Livestock Economics, Marketing and Business Management

LEDGER

• Ledger is a book, which contains various accounts.
• In other words, Ledger is a set of accounts. It contains all accounts of the business enterprise whether Real, nominal or Personal.
• It may be kept in two forms
  • Bound Ledger
  • Loose leaf Ledger
• The term posting means transferring the debit and credit items from the journal to their respective accounts in the Ledger.
• Book keeping is mainly concerned with recording of financial data relating to business operations in a significant and orderly manner.
• A bookkeeper may be responsible for keeping all records of a business or only of a minor segment, such as a position of Customers’ accounts in a departmental store.
• A substantial portion of bookkeepers work is of a clerical nature and is increasingly being accomplished through the use of mechanical and electronic devices.