What is Ledger?
A Ledger records transactions from the journal and forms separate accounts for them in chronological order. A Ledger is a date-wise record of all the transactions related to a particular account. Ledgers are crucial sources of financial records. A ledger is formed after the journal and is the secondary step of bookkeeping. After the preparation of the journal, there comes the classification of journal entries into separate accounts and posting them in the ledger like a cash account, salary account, payable accounts, etc., in chronological order.
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