Question

How do you prepare ledger entries?

Answer 1

• The amount written in the journal entry must be entered in both the amount columns of the ledger account.
• Posting on both sides, debit and credit should have entries, only then is a ledger account complete.
• In the folio column, we have to mention the page number of the journal where the concerned journal entry is recorded. At the same time, the page number of the ledger accounts will be entered in the ledger folio.
• Posting will be done on the debit side of the account which has been debited in the journal book, and the credit side of the account which has been credited in the journal book.
• In the ledger, all the types of accounts relating to assets, liabilities, capital, and revenue are maintained.
• While posting on the debit side of an account, in the particulars column we should write the name of the account which had been credited in the journal and add the word ‘To’ before the name.
• The date of the transaction has to be put in the date column. The method of recording the date in the ledger is the same as in a journal.

Also see:

• MCQs on Ledger
• Ledger in Accounting
• What Is General Ledger?