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Accounts Payable Ledger (creditor ledger)
Record the goods and services which you have purchased on credit from your supplies and the amounts, which you owe them.
Account Receivable Ledger
(debtors)
Record the good and services which you have sold to your costumer in credit and the amounts, which they owe you.
Accounting system are used to keep track of the entrepreneur's business property called assets. Accounting systems then distinguish between the property to which creditors have claim called liabilities and that property to which the owner -entrepreneur has claim-called owner's equity.
The two principal financial statements are the balance sheet and the income statement. Essentially, the balance sheet shows what a business has, what it owes, and investments of the entreprenuer in the business.
Purchases Journal
are the records which you make in conducting your business.It includes the purchases of goods for resale, equipment and supplies and service which you have required.
Sales Journal
are the sales that you have made to your costumer. It may contains an individual entry for each sale or a batch of daily sales information may be entered.
General Ledger
is the place where all transactions are ultimately recorded.Most transaction come from th journals and the cash book.
Cash Book
are cash receipts and payment or he transfer of cash into and out of the bussines.