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  • LEDGER

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    Aileen Maderazo
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    The general ledger contains all accounts used to prepare financial statements and summarizes activities recorded in subsidiary ledgers. A subsidiary ledger contains detailed records for a specific general ledger account, such as individual payables to suppliers under the Accounts Payable general ledger. The totals of subsidiary ledgers should equal the balances in their corresponding general ledger accounts.

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    The general ledger contains all accounts used to prepare financial statements and summarizes activities recorded in subsidiary ledgers. A subsidiary ledger contains detailed records for a specific general ledger account, such as individual payables to suppliers under the Accounts Payable general ledger. The totals of subsidiary ledgers should equal the balances in their corresponding general ledger accounts.

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    10 views7 pages

    LEDGER

    Uploaded by

    Aileen Maderazo
    The general ledger contains all accounts used to prepare financial statements and summarizes activities recorded in subsidiary ledgers. A subsidiary ledger contains detailed records for a specific general ledger account, such as individual payables to suppliers under the Accounts Payable general ledger. The totals of subsidiary ledgers should equal the balances in their corresponding general ledger accounts.

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    © All Rights Reserved
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    LEDGER

    LEDGER
    •General Ledger
    •Subsidiary Ledger
    General Ledger
    • The general ledger (commonly referred by
    accounting professionals as GL) is a
    grouping of all accounts used in the
    preparation of financial statements. The GL
    is a controlling account because it
    summarizes all the activities that have taken
    place as recorded in its subsidiary ledger.
    Subsidiary Ledger
    • A subsidiary ledger is a group of like accounts
    that contains the independent data of a specific
    general ledger. A subsidiary ledger is created or
    maintained if individualized data is needed for a
    specific general ledger account. An example of a
    subsidiary ledger is the individual record of
    various payables to suppliers.
    The total amount of these subsidiary ledgers should
    equal the balance in the Accounts Payable general
    ledger.
    The total amount of these subsidiary ledgers should
    equal the balance in the Accounts Receivable general
    ledger.

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