Before responding to the question "How to organize a common ledger", let us remember what this sales idea means. We are able to comprehend common ledger as a summary of accounts which are used in the sales of the specific business. This ledger includes stability linen and earnings declaration accounts, which summarize all the financial data and modifications to the financial data for the specific period of time, i.at the. usually it is a 30 days.
We are able to specify three main steps in planning this ledger:
And additional allow's discover short instance assisting to learn how to make a common ledger:
We now have the next data about the transactions in the company ABC. In the beginning of August the organization had stock, the price of that was Dollar150, your debt to suppliers was Dollar230, cash staying with you was Dollar800. The next transactions is going to be considered as happened in August:
a. bought stock on credit for Dollar1500 Or b. compensated suppliers a part of financial debt, i.at the. Dollar560 spending cash from financial institution.
1 action: journalize these transactions. The next records is going to be carried out:
D Stock Dollar1500
_C Company accounts due Dollar1500
Explanation: purchase of stock on credit
D Company accounts due Dollar560
C Money in financial institution Dollar560
Explanation: having to pay from financial institution to suppliers a part of financial debt
Within the next thing about this article we'll ongoing with this instance.
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