Candidates’ performance in this question was above average. The area of difficulty for a few of them was the (b) part, where some candidates only stated the types of ledger, instead of the classification of Ledger Accounts.
(b) Classification of Ledger Accounts:
- Private Ledger:- this ledger contains account relating to the owner of a business
- Purchases or Creditors Ledger: - This ledger contains personal accounts of supplier/creditors;
- Nominal Ledger:- This ledger contains accounts of losses, expenses, incomes and gains;
- Sales or Debtors Ledger: This ledger contains personal accounts of customers/debtors.
- General Ledger:- This ledger contains the real and nominal accounts;
- Personal Ledger: This contains accounts for customers/debtors and suppliers/creditors of a business.
