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 book which 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 mechanized system of accounting is used.