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Tutorial - How you can Prepare a General Ledger - Part 2

In the following paragraphs we follow the subsequent example, which supports answering the question how you can make a general ledger. So the initial step was to make a list of the accounts which is employed for the sales purposes.

Next we post the below transactions in to the appropriate ledger accounts, debiting or crediting the related sides of the accounts in order to mirror increase or reduction in property, liabilities or equity, depending on the character of transaction.

Listing of transactions and posting towards the accounts:

1. Shareholders invested printing gear costing $4000 and cash amounting to $1500 in to the company

D_GearC

4000

DCashC

1500

DReveal CapitalC

5500

2. Stock to provide printing providers fro $400 was obtained on credit

DStockC

400

DAccounts DueC

400

3. Within the first month the company supplied printing providers for $560 and got money for these providers

DCashC

560

DRevenueC

560

4. Stock cost of that is $100 was adopted to provide individuals providers

DCostsC

100

DStockC

100

So that all the transactions were published in to the general ledger. Regarding no transactions for that particular sales period, the next phase to completing the ledger would be outlining the accounts and calculating the closing amounts.

While outlining the accounts it is necessary to understand that:

Balances of the accounts will be used to prepare test balance, nevertheless you can do this only after the period-finish modifying records were recorded and published in to the accounts properly.


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