I.   Introductory Provisions

Ledgers are the twenty-fourth of thirty-three (33) Administrative Elements of Trust being Books and Registers that summarize the information and “spirit” of records extracted from Journal entries to produce the most concise reckonings and balances of debits and credits, assets and liabilities of the Trust or Estate or Fund. Thus, the Memorandum is the “body” of the Record registered in the “mind” of the Journal and supported by the “spirit” of the Ledger summary.

Summary Ledger entries in relation to a Trust, or Estate or Fund not in fundruptcy or the proprietary systems of “bankruptcy” share the common historic elements:

(i) The Ledger, as a table is primarily divided into two main columns, creditor sum and debitor sum;

(ii) The left most column is always the creditor sum column, meaning literally “the summary of accounts of promises to be paid”; and

(iii) The right most column is always the debitor sum column, meaning literally “the summary of accounts of obligation to pay”; and

(iv) At the top and bottom margin is entered the date; and

(v) For every single transaction statement (of two parts) in the Journal, there should be two entries added into the summary accounts of the summary ledger; and

(vi) Transfer from Journal to Ledger means two diagonal lines are listed in Journal being one representing the debitor entry and the second the credit entry; and

(vii) The Closing of the summary ledger can only occur when there is a balance of transactions.