wat is ledger posting
- 2 Answers
- 4747 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / sanmilan
Like Newtons Law, 'For Every action, there is an equal and
opposite reaction', For any Accounting Transaction you do
there are always 2 Effects. For E.g; When you buy something
you pay something, IF you don't pay right away, your
liability to pay the amount at future date arises. If you
sell something you get the compensation/price or a
commitment to get paid on a future Date. So Ledger Posting
is Posting of these 2 aspects, which we describe as 'Debit'
& 'Credit' to appropriate accounts.
In other words, segregating the aspects of Debit & Credit of
each Transactions to respective Ledger Heads based on the
Nature of Accounts(real,Nominal&Personal) according to the
Golden Rule of Accounts which are as below;
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER
Thanks
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / navjeet singh
first the journals are prepared. the posting of journal entries into the ledger is called ledger posting. journals are prepared by debiting and crediting . Eg. we debit cash when we receive it from financer. and we credit the financer. reason .
because cash is a real account . real accounts means it deals with assets side. when we receive cash we debit it as the rule for real account is debit what comes in credit what goes out.
We prepare multiple ledgers not just one ledger.All the ledgers collectively is called general ledger. like cash A/c ledger. Purchase A/C ledger. office expenses A/c Ledger. eg. under office expenses we collect all journal entries pretaining to office expenses during the last accounting year and post them into office expense ledger.
| Is This Answer Correct ? | 3 Yes | 3 No |
Accounting golden rules?
when we debit any party in our account?
Financial Management What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hands to meet its obligation at all times?
Do you know what is the importance of team work in this position?
Which forms in use in service Tax, Excise duty and Vat for the return.
0 Answers ME, Signac International,
what is a grn in terms of accounting ? what is a grnthroughpo in terms of purchase order? what is a direct grn?
Please explain ASAP?
Mr.x gets Rs66000P.M .He told that you donot cut any dedution from my salary.This is possiable please tell some useful investment
why is the recocillation done?
2 Answers Global Talent Track,
What is the difference between costing and cost accounting?
which form is used for central sales tax outside purchase and sales and vat
What is the entry for bank guarantee,
7 Answers Karadi Path, Levtech Consulting,
Audit 
