Legal Definitions - leger

Leger is an archaic term, meaning it is no longer commonly used in modern English. Historically, it referred to a principal book of accounts where financial transactions, such as debits and credits, were systematically recorded. It served as a comprehensive record of a person's or entity's financial dealings, similar to what we now call a ledger.

Here are some examples illustrating the historical use of a leger:

• Imagine a bustling market in 17th-century London. A spice merchant, Master Thomas, would meticulously record every sale, every purchase of new stock, and every debt owed to him by customers in his leger. This book would show who bought what on credit, when payments were due, and how much he owed to his suppliers in the East Indies. The leger provided a complete financial snapshot of his business operations.

  This example illustrates how a leger was used by a merchant to track the daily financial transactions of their business, including sales, purchases, and outstanding debts, serving as their primary accounting record.

• In the early 1800s, the manager of a large agricultural estate in rural England would maintain a detailed leger. In it, they would record all income from crop sales, rents collected from tenant farmers, and expenditures such as wages paid to farmhands, costs for livestock feed, and repairs to estate buildings. This book was crucial for understanding the estate's profitability and managing its resources effectively.

  This example illustrates the use of a leger in managing the finances of a large property, recording both income generated and expenses incurred to maintain a clear financial overview.

• Consider a medieval craft guild, such as the Goldsmiths' Company, in the 14th century. The guild master might have kept a leger to record membership dues paid by apprentices and masters, fines levied for breaches of guild rules, and expenses for guild feasts, charitable donations, or the upkeep of their guildhall. This record ensured accountability and transparency within the organization.

  This example illustrates how a leger could be used by an organization or guild to track its internal finances, including member contributions and operational expenditures, ensuring proper financial governance.