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General Ledger? Journals? Day Books? Debtors Ledger? Creditors Ledger? Trial Balance?

Posted by learnaccounting on November 10, 2007

11 Responses to “General Ledger? Journals? Day Books? Debtors Ledger? Creditors Ledger? Trial Balance?”

  1. Mukesh Shah said

    I am credit controller and now my boss expects me to do reconcilliation of debtors ledger. How should I do it. For example our financial year is from 01/06/2007 to 31/05/2008. Shall I print debtors ledger and than match with bank entries. our company do not take cash. How shall I match openiing balance and closing balance.

  2. learnaccounting said

    You have to make sure what exactly your boss meant that he expects you to perform a reconciliation of debtors ledger. In accounting, usually this happens when the total debtors balance shown in the General Ledger shows difference when you compare with the total of all debtors balance maintained in the debtors ledger. Incorrect recording of bank entries is not the only factor causing the difference, other factors includes incorrect recording of sales, discounts, & etc

  3. Pinky said

    I was asked at the interview how to close the books of accounts at the end of the year, meaning what steps do we take to close the books of accounts ?

  4. learnaccounting said

    That would involve closure of each accounts in the General Ledger. A Trial Balance would then be prepared followed by the Balance Sheet and Income Statement. Of course year end closure of accounts involve some of the important matters such as determining inventories balance by way of inventories count, making sure of correct accrual of expenses, computation and recognition of current year income taxes and deferred taxes if any & etc.

  5. Mack Jos said

    If there are source documents till the last day of accounting period, do I still need journal to prepare any adjustments.

    • learnaccounting said

      Yes. In bookkeeping, you need journals to record any adjustments in the general ledger, even though you have the source documents because the journals would specify which account to be debited and which account to be credited in the general ledger.

  6. bwalya said

    exellent material-will prove useful

  7. NADEEM said

    WELL FROM JOURNAL ENTERIS LEDGER AND TRIAL BALANCE I DID COME TO KNOW ABOUT THE ACCOUNTS THAK

    PLS EXPLAIN IT AGAIN WITH MORE ENTRIES
    NADEEM
    00965 66425379

  8. roselily said

    J carrier is continuing his business on 1 january 2005 with the folowing assets and liabilities Cash 1000,account receivable 500,inventories 20000, vihicle 10000, account payable 250, land 15000.
    Jan 1 paid insurance policy 2400 cheque no8
    2 sold good to b.murray 1000 invoice no25
    6 cash sales 2000
    10 Receved 490 from J Bruce in settlement of her account,receipt no 28
    15 Paid wages 800
    21 Received commission 1000
    23 Received rent 2000 receipt no 99
    25 Bought office equipment for 10000 from Lagoon motors.
    28 Paid delivery van expenses 1000
    31 Paid advertising 1000

    post the transactions in the general journal and extract a trial balance as at 31/01/2005
    Prepare a profit and loss account and a balance sheet at the end of that month 2005.

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