Ledger

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A ledger[1] is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account.
A ledger can have the following two formats.

Physical ledgerEdit

This type of ledger is made up of paper. It can be physically touched. It was very common in the early years for business transactions as the digital ledgers were not fully developed.

Digital ledgerEdit

This type of ledger is based on digital medium.

Definition of ledger


1: a book containing accounts to which debits and credits are posted from books of original entry

The ledger is a permanent summary of all amounts entered in supporting journalswhich list individual transactions by date. Every transaction flows from a journal to one or more ledgers. A company's financial statements are generated from summary totals in the ledgers.


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