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Accounting: Ledger books
- Course
- Accounting
- Institution
- 11th Grade
notes on ledger books in accounting.
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LEDGER BOOKS- There are 4 ledger books:
➢ Purchases ledger
➢ Sales ledger
➢ General ledger
➢ Cash book
Duality Principle
- Every transaction has two aspects, leading to making of two entries (in two
different accounts) for each transaction.
- One entry will be a debit entry, and the other a credit entry.
RULES OF DEBIT AND CREDIT
ASSETS CAPITAL LIABILITIES
Coming in Going out Coming in Going out Coming in Going out
Debit (+) Credit (-) Credit (-) Debit (+) Credit (-) Debit (+)
PURCHASES SALES EXPENSES
Made Returned Made Returned Incurred Prepaid
Debit (+) Credit (-) Credit (-) Debit (+) Debit (+) Credit (-)
Purchases ledger
- The purchases ledger holds information about the trade payables.
PURCHASES LEDGER
Dr Hodder books account Cr
Apr 15 Purchases 5 000 April 8 Purchases 15 000
returns
30 Bank 30 000 19 Purchases 20 000
Dr Collins books account Cr
Apr 27 Purchases 3 000 April 12 Purchases 40 000
returns
30 Bank 37 000
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