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Ledger — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountLedger3 Marks
Question
What is a Ledger?
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Answer

Transactions are recorded in the Journal and thereafter, they are posted to the relevant account in the ledger. All the accounts put together make a Ledger. Stating differently, Ledger is a book in which various accounts (Asset Accounts, Liability Accounts, Capital Accounts, Revenue Accounts and Expense Accounts) are opened and transactions are posted from the Journal Book. A ledger is also called the book of final entry, since all transactions recorded in Books of Original Entry (i.e., Journal) are transferred (posted) in the ledger.

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