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Subsidiary ledger and the benefit of making it, explain?
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Answer / aqeel raza
Subsidiary ledger is a sub book of general ledger mostly makes for account receivable and account payable having various parities or clients to whom the goods sold and purchase are made on credit.
The subsidiary ledger helps for receiving the amount balance in party’s account as well as giving discounts on sale or purchases which sometime seller or purchaser issues on early payment. The party’s account in subsidiary ledger is increased or decreased in balance by discounts
The subsidiary ledger helps in doing returns of sale or purchase to any party due to defect in goods or any reason and is affected by increase or decrease in balance.
All accounts which have windows or various accounts relating to specific account may be opened by subsidiary ledger account.
The main benefit of subsidiary accounts is to make separate account of any specific account having multiple parties or clients.
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