Accounting Principle

Format of Ledger A Ledger is a book that includes all the accounts whether individual, real or nominal, which is primary entered in a journal…

Posting Ledger The process of transferring the entries recorded in the journal or subsidiary books to the respective accounts opened in the ledger is called…

Advantages of ledger Ledger is a primary or main book which includes all the accounts in which the transactions recorded in the books of original…

Loose-leaf Ledger In a loose-leaf ledger, appropriate ruled sheets of thick paper are introduced and fixed up with the help of a binder. Whenever necessary…

In the Journal, every transaction is dealt with individually. Therefore, it is not doable to be familiar with at a glance, the net result of…

Opening Entry When a business begins the books for a new year, it has to make what is known as the opening entry in the…

Bad Debts Recovered Some times, it so occurs that the bad debts formerly written off are consequently recovered. In such case, the cash account is…

Bad Debts In business, bad debt is the part of a loan or assortment of loans a lender considers to be uncollectable. When the goods…

Compound Journal Entry When two or further transactions of comparable nature take place on the similar date, such transactions can be entered in the journal…

Bank Transaction In  Bank Transaction, an institution (bank or financial institution) offering definite financial services, such as the security of money, exchange of home into…