What are ledger entries?

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Solution

A ledger entry is a record made of a business undertaking. The entries can be made under either by the double-entry system or single entry system. It is normally made utilising the double-entry system, where the credit and debit sides of every corresponding account consistently balance.

Also see:

MCQs on Ledger

Ledger in Accounting

What Is General Ledger?

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Similar questions

Q. State whether the following statements are ‘True or False”.

1) Ledger is known as the book of original entry.
2) Narration is not necessary in ledger.
3) All accounts are closed down at the end of the accounting year.
4) Recording of a transaction in Journal is called posting.
5) Balance of personal account is brought down for the next year.
6) All transactions are recorded directly in ledger.
7) Ledger Folio and index is necessary for ledger.
8) Ledger posting is not necessary for Journal Proper.
9) Ledger Folio is recorded in Journal.
10) Ledger posting is made before passing Journal entry.

Q. Pass Journal entries of M/s Bhanu Traders, Delhi from the following transactions. Post them to the Ledger:


2019		₹
April 1	Commenced business with cash	1,50,000
April 2	Opened a bank account with PNB	50,000
April 3	Purchased furniture	20,000
April 7	Bought goods for cash from M/s. Rupa Traders, Delhi	30,000
April 8	Purchased goods from M/s. Hema Traders, Chandigarh	42,000
April 10	Cash sales	30,000
April 14	Sold goods on credit to M/s. Gupta Traders, Kolkata	12,000
April 16	Rent paid	4,000
April 18	Paid Electricity expenses	1,000
April 20	Received cash from Gupta Traders	12,000
April 22	Goods returned to Hema Traders	2,000
April 23	Cash paid to Hema Traders	40,000
April 25	Bought postage stamps	100
April 30	Paid salary to Mohan	4,000

if there are two diffirent entries in journal entries - commision received and commision paid. At the time of ledger prepararation do we prepare one single ledger for commisions or two different ledgers for commision received and commision paid.

Q. write 20 entries on concerned journal entries, ledger accounts, profit loss account and balance sheet.

Q. What is the process of transferring of Journal entry from Journal to Ledger?

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