A ledger is a set of accounts. It contains all the accounts of a specific business enterprise. It may be kept in any of the following two forms:
(i) Bound ledger and
(ii) loose-leaf ledger
A bound ledger is kept in the form of a book that contains all the accounts. These days it is common to keep the ledger in the form of loose-leaf cards. This helps in posting transactions particularly when the mechanized system of accounting is used.