General Ledger Question:
List some steps for balancing of ledger account?
Answer:
This involves following steps:
☛ First total of both the sides are taken.
☛ Secondly difference between the totals of both the sides is calculated.
☛ If the debit side is in excess to the credit side then place the difference on the credit side by writing By Balance c/fd.
☛ If the total of credit side is in excess to the debit side, place the difference on the debit side by writing To Balance c/fd.
☛ After placing the difference on the appropriate side, make sure the totals of both the sides are equal.
☛ First total of both the sides are taken.
☛ Secondly difference between the totals of both the sides is calculated.
☛ If the debit side is in excess to the credit side then place the difference on the credit side by writing By Balance c/fd.
☛ If the total of credit side is in excess to the debit side, place the difference on the debit side by writing To Balance c/fd.
☛ After placing the difference on the appropriate side, make sure the totals of both the sides are equal.
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