Watch here video from Accounting class topic - Ledger General.
The video presents two formats of General Ledger:
2 column format
4 column format
The first format includes 2 columns for data - one for Debit entries and one for Credit entries. Also at each part sub columns for Date, reference number of transaction and entry description are included. Using this format there is no balance of the account at after each entry is posted and final balance is calculates at the end of the accounting period.
Second format of Ledger General includes 4 columns for data entry. Separate columns are used to post Debit or Credit entries related to the particular transaction. 2 more columns are used to calculated balance of the account after each transaction is posted. This is very convenient since after each posting we have data on the account balance. In addition there are columns for transaction date, reference number and description.
Watch Accounting Class - Ledger General Formats Video below:
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