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Hello Team,
In bookkeeping and accounting, a ledger is a book (or record) for collecting business transaction data from a journal, and organizing entries by account.
The ledger provides information on the current balance in each account throughout the accounting period. At the end of the period, ledgers become the primary and authoritative source of data for building a firm's financial accounting reports, including the income statement and balance sheet.
The accounting cycle begins when business transactions are entered into the journal. Transactions include all events that impact any of the company's accounts, such as "cash on hand," or "accounts receivable," or "bank loans payable." Journal entries accumulate in chronological order—the order in which they occur. The second step in the accounting cycle is transferring (posting) journal entries into a ledger or ledgers, where they are organized first by account, and then chronologically within accounts
Regards,
Saiyid
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