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TeachMeFinance.com - explain Ledger historic definition... Ledger -- The principal book of accounts in which all transactions of each day are entered under appropriate heads so as to show the debits and credits of each account. historic accounting definition (British)... LEDGER -- This is the principal book of account, and in it the items are classified under the various headings to which they belong, accounts being kept fos persons from whom goods are purchased, persons to whom goods are sold, the various expenser incurred in conducting the business, the goods dealt in, and the real property of the firm, such as machinery, fittings and fixtures, the capital and reserves, and the Profit and Loss Accounts and Balance Sheets. It is entered by each transaction being posted to the debit of the account which is the receiving account in respect to the transaction, and to the credit of the account which is the sending account of the particular transaction. Ledgers, in the case of a business of any size, are divided into Personal Ledgers. (a) Purchases, Bought, or Credit Ledger. (b) Sales, Sold, or Debit Ledger. Nominal Ledger. Private Ledger. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.