What are the three types of ledgers?

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There exist three primary types of accounting ledgers. These are the General Ledger, the Sales Ledger, and the Purchases Ledger. Each serves a distinct purpose in the financial management of a company.

The General Ledger is considered the master document in accounting. It is the central repository where all transactions are recorded. This ensures that all financial activities are tracked and accounted for in a single, comprehensive document.

The General Ledger is not limited to a specific type of transaction. Instead, it includes a wide range of accounts related to a company's financial health. These accounts cover assets, liabilities, equity, revenue, and expenses. By including all these accounts, the General Ledger provides a complete picture of a company's financial position.

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