What is a General Ledger in accounting and what does it contain?

The general ledger, sometimes known as the nominal ledger, is the main accounting record of a business which uses double-entry bookkeeping. It will usually include accounts for such items as current ets, fixed ets, liabilities, revenue and expense items, gains and losses. Each General Ledger is divided into two sections. The left hand side lists debit transactions and the right hand side lists credit transactions. This gives a 'T' shape to each individual general ledger account.