The practice of totaling the debit and credit sides of an account and inserting a balance to make them equal at the end of a financial accounting period.
The Debtors' Ledger, also known as the Sales Ledger or Sold Ledger, is a memorandum ledger account where individual debtors' accounts are recorded. It is an essential component in the internal control system used to monitor sales, payments, discounts, and returns.
A nominal ledger control account recording the total of entries made to individual debtors' ledgers from the sales day book and the cash receipts journal, used to ensure internal accounting controls.
Understanding the returns inwards book is crucial for effective bookkeeping as it helps track the goods returned by customers and impacts various ledger accounts.
