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General accounting

Pradeep (Student) (150 Points)

25 May 2012

Dear Experts & friends

Kindly answer this quirey

Definitions of the following

1. General Ledger

2. Fixed Assets

3. Inter Company Transctions

4. Reconciliation of Accounts

Thank You All

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3 Replies

Deepak Parsai (Future CA) (623 Points)
Replied 25 May 2012

Pradip, refer cpt a/c book or simply search in google, you will find all defination with examples. Consult to google.

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Sonu Kumar (Account Manager) (665 Points)
Replied 25 May 2012

The general ledger is the main accounting record of a business which uses double-entry bookkeeping. It will usually include accounts for such items as current assets, fixed assets, liabilities, revenue and expense items, gains and losses. Each General Ledger is divided into debits and credits sections. The left hand side lists debit transactions and the right hand side lists credit transactions. This gives a 'T' shape to each individual general ledger account.

Girish (Student) (65 Points)
Replied 25 May 2012

1)GENERAL LEDGER is the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts).

2)FIXED ASSETS are those assets of a permanent nature required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. For example, furniture, fixtures, land, and buildings are all fixed assets. However, accounts receivable and inventory are not. Sometimes called PLANT.