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    Books of Accounts. General Ledgers

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    I am Mystine
    Here are the main types of special journals: - Sales journal - Purchases journal - Cash receipts journal - Cash payments journal - General journal The sales journal records all credit sales transactions. The purchases journal records all credit purchases. The cash receipts journal records all cash and checks received. The cash payments journal records all cash and checks paid out. The general journal is used for transactions that don't fit in the other journals.

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    Books of Accounts. General Ledgers

    Uploaded by

    I am Mystine
    25 views8 pages
    Here are the main types of special journals: - Sales journal - Purchases journal - Cash receipts journal - Cash payments journal - General journal The sales journal records all credit sales transactions. The purchases journal records all credit purchases. The cash receipts journal records all cash and checks received. The cash payments journal records all cash and checks paid out. The general journal is used for transactions that don't fit in the other journals.

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    Books-of-Accounts.-general-ledgers

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    Here are the main types of special journals: - Sales journal - Purchases journal - Cash receipts journal - Cash payments journal - General journal The sales journal records all credit sales transactions. The purchases journal records all credit purchases. The cash receipts journal records all cash and checks received. The cash payments journal records all cash and checks paid out. The general journal is used for transactions that don't fit in the other journals.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    25 views8 pages

    Books of Accounts. General Ledgers

    Uploaded by

    I am Mystine
    Here are the main types of special journals: - Sales journal - Purchases journal - Cash receipts journal - Cash payments journal - General journal The sales journal records all credit sales transactions. The purchases journal records all credit purchases. The cash receipts journal records all cash and checks received. The cash payments journal records all cash and checks paid out. The general journal is used for transactions that don't fit in the other journals.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 8

    BOOKS OF

    ACCOUNTS
    General
    Ledgers
    GENERAL LEDGERS
    Unlike journals that are arranged chronologically
    (regardless of the accounts), the ledgers are usually
    grouped according to their chart of accounts and
    arranged according to the order on how they appear on
    the financial statements, starting from the assets
    accounts, followed by the liability accounts, and
    finally, the equity accounts including the revenues and
    expenses accounts as shown in the figure.
    CONTINUED…

    Owner's
    Asset Liability
    Equity
    Accounts Accounts
    Accounts
    Property
    Loans Payable Cost Of Goods Sold
    Plant and
    Salaries Payable Sales
    Equipment

    Inventory, Accounts Interest Payable Shayne, Drawing


    Receivable and
    Cash Accounts Payable Shayne, Capital
    PARTS OF GENERAL LEDGER

    Account title. The general ledger contains all of the company’s


    accounts and its balances.
    Ledger Account Reference Number. With reference to the
    company’s chart of accounts, each of the Account titles corresponds
    to reference number.
    Date. The date of the transaction is also entered in reference to the
    journal.
    Explanation. A brief description of the business transaction is
    defined.
    CONTINUED…

    Reference. This column displays the journal page number


    from which the transaction was posted.
    Debit. Amounts debited to the account are inputted.
    Credit. Amounts credited to the account are inputted.
    Balance. Was distinguished a ledger from the journal is
    the running
    Type of Ledger Collect information from

    The general ledger accumulates information from journals.


    Each month all journals are totalled and posted to the General
    General Ledger Ledger. The purpose of the General Ledger is therefore to
    organise and summarise the individual transactions listed in all
    the journals.

    The Debtors Ledger accumulates information from the sales


    journal. The purpose of the Debtors Ledger is to provide
    Debtors Ledger
    knowledge about which customers owe money to the business,
    and how much. More information on Debtors Ledger

    The Creditors Ledger accumulates information from the


    purchases journal. The purpose of the Creditors Ledger is to
    Creditors Ledger
    provide knowledge about which suppliers the business owes
    money, and how much.
    LEDGER
    Collection of an entire group of similar accounts in double-entry
    bookkeeping. Also called book of final entry, a ledger records
    classified and summarized financial information from journals (the
    'books of first entry') as debits and credits, and shows their current
    balances. In manual accounting systems, a ledger is usually a
    loose leaf binder with a separate page for each ledger account. In
    computerized systems, it consists of interlinked digital files, but
    follows the same accounting principles as the manual system.
    ASSIGNMENT
    List all special
    journals

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