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CBSE Class 11-commerce Answered

State the importance of ledger.
Asked by Topperlearning User | 15 Jun, 2016, 02:28: PM
answered-by-expert Expert Answer

Importance of ledger:

  1. All business transactions pertaining to an account are collected at one particular place in the ledger. The balance of that account helps to understand the collective effect of all those transactions.
  2. Ledger balance assist in preparing the trial balance which helps in ascertaining the arithmetic accuracy of the accounts.
  3. It helps in the preparation of final accounts to ascertain the operating result and analyse the financial position of the business concern.
  4. The data obtained from the various ledger accounts are analysed and interpreted to bring out various accounting information.
Answered by | 15 Jun, 2016, 04:28: PM
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Asked by Topperlearning User | 15 Jun, 2016, 02:36: PM
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