Get to Know the Purpose of Subsidiary Ledgers with myhomeworkhelp.com
Accounting is a difficult subject no doubt, but what are even more difficult are the topics it comprises of. Accounting comprises of the understanding of various ledgers which are necessary for the proper functioning of an organisation. A subsidiary ledger is one such topic whose thorough knowledge is absolutely necessary to have a career in accounts. With subsidiary ledgers homework help, you can strengthen your foundation by gaining knowledge about this particular topic.
What are subsidiary ledgers?
A subsidiary ledger records all financial transactions that support the general ledger. Often referred to as the control account, they are usually used in organisations which deal with high transaction volumes. Subsidiary ledgers assignment help can better explain the concept. Some examples of subsidiary ledgers are:
- Purchases ledger
- Inventory Ledger
- Accounts payable: records the transaction of individual creditors.
- Accounts receivable subsidiary ledger: records the transaction of individual customers.
- Fixed asset subsidiary ledger,which records the transaction of individual fixed assets.
What is the purpose of subsidiary ledgers?
The purpose of subsidiary ledgers can be better understood with subsidiary ledgers assignment help. Its purpose is stated as below:
- As a control account, its purpose is to report the total amount and the activities of the account receivables.
- To control the financial information more ably.
- Restricts access to other accounts in the general ledger, especially to outside eyes
Advantages of subsidiary ledgers
Subsidiary ledger significantly benefits the organisation. It helps the organisation retain all the financial information in proper order. With subsidiary ledgers homework help, you can learn about the various advantages that it provides. They are:
- The balance of the accounts remains updated as transactions related to a customer are recorded in a timely fashion.
- Helps to detect any anomaly in the ledger as control accounts use limited accounts to keep the ledger and can figure out any error or fraudulent behaviour.
- It helps to easily move the ledger books as it is divided into small parts.
- The number of personal accounts is limited to the trial balance from the general ledger as the controlling account keeps the general ledger from expanding too much.
- Subsidiary ledgers improve efficiency and minimise the occurrence of any errors as one person is responsible for maintaining and recording any transactions related to it.
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