What is the Ledger and its purpose in Bookkeeping?
A ledger, in bookkeeping and accounting, is a fundamental record, containing all the financial transactions of a business, organized by account. It essentially forms the spine of the accounting system by ingesting data from several financial documents and expressing them as a single coherent record. The ledger gives an orderly and detailed look at the […]
Jalani Distributors sold three light commercial vans
Jalani Distributors sold three light commercial vans to Jain Enterprises on January 1, 2017, on hire purchase system. The price of each van was Rs. 90,000 payment of which was to be made as follows : Jain Enterprises was charging depreciation of @20% each year on the written-down value method. After payment of the first […]