explaintion of ledger format
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Explanation:
The ledger has the following main characteristics: It has two identical sides - left hand side (debit side) and right hand side (credit side). Debit aspect of all the transactions are recorded on the debit side and credit aspects of all the transactions are recorded on credit side according to date.
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The ledger account is prepared in T format. It is divided into two parts. Left side is debit side and right side is credit side. ... The name or title of the account is placed at the top middle and the details are entered in the ledger.
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