Only those items that have significant value are recorded. This concept is also important in deciding whether to capitalise an item as non-current asset or to treat it as an expense in the income statement. You can learn more on accounting concepts from the following site: principlesofaccounts.weebly.com

There are basically three different types of ledger. They are sales ledger, purchases ledger and general ledger. Sales ledger is the book or set of books that contain all credit customers personal accounts. Purchases ledger is the book or set of books that contain all credit suppliers personal accounts. General ledger contains all other accounts … Read more