2.1 The Ledger

• Meaning and purpose of a ledger in accounting
• Types of ledgers for business record keeping
• Personal and impersonal classes of accounts
• The double entry concept
• Rules of recording business transactions in ledger accounts
• Recording business transactions in ledger accounts
• Balancing off ledger accounts for a business
• The role of ledgers in accounting

• examine the purpose of a ledger in accounting
• analyse the types of ledgers for business record keeping
• explain the concept of double entry and rules of recording business transactions in ledger accounts
• record business transactions in the ledger accounts
• balance off ledger accounts for a business
• acknowledge the role of ledgers in accounting

“Why do businesses prepare ledgers?”

“What are the rules of recording business transactions in ledger accounts?”

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1. The ledger and its purpose
   40 min · 1 practice tasks · quiz
   Explain what a ledger is and why businesses prepare it.
2. Types of ledgers
   40 min · 1 practice tasks · quiz
   Describe the general, debtors and creditors ledgers.
3. Classes of ledger accounts
   40 min · 1 practice tasks · quiz
   Group ledger accounts as personal, real or nominal.
4. The double entry concept
   40 min · 1 practice tasks · quiz
   Explain double entry and the accounting equation.
5. Rules of debit and credit
   40 min · 1 practice tasks · quiz
   Apply the rules for debiting and crediting ledger accounts.
6. Recording transactions in the ledger
   40 min · 1 practice tasks · quiz
   Post transactions into ledger accounts and read a T-account.
7. The debtors and creditors ledgers
   40 min · 1 practice tasks · quiz
   Keep personal accounts for debtors and creditors.
8. Balancing off ledger accounts
   40 min · 1 practice tasks · quiz
   Balance off ledger accounts and bring balances down.
9. The role of ledgers in accounting
   40 min · 1 practice tasks · quiz
   Trace transactions from source documents to the trial balance.
10. Ledger practice and review
    40 min · 1 practice tasks · quiz
    Record, post and balance a set of transactions.