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Purchase Ledger
Abought ledgeris a system inaccountingby which a business records and monitors itscreditors. The purchase ledger contains the individual accounts of suppliers from whom the business has made purchases oncredit. Information oninvoicesandcredit notesreceived, and payments made, are recorded in the supplier's account using thedebits and creditssystem, with thebalanceof each account at a given moment representing the amount currently owed to that supplier.[citation needed]
Historically, the purchase ledger was maintained in book form, hence the termledger, but in modern practice it is much more likely to be held on computer usingaccountancy softwareor aspreadsheet. The concept of Double-entry Bookkeeping is that debits balance the credits at all times. For convenience the main Trial Balance lists some accounts containing many entries as simply a single control figure. There is then a separate physical Ledger for the summarised area, which could conveniently be managed on its own, often at physically separate locations from the main ledger book. The Purchase Ledger is a common example of this.[citation needed]
The purchase ledger will ordinarily be an overall credit (liability) balance, unless credit notes or over-payments exceed the credit balance. However within itself, it is usual to show all invoices as positive figures, and payments as negative entries, as this minimises the number of negative entries to make/read.
The East Midlands is one of nine official regions of England at the first level of NUTS for statistical purposes. It consists of Derbyshire, Leicestershire, Lincolnshire (except North and North East Lincolnshire), Northamptonshire, Nottinghamshire and Rutland.
The region has an area of 15,627 km2 (6,034 sq mi), with a population over 4.5 million in 2011. The most populous settlements in the region are Derby, Leicester, Lincoln, Mansfield, Northampton and Nottingham. Other notable settlements include Boston, Chesterfield, Corby, Grantham, Hinckley, Kettering, Loughborough, Newark-on-Trent, Skegness, Wellingborough, and Worksop.
Relative proximity to London and its position on the national motorway and trunk road networks help the East Midlands to thrive as an economic hub. Nottingham and Leicester are each classified as a sufficiency-level world city by the Globalization and World Cities Research Network.[2]
The region is primarily served by East Midlands Airport, which lies between Derby, Loughborough and Nottingham.
