Explain the meaning of ledger and its features?
All the accounts identified on the basis of transactions recorded in different journals/ books such as Cash Book, Purchase Book, Sales Book etc. will be opened and maintained in a separate book called Ledger. So a ledger is a book of account; in which all types of accounts relating to assets, liabilities, capital, expenses and revenues are maintained. It is a complete set of accounts of a business enterprise
Ledger is bound book with pages consecutively numbered. It may also be a bundle of sheets.
Features of Ledger