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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.
Thetford is a market town and civil parish in the Breckland district of Norfolk, England. It is on the A11 road between Norwich and London, just east of Thetford Forest. The civil parish, covering an area of 29.55 km2 (11.41 sq mi), has a population of 24,340.[1]
There has been a settlement at Thetford since the Iron Age, and parts of the town predate the Norman Conquest; Thetford Castle was established shortly thereafter. Roger Bigod founded the Cluniac Priory of St Mary in 1104, which became the largest and most important religious institution in Thetford. The town was badly hit by the dissolution of the monasteries, including the castle's destruction, but was rebuilt in 1574 when Elizabeth I established a town charter. After World War II, Thetford became an "overspill town", taking people from London, as a result of which its population increased substantially.[2] Thetford was the headquarters of Tulip International, large-scale manufacturers of bacon, beef and pork until its closure in 2010.
Thetford railway station is served by the Breckland line and is one of the best surviving pieces of 19th century railway architecture in East Anglia.
