What is a ledger, according to Class 11 Accountancy?
A bookkeeping account or record that records balance-sheet and income-statement transactions is known as an accounting ledger. Accounting ledgers capture all types of balance sheet and income statement transactions. Because it acts as a consolidated repository for all account data rolled up from sub-ledgers or modules, the accounting ledger, also known as the general ledger, is the backbone of every company's financial system. The accounting ledger is used to generate crucial financial statements for the organization, such as the cash flow statement, income statement, and balance sheet.