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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.
Nuneaton (/nəˈniːtən/ nə-NEE-tən) is a large town in northern Warwickshire, England.[1] The population in 2011 was 86,552,[2] making it the largest town in Warwickshire.
The author George Eliot was born on a farm on the Arbury Estate just outside Nuneaton in 1819 and lived in the town for much of her early life. Her novel Scenes of Clerical Life (1858) depicts Nuneaton. There is a hospital named after her, The George Eliot Hospital.[3]
The Nuneaton built-up area, incorporating Nuneaton and the surrounding urban settlements, including the large villages of Hartshill, Galley Common and Bulkington, had a population of 92,968 at the 2011 census.[4]
