Ledger Posting is one of the very important parts of the accounting system. It is a mandatory action in all kinds of business big or small. So learning how to get Ledger Posting from Purchases Book Homework Answers is a must for students pursuing finance in their higher studies. The complicated nature of the subject often leads students to believe that it is impossible to understand the topic and they often tend to skip the topic. This results in poor grades and failure in submitting homework assignments or class assignments. Student must keep in mind that where there is a will there is always a way. Here I am going to discuss a few topics on ledger posting and how to can get help from online Ledger Posting from Purchases Book Homework Answers.
What is meant by Ledger Posting?
Transactions of the same type when assembled in a book form a ledger. The transaction usually pertains to people, or assets, liabilities or sometimes the expenditures. These are assembled after being extracted from the respective journals. In these journals the transactions are usually chronologically ordered. These records are posted on the basis of accounts in the ledger account. All types of accounts are maintained in a ledger. The ledger may maintain a personal account, or a real account and even nominal accounts. The first step in making a ledger is to first create the journals or subsidiary books for any transaction that takes place. From these books, the records are transferred to the ledger. This phenomenon of shifting the records from those journals to the ledger is known as Ledger Posting.
What are the purposes of maintaining a ledger posting?
The main purpose of maintain a ledger is to assemble all the accounts record. Sometimes all the records of all suppliers and customers cannot be recorded into the main ledger. In that case control ledgers are maintained. That is, apart from the main ledger another different kind of ledger is maintained to accommodate the entire sum of records. This second kind of ledger usually holds the record of the individual accounts. These records when added up gives the balance obtained from the general method. If the sum of balances of all control ledgers does not match with the balance of the main ledger then there must be some mistake which is identified and hence handled appropriately. The main utilities of maintain the ledger are to deal with the sundry debtors and creditors as well as the staff advances and other expenses.
What is meant by balancing of ledger account?
All the accounts need to be balanced in order to deal with all the transactions in businesses that are recorded. What balancing actually stands for is the process of checking whether the sum of all credit balances match with the sum of all debit balances. Once these two matches, the account may be regarded as fully balanced. Several steps are involved in this process which includes first comparing the balance of the two sides. If the balances do not match, the side with the higher balance is found out and the excess balance is written on the other side by writing “By Balance c / f d”. Once this is written it is made sure that combining the written balance, the balances are adjusted on both sides, and that is, the sum matches on the both sides.
What is the meaning of ledger posting from purchase book?
Once you have an idea about ledger posting, you may move on to gain some idea about Ledger Posting from Purchase Book Homework Answers. A purchase book is a subsidiary book or journal that stores only the records of the purchase credits. That is whatever purchasing of goods is done by any organization gets stored in the purchase book for further formalities. When goods are purchased in credit, the records must be stored in the purchase book and hence transferred to the ledger account. Cash purchases and credit purchases are different and hence the need for a purchase book is important as both credit and debit needs to maintained as well as balanced. The purchase book usually contains names of both the parties that are involved in purchasing, that is the seller as well as the buyer. The process of posting from the purchase book is called the ledger posting from purchase book.
How can Ledger Posting from Purchases Book Homework Answers help?
Since the concept of ledger posting is not very simple students studying the subject may find it difficult to solve Ledger Posting from Purchases Book Homework Answers. There might be several reasons behind it. The main reason behind students being unable to solve questions and problems related to ledger posting may be the basic understanding of the subject. Because of their tight daily routine students are bound to skip one or two lectures. This hampers not only their grades but also their ability to complete homework assignments as they are absolutely clueless about some of the topics covered in their school or university lectures. Then there is always the factor of time which is very hard to obtain because of all the non-academic and physical activities they take part in. Schools and universities often do not take these into consideration and pressurize students with heavy loads of homework assignments.
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