What is the purpose of balancing the ledger?

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Solution

The main purpose of balancing a ledger account is to know that every debit and credit balance is offset from each other. In a double-entry system, all credit totals must equal all debit totals.

Also see:

MCQs on Ledger

Ledger in Accounting

What Is General Ledger?

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Similar questions

Give one word, term or phrase for the following statement:

1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.

Describe the purpose for the preparation of trial balance.

What is the purpose of a ledger ?

Q. The statement showing balance of all the ledger accounts is known as ______________.

Q. Balance of cash book is posted to the ledger ______________.

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What is the purpose of balancing the ledger?

The main purpose of balancing a ledger account is to know that every debit and credit balance is offset from each other. In a double-entry system, all credit totals must equal all debit totals. Also see: MCQs on Ledger Ledger in Accounting What Is General Ledger?

The main purpose of balancing a ledger account is to know that every debit and credit balance is offset from each other. In a double-entry system, all credit totals must equal all debit totals.

Also see:

MCQs on Ledger

Ledger in Accounting

What Is General Ledger?