Question

what is the format of ledgers​

Answer 1

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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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Answer 2

Answer:

The process of posting journal entries to ledger accounts is very simple. No new information is needed to prepare ledger accounts. The information that has already been recorded in the journal is just transferred to the relevant ledger accounts in the general ledger.

For the purpose of posting to general ledger, we can divide a journal entry into two parts – a debit part and a credit part. Both the parts essentially contain one or more accounts. The amount of the account (or accounts) in the debit part of the entry is written on the debit side of the respective account and the amount of the account (or accounts) in the credit part of the entry is written on the credit side of the respective account in the general ledger.

To have a better understanding of the posting process and to illustrate the format of ledger accounts, we need to take a transaction, prepare a journal entry and then transfer it to the relevant ledger accounts.

Explanation:

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