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A study on

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  • 1. 1 A Study on Ledgers A Mini Project Report in Accounting Management Submitted to JNTU, Kakinada in Partial Fulfillment for the Award of the Degree of MASTER OF BUSINESS ADMINISTRATION Submitted By Anusha Gopisetty (Reg. No. 13491E0007). DEPARTMENT OF MASTER OF BUSINESS ADMINISTRATION QIS COLLEGE OF ENGINEERING & TECHNOLOGY An ISO 9001: 2008 Certified Institution and Accredited by NBA (Affiliated to JNTU, Kakinada and Approved by AICTE) Vengamukkapalem, Pondur Road ONGOLE –523 272 .
  • 2. 2 Content: S.NO PARTICULARS PAGENO 1. Abstract 3 2. Introduction 3 3. Definition 3 4. Need to study 3 5. Scope of study 4 6. Objectives 4 7. methodology 4 8. Review of literature 5 9. Ledgers 5 10. Conclusion 6 11. Reference 6
  • 3. 3 Ledger Abstract: You know that the purpose of opening an account in the ledger is to bring all related items of this account which might have been recorded in different books of accounts on different dates at one place. The process involved in this exercise is called posting in the ledger. This procedure is adopted for each account. To take the items from the journal to the relevant account in the ledger is called posting of journal. Following procedure is followed for posting of journal to ledger Key words: Debtors; creditor; transaction Introduction: we have how transactions are recorded in journals and the rules that are to be followed for passing entries in journal. Thus, the journal entry merely functions as a guide line or instruction to record the transaction the debit and credit sides of the concerned accounts. a number of transactions take place daily in a business. All these transactions are recorded in the journals in a chronological order. Transaction relating to particular account may take place in different dates and hence they are entered in different pages of the journal. By referring to the journals it will not e possible to find out the position relating to any particular account to on given data. Definition: Ledger is a book which contains accounts in the other words ledger is a set of accounts in contains all accounts of the business whether personal, real, or normal. With the help of ledger the trader can ascertain the true position of any account on any date. Ledger contains classified summary of the transactions which are recorded in the journal. In other words ledger is the principal book of accounts where similar transactions relating to a particulars person or thing are recorded. Need to study: The need is study of ledgers is very use full to the management. The ledger account is used by the businesses that mean every organization some financial problems are faced so the ledger type books are used to note the transaction in that business. The ledger account is the long process but it is use full in business. Scope of study: In all contexts, a general ledger accountant is a financial professional who works to be sure that a company’s books are balanced and that all expenses and credits are properly recorded. Specific general ledger accountant duties can vary significantly from organization to organization. In some settings, the ledger accountant is an entry-level associate charged with organizing basic paperwork and conducting routine fact-checking before forwarding reports to more senior accountants. Ledger accountants also can play a much more senior role, however, often exercising oversight and enforcing standard operating procedures Objectives:  To know about ledgers in accounting  To know about posting of ledger accounting
  • 4. 4 Methodology:  The project is descriptive & exploratory but constructive in nature.  The secondary data is collected through books, journals, magazines  The primary data is collected through descriptive with acumination expect Review of literature: The sections of the novel alternate between focusing on Simon and Emily Bear. Ledger was right to choose a limited point of view rather than alternating first-person narratives. In so doing she shows Emily's and Simon's full range of emotions (e.g., irritation, misery, panic, guilt, and giddy joy) while avoiding melodrama or sentimentality. This approach also facilitates the inclusion of relevant family histories. Ruling of ledger account The ruling of a ledger account is as follows: Dr. Cr. Date Particulars Folio RS. Date Particulars Folio Rs. To name of the account to be credited By name of the account to be debited Sub-division of ledger In a big business, the number of accounts is numerous and it is found necessary to maintain a separate ledger for customers, suppliers and for others. Usually, the following three types of ledgers are maintained in such big business concerns. (i) Debtors’ Ledger: It contains accounts of all customers to whom goods have been sold on credit. From the Sales Day Book, Sales Returns Book and Cash Book, the entries are made in this ledger. This ledger is also known as sales ledger. (ii) Creditors’ Ledger: It contains accounts of all suppliers from whom goods have been bought on credit. From the Purchases Day Book, Purchases Returns Book and Cash Book, the entries are made in this ledger. This ledger is also known as Purchase Ledger. (iii) General Ledger: It contains all the residual accounts of real and nominal nature. It is also known as Nominal Ledger. Posting journal into ledger: You know that the purpose of opening an account in the ledger is to bring all related items of this account which might have been recorded in different books of accounts on different dates at one place. The process involved in this exercise is called posting in the ledger. This procedure is adopted for each account. To take the items from the journal to the relevant account in the ledger is called posting of journal. Following procedure is followed for posting of journal to ledger: 1. Identify both the accounts ‘debit’ and credit of the journal entry. Open the two accounts in the ledger. 2. Post the item in the first account by writing date in the date column, name of the account to be credited in the particulars column and the amount in the amount column of the ‘debit’ side of the account. 3. Write the page number of the journal from which the item is taken to the ledger in Folio column and write the page number of the ledger from which account is written in L.F. column of the journal. 4. Now take the second Account and give the similar treatment. Write the date in the ‘date’ column, name of the account in the ‘amount’ column of the account on its credit side in the ledger.
  • 5. 5 5. Write page number of journal in the ‘folio’ column of the ledger and page number of the ledger in the ‘LF’ of column of the journal. Illustration of posting: Journal Date Particulars L.F Debit Rs Credit Rs 2009 April 14 Machinery account Dr To cash account (being machinery purchased) 10,000 10,000 Ledger machinery account Date Particular L.F Amount Rs (Dr) Date Particulars L.F Amount Rs (Cr) 2009 April 14 To cash account 10,000 Cash account Date Particulars L.F Amount Rs (Dr) Date Particulars L.F Amount Rs (Cr) 2009 April 14 By machinery account 10,000 Conclusion: the ledger account using the management the transactions are entering into the books. By using the books of journals these ledgers are also having the different accounts these are cash, bank, discount etc. the account transactions is recorded in amount column. The amount in the journals is entered on the ledgers. Reference: 1. Mitanni D.M.: Accounting management, Himalaya Publishing House, Mumbai 2. Dwivedi, D.N.: financial management, Vikas Publishing House Pvt. Ltd, New Delhi 3. Mist & Purl: accounting for management, Himalaya Publishing House, Mumbai
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