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ledgers

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › ledgers

  • This topic has 2 replies, 2 voices, and was last updated 11 years ago by Avatarsnoopboy.
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  • October 29, 2014 at 11:18 pm #206667
    Avatarsnoopboy
    Member
    • Topics: 5
    • Replies: 3
    • ☆

    1:Is sales day book and the sales ledger is same thing? Similarly purchase day book and purchase ledger…

    2:What is general ledger?
    3:What is the difference between journal ledger and journal?

    Please explain in detail…

    October 30, 2014 at 6:18 am #206686
    AvatarKen Garrett
    Keymaster
    • Topics: 10
    • Replies: 10654
    • ☆☆☆☆☆

    A sales day book is just a list of sales. Form that postings are made to the receivables ledger (sales ledger) and the general ledger (nominal ledger). Similarly the purchases day book lists purchase invoices for later posting.

    Nominal ledger = general ledger. Hare accounts such as rent, wages, depreciation, sales, purchases, interest etc are kept. Also contains the receivables and payables control accounts.

    Never heard of a journal ledger. The journal is a book where journals are set out to initiate postings that do not start with cash transactions, sales day book or purchases day book. For example, to account for depreciation you need to

    Dr depreciation expense
    Cr depreciation provision.

    This adjustment is listed in the journal together with an explanation. From there the entries are posted to the general ledger.

    October 31, 2014 at 3:50 am #206906
    Avatarsnoopboy
    Member
    • Topics: 5
    • Replies: 3
    • ☆

    Thanks

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