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Accounting Cycle : Ledger

ICSE · Class 11 · Accountancy

Quick revision notes for Accounting Cycle : Ledger — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

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Key Topics to Revise

1

Meaning, Definition and Function of Ledger

  • The Ledger is a book which contains various accounts where similar transactions relating to a particular person or thing are recorded at one place.
  • It is called the Book of Final Entry or Principal Book of Accounts because all journal entries ultimately find their place in the ledger.
  • The Journal is called the Book of Original (First) Entry; the Ledger is called the Book of Second Entry.
2

Format of a Ledger Account

  • Each page of the Ledger is called an Account. Accounts are allotted to each person, asset, liability, income, and expense.
  • Each account is divided into two equal sides: LEFT side = DEBIT (Dr.) side; RIGHT side = CREDIT (Cr.) side.
  • Each side has FOUR columns: (1) Date, (2) Particulars, (3) Journal Folio (J.F.), (4) Amount (₹).
3

Posting: Rules and Mechanics

  • Posting is the process of transferring entries from the Journal to their respective accounts in the Ledger.
  • The record of a transaction in the Journal is called an Entry; the process of transferring it to the Ledger is called Posting.
  • Posting may be done daily, weekly, fortnightly, or monthly as per the business requirement.
4

Balancing of Ledger Accounts

  • Balancing an account means calculating the net difference between the total of the debit side and the total of the credit side.
  • Step 1: Total both the debit and credit sides separately.
  • Step 2: Find the difference (this is the balance).

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Full Notes

Key Concepts

A ledger is a book containingThe primary function of a ledgerA ledger account is presentedPosting is the process of transferringSix key rules govern the posting

Frequently Asked Questions

What are the important topics in Accounting Cycle : Ledger for ICSE Class 11 Accountancy?
Accounting Cycle : Ledger covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Accounting Cycle : Ledger — ICSE Class 11 Accountancy?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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