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  Ledger Accounts and Trial Balance

Introduction to Ledger Accounts and Trial Balance

General ledger

General Ledger is the last repository of the accounting data and records. In present accounting software or ERP, the general ledger acts like a central repository for accounting data transferred from all sub-ledgers or modules such as fixed assets, cash management, accounts receivable, accounts payable, purchasing and projects. General ledger is the support of any accounting system that holds financial and non-financial data for an organization.

The statement of income and the statement of financial position and comprehensive income are both imitative from the general ledger. Each account in the general ledger contained one or several pages. The general ledger is in which posting to the accounts takes place. Posting is the process of recording amounts like credits, (right side), and amounts like debits, (left side), in the pages of the general ledger. Extra columns to the right hold a running activity total (identical to a chequebook).

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The listing of the account names is termed as the chart of accounts. The removal of account balances is termed a trial balance. The aim of the trial balance is, at a initial stage of the financial statement preparation process, to make sure the equality of the total debits and credits.

The general ledger should involve the date, description and balance or total amount for each and every account. It is generally divided into at least seven major categories. These categories usually involve assets, liabilities, equity of owner, revenue, expenses, gains and losses. The major categories of the general ledger might be further divided into sub ledgers to involve additional details of such type of accounts like accounts receivable, cash, accounts payable, etc.

Since each bookkeeping entry debits one account and credits other account in an equal amount, the double-entry bookkeeping system assists make sure that the general ledger is all the time in balance, So maintaining the accounting equation:

Assets= liabilities + (shareholders or owners equity)

The mathematical structure of the balance sheet is termed as accounting equation. Even though a general ledger come out to be quite simple, in large or complex organizations or organizations with several subsidiaries, the general ledger can raise to be quite large and take various hours or days to audit or balance.

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