• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Create a Product
  • Learn EDP
  • Business Growth
  • Know Entrepreneurship
  • Supermarket Strategies
  • Learn Advertising

Googlesir

  • Employee Training
  • Marketing and Sales
  • Investment & Earning
  • Managerial Economics
  • Entrepreneurship and Career

How to Transfer from One Ledger to Another Ledger in Accounting

Updated on: November 22, 2019 Leave a Comment

Sometimes Perform/Format some good from a person and sells Other goods to him. The same person is, therefore, a creditor as well as a debtor of the firm and show his name will appear in the sales ledger as well as in Purchase/bought ledger.

Transfer from One Ledger to Another Ledger in Accounting
Transfer from One Ledger to Another Ledger in Accounting

However, the Settlement of such a person Account will be made by deducting the balance office one Account having a small amount of the other having a greater amount.

Related:

  • Sectional and Self-balancing ledgers: Meaning, Format (Explained).
  • Capital payments And Revenue payments with Examples.

Thus, for this purpose transfer entry is made in the Journal this transfer will affect the total debtor’s account and total creditors account.

The following Journal Entry will be passed for this purpose:

Personal account (in total creditors account) Dr.

          To Personal account (in Total debtors account)

It is to be remembered that if the Debit balance is transferred from the sales ledger to purchase ledger or credit balance is transferred from purchase ledger to the sales ledger. you can also check out Types of Financial Statements.

Thus, the transfer entry to be passed will be the same but if the credit balance is transferred from the sales ledger to purchase ledger or Debit balance is transferred from purchase ledger to Sales Ledger.

The following Journal Entry will be passed for this purpose:

Personal account (in total debtors account) Dr.

          To Personal account (in Total Creditors account)

Read more:

  • Sectional Balancing System Practical Examples
  • Self Balancing Ledger System: A Complete Step-by-Step Guide

You Are Here Transfer from One Ledger to Another Ledger in accounting.

Read More

  • Sectional Balancing System: Explanation with Examples (Updated)
  • Financial Statements: Meaning Nature And Objectives (Updated)
  • Rectification of Errors Under Sectional Balancing System
  • 15 Roles of Entrepreneur as Innovator (Explained)
  • Capital payments And Revenue payments with Examples
  • Top 10 best Qualities of an Ideal Financial Statement
  • Top 17 Importance and Role of Small-Scale Industries (Economy)
  • 19 Role And Importance Of Managerial Economics (Step-by-Step)
  • 10 Main Types of Salesman for Selling Products (Explained)

Share Now:

  • Share
  • WhatsApp
  • Tweet

Leave a Comment

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

process of forecasting in supply chain management

6 Steps in Process of Forecasting in Supply Chain

opportunities for reduction of physical distribution costs

7 Tips for Reduction of Physical Distribution Costs

factors affecting logistics cost

Top 5 Factors that Affecting Cost of Logistics

duties and responsibilities of logistics manager

Top 10 Duties and Responsibilities of Logistics Manager

impact of lack of coordination on supply chain

7 Impacts of Lack of Coordination on Supply Chain

types of information technologies in supply chain management

10 Types of Information Technologies Used in Supply Chain or Logistics

importance of information technology in supply chain management

7 Key Importance of Information Technology in Supply Chain

E-mail Newsletter

Footer

Recent Comments

  • Dextara Digital on 17 Major Steps in Sales Force Management (Explained)
  • Madiina on Top 10 Importance of Advertising to Consumers
  • Ochi Vinning on Top 8 Definition of Entrepreneurship by Different Scholars

Search

Join Us

  • Home
  • Contact Us
  • Privacy Policy
  • About us
  • Sitemap

© 2022Copyright www.Googlesir.com