Financial Accounting-I Unit 5: Ledger Posting

Jain Online University

• Jain University offers online courses.
• It's a deemed-to-be university.

Teaching-Learning-Evaluation Plan (Week 5)

• Quadrant 1 (eContent): Watch eLearning content on Ledger Posting; review eLM (elearning management system) unit on Ledger Posting.
• Quadrant 2 (e-Tutorial): Review previous lesson (Ledger Entries) from live session recording; participate in live session #5 on Ledger Posting.
• Quadrant 3 (e-Assessment): Complete formative assessment for Ledger Posting; repeat the assessment after the live session for self-assessment; solve practice problems on Ledger Posting; complete continuous internal assessment #1.
• Quadrant 4 (Discussions): Participate in collaborative learning discussions about practice problems; watch the lecture (YouTube link provided).

Financial Accounting-I (Unit 5: Ledger Posting)

• Ledger is like a detailed record book.
• Transactions related to accounts (like cash, sales, and purchases) are tracked.

Ledger Posting Process

• Transactions from general journals are organized and recorded in ledger accounts.
• Debits (money going in) are on the left side; credits (money going out) are on the right side.
• "To" indicates what you paid or bought (debits); "By" indicates what you received or sold (credits).
• Debit an account in the journal means debit the same account in the ledger; record the corresponding credit account.

Balancing of Ledger: Purpose

• Balancing at year-end checks if all transactions are recorded accurately.
• Add the debit and credit sides of the account separately.
• Find the difference (balance amount) by subtracting the smaller total from the larger one.

Debit or Credit Balance

• If debit side total is bigger, it's a debit balance (written on the right credit side with "By Balance c/d" or "By Balance c/FD").
• If credit side total is bigger, it's a credit balance (written on the left debit side with "To balance c/d" or "To balance c/fd").
• Close and balance the account by writing the balance amount in both debit and credit columns.

Opening Balance Next Year

• The previous year's balance becomes the starting balance for the new year.
• If debit balance, write "To Balance b/d" or "To Balance b/fd" on the debit side (b/d means brought down, b/fd means brought forward).
• Income and expense accounts are not balanced this way. They transfer to the profit and loss account for calculating profit or loss.

Teaching-Learning-Evaluation Plan (Week 6: Trial Balance)

• Quadrant 1 (eContent): Watch eLearning content on Trial balance; review eLM unit on Trial balance.
• Quadrant 2 (e-Tutorial): Review previous lesson (Ledger Posting) from live session recording; participate in live session #6 on Trial balance
• Quadrant 3 (e-Assessment): Complete formative assessment for Trial balance; repeat the assessment after the live session for self-assessment; solve practice problems on Trial balance.
• Quadrant 4 (Discussions): Participate in collaborative learning discussions about practice problems; watch the lecture (YouTube link provided).

This quiz focuses on Unit 5 of Financial Accounting-I, specifically on the topic of Ledger Posting. It includes assessments, eLearning content, and collaborative discussions to enhance understanding of transaction records in accounting. Engage with formative assessments and practice problems to solidify your knowledge.