a
reference to the side of a
ledger reserved for recording losses or debts. A
ledger is a book in which a summary of monies, or assets, in and out is recorded. The
credits, showing an addition or gain, are noted on one side (usually in blue or black ink) and the debits, showing any losses or debts, are recorded on the opposite side (usually in
red ink). This
phrase can also be used figuratively to
refer to
insolvency, unprofitable ventures or losses in
general.