Double Entry Bookkeeping
Inventory
Expenses
Balancing off
, Double-entry book-keeping
• Ledger Accounts
– Account - a record of the transactions involving a
particular item
– Nominal ledger - records all accounts necessary to
summarise an organisation’s transactions in order to
prepare a Statement of Financial Position (Balance
Sheet) and Statement of Profit & Loss
2
Inventory
Expenses
Balancing off
, Double-entry book-keeping
• Ledger Accounts
– Account - a record of the transactions involving a
particular item
– Nominal ledger - records all accounts necessary to
summarise an organisation’s transactions in order to
prepare a Statement of Financial Position (Balance
Sheet) and Statement of Profit & Loss
2
