Question

State the features of a ledger?

Answer 1

The features of the ledger are:
(i) Ledger is prepared from a journal.
(ii) The trial balance is prepared from ledger accounts.
(iii) Financial statements i.e., trading, profit and loss account, and a balance sheet are also prepared from a ledger account.
(iv) Ledger is the master record of al the transactions of a business firm.