Nominal accounts: These accounts do not have any existence, form or shape. They relate to incomes and expenses and gains and losses of a business concern.
For example, Salary A/c, Dividend A/c, etc.,

Balancing an account: Balance is the difference between the total debits and the total credits. of an account. When posting is done, many accounts may have entries on their debit side as well as. credit side. The net result of such debits and credits in an account is the balance.
Balancing means the writing of the difference between the amount columns of the two sides in the lighter (smaller total) side, so that the grand totals of the two sides become equal.

The ledger that is normally use in a majority of business concern is a bound notebook. But in bigger concerns, instead of bound note-book, loose-leaf ledger is used. In a loose-leaf ledger, appropriate ruled sheets of thick paper are introduced and fixed up with the help of a binder.
Whenever necessary additional pages may be inserted, completed accounts can be removed and the accounts may be arranged and rearranged in the desired order. This type of ledger is known as Loose-Leaf Ledger.

Yes, since the trader has been maintaining ledger, it is easy to know the dues and outstanding. With the help of ledger, can solve the problem.

In an account, when the total of debits and credits are equal, it is closed by merely writing the total on both the sides. The nil balance indicates the equality of benefits received and given by that account.

After posting the transactions, the business person is interested to know the position of various accounts. For this purpose, the accounts are balanced at the end of the accounting period or after a certain period to ascertain the net balance in each account.

The purpose of a ledger account is to classify the transactions according to their nature and item.

When a journal entry has more than one debit or more than one credit or both, it is called a compound entry

(i) Opening entry is an entry which is passed in the beginning of each current year to record the closing balance of assets and liabilities of the previous year.
(ii) In this entry asset accounts are debited and liabilities and capital account are credited.

(i) Balance is the difference between the total debits and the total credits of an account.
(ii) Balancing means the writing of the difference between the amount columns of the two sides in the lighter (Smaller Total) side, so that the grand totals of the two sides become equal.

(i) The excess of credit total over the debit total is called the credit balance.
(ii) When there is only credit entries in an account, the amount itself is the balance of that account, i.e., the credit balance.

(i) The excess of debit total over the credit total is called the debit balance.
(ii) When there is only debit entries in an account, the amount itself is the balance of that account, i.e., the debit balance

The process of transferring the debit and credit items from the journal to the ledger accounts is called posting.