Financial Accounting > QUESTIONS & ANSWERS > ledger (All)

ledger

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A ledger entails of all transactions done in a period of time .Assets ,liabilities returns.drawings and revenues which carry the day to day transactions. All the particulars are either a debit or a c ... redit to the business. What is debit or credited is defined by the particular and the effect it has to the business. In my practical I have a business with a period of one months. All the ASSETS are debited, liabilities are credited, the revenues are debited, drawings are credited.Whats determines is whether its an increase or a decrease of the item. for example an increase in an asset is debited while a decrease on the same is credited. [Show More]

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