What are the 3 types of ledgers?

The three main types of ledgers in accounting are the General Ledger, Debtors’ Ledger, and Creditors’ Ledger.

1. General Ledger

The general ledger is the main book of accounts that contains all financial transactions of a business. It includes different accounts like assets, liabilities, income, expenses, and equity. All subsidiary ledgers eventually post into the general ledger.

Examples of General Ledger Accounts:

• Cash account
• Sales account
• Purchase account
• Capital account

2. Debtors’ Ledger (Sales Ledger)

The debtors’ ledger records the accounts of all customers who owe money to the business. It helps in tracking credit sales and outstanding amounts.

Uses:

• Helps to identify customers who have pending payments.
• Maintains credit history of each customer.
• Useful in preparing statements of accounts.

3. Creditors’ Ledger (Purchase Ledger)

The creditors’ ledger records the accounts of all suppliers to whom the business owes money. It is mainly used to keep track of credit purchases and due dates for payment.

Uses:

• Helps monitor amounts payable to suppliers.
• Facilitates timely payments and management of supplier relations.
• Supports purchase planning.