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Ledger Account and Account Head

Meaning of Ledger Account and Account Head in Financial Accounting with example. Ledger Account : A ledger Account is a summarized statement of transactions related to a particular Person, Asset/Liability, or Income/Expense for a particular period showing opening and closing balance. A Ledger Account is posted from the Journal Register or Journal Book,commonly in a date wise ascending order. The transaction date of Ledger Account is same as the transaction date of Journal Register. In practical,Accountants omit Recording of Journal Register and post Ledger Account directly from Primary documents like Credit Voucher,Debit Voucher,Purchase Invoice,Sales Invoice,Bank Payment Acknowledgement,Bank deposit slip or Pay-in-slip etc. to avoid more time consumption. Name and Address of the Business Organization is mentioned on the top of the Ledger Account. Below the Name and Address of Organization, Name and Address of other party Ledger Account is mentioned in case of Personal Accounts li...

Journal Entry and Ledger Posting for Printing & Stationery Expenses paid through Bank Account

Printing & Stationery Expenses Ledger Account is popularly used by Accountants for maintaining Books of Account of a Business Organization. Printing & Stationery Expenses include : Purchase of Printing materials such as Printing Paper Writing paper pads Printer Cartridge Refilling ink Document xerox charges etc. for office use. Purchase of office stationery such as Pen Pencil Eraser Files/Folders Thread Tag/File Tag/Binding Lace Stamp pad ink Alpin Box Paper pasting gum etc. for office use. Now let's discuss about Journal Entry and Ledger Posting procedure, when printing and stationery materials are purchased by payment through Bank Account. When Printing and stationery items are purchased by payment through Bank Account, the affected Ledger Accounts are : Printing & Stationery Ledger Account shows Debit effect and, Bank Account shows Credit effect. Journal Entry Ledger Posting In Printing & Stationery Ledger Account. In Bank Account. Example ...

Journal in Financial Accounting

Meaning of Journal in Financial Accounting with Example Journal is a first Accounting Record Book,in which all the transactions of a business organization are recorded in chronological or orderly manner i.e ascending date wise order from the primary Accounting documents like Credit Voucher,Debit Voucher,Purchase Invoice,Sales Invoice,Bank Payment Acknowledgement,Bank Deposit Slip or Pay-in-Slip etc. Due to the first entry of Original transactions in Journal, this is also called the "Book of Original Entry" For recording the Journal Book or Journal Register,one has to follow/understand the below mentioned three topics. Types or Classification of Accounts - For details about types of Account click here Debit and Credit Rule - Click here to know details. Rules of Double Entry System of Book Keeping - For details about Rules of Double Entry System of Book Keeping click here Sample format of Journal in Financial Accounting Journal consists of Five Columns ...

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