Loose sheets are used while preparing the ledger. The loose sheets are fitted into metal hinges of screws, which allow pages to be taken out or additional pages to be inserted as and when necessary. The ledger may also be fitted with a lock. When a leaf or page is inserted or removed from it, the book is unscrewed and the relevant leaf put in or taken out.
A separate sheet is allotted to each account. In the case of large accounts many sheets may be used. The accounts may be arranged and rearranged in any orderdesired – alphabetical, numerical or geographical. For easy reference index can be used.
i. Dead or closed accounts can be removed at any time.
ii. It is not necessary to open new ledgers at the commencement of each balancing period.
iii. The insertion of new leaves or removal of dead or closed accounts does not affect the order.
iv. At the time of balancing, the ledger may be divided between several clerks so that the work of extracting balances may be made quickly.
v. Transfer ledger is used for keeping old records.
i. The leaves may be lost or misplaced unintentionally.
ii. The leaves may be intentionally destroyed or substituted with a view to commit some fraud already committed.