Question

Which is the book which is maintained by the businessman for keeping individual records of persons, properties, expenses,incomes etc ?

Answer 1

All the accounts identified on the basis of transactions recorded in different journals/books such as Cash book, Purchase book, Sales book etc. will be opened and maintained in a separate book called Ledger. So a ledger is a book of account; in which all types of accounts relating to assets, liabilities, capital, expenses and revenues are maintained. It is a complete set of accounts of a business enterprise.

Thus, from the various journals/books of a business enterprise, all transactions recorded throughout the accounting year are placed in relevant accounts in the ledger through the process of posting of transactions in the ledger, Thus, posting is the process of transfer of entries from Journal/Special Journal Books to ledger.