wat is ledger posting
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Answer / sanmilan
Like Newtons Law, 'For Every action, there is an equal and
opposite reaction', For any Accounting Transaction you do
there are always 2 Effects. For E.g; When you buy something
you pay something, IF you don't pay right away, your
liability to pay the amount at future date arises. If you
sell something you get the compensation/price or a
commitment to get paid on a future Date. So Ledger Posting
is Posting of these 2 aspects, which we describe as 'Debit'
& 'Credit' to appropriate accounts.
In other words, segregating the aspects of Debit & Credit of
each Transactions to respective Ledger Heads based on the
Nature of Accounts(real,Nominal&Personal) according to the
Golden Rule of Accounts which are as below;
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER
Thanks
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Answer / navjeet singh
first the journals are prepared. the posting of journal entries into the ledger is called ledger posting. journals are prepared by debiting and crediting . Eg. we debit cash when we receive it from financer. and we credit the financer. reason .
because cash is a real account . real accounts means it deals with assets side. when we receive cash we debit it as the rule for real account is debit what comes in credit what goes out.
We prepare multiple ledgers not just one ledger.All the ledgers collectively is called general ledger. like cash A/c ledger. Purchase A/C ledger. office expenses A/c Ledger. eg. under office expenses we collect all journal entries pretaining to office expenses during the last accounting year and post them into office expense ledger.
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