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A general ledger is a bookkeeping ledger in which office data are posted from journals and aggregated from subledgers, such as accounts payable, financial records receivable, cash management, fixed assets, purchasing and projects. A ledger explanation is created for each account in the chart of financial records for an organization and is secret into account groups, such as revenue, expense, assets, liabilities, and equity; the group of all these accounts is known as the general ledger. The over-all ledger holds financial and non-financial data for an organization.

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Here Are The Two Types Of General Ledger:

Nominal ledger: It contains information related to income, expenses, insurance, depreciation, etc.

Private ledger: It contains information like salaries, wages, capital etc.

The general ledger is used to record all of the financial transactions of a business. It is a central repository of financial data, and it is used to prepare financial declarations, such as the balance sheet and revenue statement.

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