Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C9 Ledger-Posting2 Marks
Question
Give the detailed information regarding different forms (types) of ledger.
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Answer
In which form a ledger book is to be maintained depends upon trader's requirements, capacityto afford the same and business facilities. In the practical life, following three types of ledger are widelyknown and useful.
$(1)$ Bound book ledger
$(2)$ Loose leaves ledger
$(3)$ Card ledger.
$(1)$ Bound Book Ledger : Generally most of the traders, specifically small traders, prefer thistype of ledger. Here for every account, a seperate page is to be kept. In the beginning of this type ofledger, index is given and thereafter each page is serially numbered. So that to find an account, will beeasier task. Overall this type of ledger is less expensive and easy from the view point of presentation.Main limitation or disadvantage of this type of ledger is that, as and when it is required new pages can'tbe added or unused / obsolete pages can't be tear off beacuse it is a book in bound form.
$(2)$ Loose Leaves Ledger : Generally, this type of ledger is in a filed form in between two thickpaper covers or in between two metal sheets.) The structure is connected with a special type of lock.Here each page is serially numbered. As this type of ledger has lock system, it ensures facility of safety.And trader can increase or decrease the number of pages according to his requirements. Generally,banks, insurance companies and other large scale companies keep like this ledger.
$(3)$ Card Ledger : This form of ledger is a safe form with convenience. Here for each accountinstead of a page, a card is used. All these card are arranged with a steel bar. All the cards are presentedin a special wooden or steel cabinet. Over all this type of ledger is more expensive. Here businessmancan increased or decreased number of cards as per requirements. Here, for index seperate cards arerequired to be arranged.
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