Balancing of Ledger Accounts Homework Answers
A ledger is a collection of all the accounts which holds financial as well as non-financial data.Â It contains the information of auditors which is useful for preparing the financial statements. You can also find out the current balance of an account. Finding the current balance would have been difficult without a ledger account. It is because the company maintains the record of transactions throughout the year.
And if you want to know the balance of a particular account, then the accountant will have to go through the sales of all the accounts till date. As it is impossible to do it, the changes of one particular account are readily available in a ledger account. Hence, it is helpful to gather information about an individual account.
In accounting assignments, balancing of ledger accounts homework answers is an important concept to figure out. You need to balance the ledger accounts after the transactions get recorded. It usually happens at the end of the accounting period. You only have to balance the permanent accounts, i.e. liabilities, capital accounts, and assets.Â After that, you can forward it to the balance sheet.
Hence, you need to take care of all these things while balancing. If you want help for balancing of ledger accounts homework answers, you can also use assistance to gain knowledge about the processes. It will eventually help you in your assignment work.
Types of Ledger Account
In business, there are so many transactions to keep in account. For smooth maintenance of the commercial property, you can use ledgers. It requires a lot of handling to keep track of transaction of the whole financial year. For this purpose, there are several types of ledger accounts used, as described below.
- Debtorâ€™s ledger:
These types of ledger accounts keep a record of all credits, sales transactions, records of credit customersâ€™ amount and trader’s sales details in the account. These are also known as sales ledger.
- Creditor’s ledger:
These types of ledger accounts keep a record of all debits, purchase transactions, records of credit suppliersâ€™ amount and trader’s purchase details in the report. These are also known as purchase ledger.
- General ledger:
General ledger accounts accumulate all other transactions except purchases and sales. For example, maintenance expenditures, employee salary details etc.
Steps for balancing Ledger Accounts
Balancing of ledger accounts is necessary as it results from the exact situation of business for a particular period. Only permanent accounts like assets, capital accounts are balanced and carried forward to the balance sheet.
Balancing a ledger account means to differentiate total credits and debits and put it on the shorter side.
You just need to remember some simple steps for balancing of ledger accounts homework answers.
- Total both credit and debit sides.
- Find out the difference in both totals.
- If total debit exceeds total credit, then put the difference in credit side. And that added difference is called as â€˜balance carried forwardâ€™ or â€˜balance carried ‘
- If the total credit exceeds total debit, then put the difference on the debit side. And that added difference is called as â€˜balance brought forward’ or â€˜balance brought ‘
- Mention accounting period, balancing date and starting of next accounting period.
At the financial year end, you must balance the ledger account and close it before next accounting period begins.
How balancing accounts will help you?
Learning how to balance the accounts will undoubtedly assist you with solving your task. However, it is not the only benefit you can get from it.
- Solving the questions will gradually make you expert in the concept. It will increase your interest in addressing other issues and know more about the concept.
- Once you’re good at solving questions, you won’t face any problem while finding answers in the examination. Then, youâ€™ll score good marks.
- Assignments are a way of improving our skills. We learn how to implement the things taught in the class. It helps in the future. Hence, if youâ€™re able to solve it on your own, you can become a good accountant. If you start your own business, it can also help you.
Assistance from the professionals
If youâ€™re having any problem dealing with finding the balancing of ledger accounts homework answers, there are a lot of resources from which you can take help. The easiest way is to look out for the homework help services present online.
With the aid of the internet, you will be able to use the services. There are different sites providing accounting homework answers. These sites can help you solve your homework and even help you to understand the subject better.
The help services are trustworthy as you will be receiving help from the experts. These persons are professionals and have good experience on the subject. You can also get their help in case of the balancing of ledger accounts homework answers.
For getting their help, you have to create an account on their website and submit the assignment. Mention the deadline, and they will revert the assignment with solutions.
The online mentors will also help you understand the concept of ledger accounts. They also provide online sessions. In case, you want to receive an online tutoring session; you can mail them. You just have to set the time and date with them.
When you are working with experts, they are a real help. You can learn a lot of things from them such as the tricks to understand the question and to find the solution, how to get more knowledge about the subjects, how to score high in exams, etc. Hence, if you’re planning to use these services, make sure to get the most out of their support.