Question

where is the statement form of ledger account is used in actual practice​

Answer 1

The statement form of ledger account is used in an actual practice in the Trial Balance.

• ​A general ledger account is an account or record that is used to coordinate, store and summarize the transactions of a company. Both reports are structured with the balance sheet accounts appearing first followed by the income statement accounts in the general ledger.
• A trial balance is prepared in a separate sheet of prescribed form reporting debit ledger balance, debit column and credit ledger balances in the column of credit money at the end of a specific accounting period. The total columns of a trial balance of debit and credit money are then determined.

Answer 2

Trial Balance

Explanation:

• Trial balance is the worksheet of bookkeeping, in which the balance of all the ledgers are complied into credit and debit account aggregate that are equal.
• The purpose or motive of producing or making the trial balance is to ensure that the entries in the bookkeeping system of the company are correct mathematically.
• The trial balance is the one worksheet which is prepared from the balances of the ledger accounts. Therefore, the statement form of the ledger account is used in actual practice is trial balance.

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