Accounting (AS)·Basic accounting for sole traders · NSSCAS 1.1.2
The ledgers: recording & balancing T-accounts
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The ledger is the book at the heart of every business — one account for every item, written up by double entry. In this lesson you will record a full week of transactions for Shilongo Traders of Oshakati in traditional T-accounts, balance the bank account step by step, and learn exactly what a debit or credit balance means. Paper 1 asks you to prepare and balance ledger accounts almost every year, so master these habits now.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 1.1.2):
- explain the ledgers and their importance
- record transactions using the double entry system for capital, drawings, assets, liabilities, income, expenses
- record transactions in the general ledger in the traditional T-accounts
- balance T-accounts in the general ledger
- explain the meaning of a balance on ledger accounts
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