Question
Explain the rules regarding posting of journal entries into ledger
accounts.
Answer :
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Posting means transferring the entries recorded in the journal to the respective ledger accounts. The ledger is the principal book of accounts in which all transactions relating to a particular account are collected at one place. Proper posting is essential for determining the balance of each account and for preparing the trial balance and final accounts. The main rules regarding posting of journal entries into ledger accounts are as follows: 1. Posting of debit aspect: The account which is debited in the journal is debited in the ledger. The amount is entered on the debit side of that account. In the particulars column, the name of the corresponding account credited in the journal is written, usually preceded by “To”. 2. Posting of credit aspect: The account which is credited in the journal is credited in the ledger. The amount is entered on the credit side of that account. In the particulars column, the name of the corresponding account debited in the journal is written, usually preceded by “By”. 3. Separate posting for each account: Every account affected by a journal entry must be posted separately in the appropriate ledger account. Thus, a transaction involving two or more accounts requires posting in all
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