Answer / pradnya

A ledger is a book or computer file used to input accounting
records. It usually lists the debits and credits associated
with the entity for which the transactions are being
recorded. Ledgers were traditionally on paper and often
entered in bound books. With the start of the computer age,
electronic versions became more common.

Answer / sreedhaam

A general ledger account is an account of main ledger it’s
a group of sub ledgers, balance sheet and income statement
build with general ledger transactions. Examples of general
ledger accounts include the asset accounts such as Cash,
Accounts Receivable, Inventory, Investments, Land, and
Equipment. Examples of the general ledger liability
accounts include Notes Payable, Accounts Payable, Accrued
Expenses Payable, and Customer Deposits. Examples of income
statement accounts found in the general ledger include
Sales, Service Fee Revenues, Salaries Expense, Rent
Expense, Advertising Expense, Interest Expense, and Loss on
Disposal of Assets.

Answer / sadiq ahmed

Also commonly referred to as an accounting ledger, a
general ledger is a primary accounting record used by a
business to keep track of all the financial transactions
the company makes. All financial transactions, debits and
credits, are recorded, or "posted," in the general ledger,
regardless of whether or not they also post to a subsidiary
ledger (sub-ledger), such as accounts receivable or cash.

Answer / swatikarnwal

General Ledger is balance sheet prepared by every finance department which maintains all debit & credit transactions on a daily, weekly monthly & yearly basis.

42. G.Simkins sends back stock to J.J. Fabrics (a supplier), having originally purchased it on Credit. J.J. fabrics issued a Credit note for the value of these goods. In simkins’ books, the double entry for this transaction should be. a) Debit : J.J. Fabrics; Credit purchases b) Debit : purchases; credit J.J. Fabrics c) Debit : J.J. Fabrics; credit purchase returns d) Debit: purchases returns; credit J.J Fabrics.

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