A sales ledger contains

Assessment: WAEC SSCE - Financial Accounting - 2006 (Objective) Subject: Financial Accounting

Question 1 Report

A sales ledger contains
Answer Details
A sales ledger contains the accounts of the people or organizations who owe money to the business, and these accounts are called debtors' accounts. It is used to keep track of the sales transactions made by the business and the money owed to it by its customers. The sales ledger is an important part of a company's accounting system, as it helps the business to keep track of its outstanding debts and to manage its cash flow effectively. In summary, a sales ledger contains the details of the money owed to the business by its customers.
Read lesson note on Cashbook (JAMB)
Read lesson note on Control Accounts And Self-balancing Ledgers (JAMB)
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