of the chapter, you would be able to understand

  1. Meaning of “Ledger”

  2. Standard Form of Ledger and Its Contents

  3. Meaning of “Posting”

  4. The Procedure (Steps Involved) of Posting

  5. Differences between “Journal” and “Ledger”

  6. How to Post an “Opening Entry”

  7. How to “Balance” an Account and Steps Involved in the Procedure for “Balancing”

OBJECTIVE 1: MEANING OF “LEDGER”

In the Journal, each transaction was dealt separately. They do not provide complete information at a glance. The net result of transactions relating to a particular account to be collected at one place, a separate book is to be maintained. This is the book, which we call “ledger.”

A ledger is a book, which contains ...

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