00:01
Hello! so let's go ahead and delve into each type of ledger.
00:05
So for a general ledger, for the usage, the general ledger is the primary accounting record of a business which uses double entry bookkeeping.
00:19
It contains all the accounts for recording transactions relating to company's assets, liabilities, owner's equity, revenue, and expenses.
00:31
And when it's used, it's going to be transactions occur and is the main reference for preparing financial statements.
00:43
The reference here is from financial accounting by john wiley and sons.
00:49
And then secondly, there is the payables ledger.
00:53
For the usage, the payables ledger is a subsidiary ledger that records accounts owned to suppliers.
01:00
It contains detailed information about the amounts the company owes, the due dates of bills, and other specifics related to payables...