How Will Myhomeworkhelp.com Help You with Classification of Ledgers?
Ledger is the ultimate accounting book that has the records of every single transaction that has been made, be it credit or debit. It contains every single detail about the transaction including its date and time.
Also, it has the secrets spilled about the purpose of the transaction. Ledger being such an important part of Accounting as a whole is sure to have its further types which are- General Ledger, Debtors Ledger and Creditors Ledger.
Classification of ledger
Ledgers can be classified into the following types:
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The general ledger is that part of the accounting cycle where all the transactions recorded in the Journals are jested and taken down in the ledger where apart from the transaction details consisting of the financial details, other accuracies to be maintained are mentioned. General Ledger therefore can be summed up as the ledger performing the task of organizing the details in the Journals.
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Debtors Ledger is the ledger that provides you valuable information on the Sales Journal. It mainly deals with the recording of debit transactions i.e. recording of transactions where money has been borrowed by Debtors from the company concerned.
Creditors Ledger is the ledger that provides you valuable information on the Purchases Journal. It mainly deals with the recording of Credit transactions i.e. the recording of transactions where money has been lent by Creditors to whom the company owes money.
Classification of ledgers is a portion which involves a lot of homework and assignments and Classification of ledger homework help can be found here.
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