From which books of accounts posting is made in the Ledger?
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Create ledger accounts using the accounting Package. Create ledger accounts for the following and allocate proper groups.
Step 1: You Can select an already created company using the ‘Select Existing Company ’ Option on Opening Screen. Step 2: Log in with User Name and Password Step 3: To create an...
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The work of accounting depends upon ____________ (a) book-keeping (b) cash book (c) subsidiary books (d) ledger
Correct option is (a) book-keeping
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(i) A book of accounts in which all ledger accounts are maintained.
(i) Ledger (ii) Nominal Accounts (iii) Purchases Account (iv) Trial Balance
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____________ is prepared from the balances in the ledger accounts.
Correct option is (d) Trial Balance
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Ledger accounts are balanced every day.
This statement is False. Ledger accounts are balanced on a particular period of time or on the accounting year of the firm. They are not balanced every day.
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Ledger Folio and index are necessary for the ledger.
This statement is True. The index is necessary to final particular account on its page number and ledger folio number is also necessary for cross-checking with the journal book. This makes...
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Ledger posting is not necessary for journal proper.
This statement is False. Ledger posting is necessary for journal proper. From Ledger trial balance and financial statements are prepared for the accounting year. Without posting of journal proper Trial balance and...
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Ledger posting is made before journal entry.
This statement is False. Ledger posting is made after journal entry. First, all transactions are recorded to Journal and from the journal, posting is made to Ledger.
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State whether the following accounts will show debit or credit balance : `{:("(i) Purchases Accounts","(ii) Cash"),("(iii)Capital","(iv) Salary"),("(v
Correct Answer - Debit balances : - (i), (ii), (iv), (vi), (vii), (viii).
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Enter the following transactions in subsidiary books, post them into Ledger and prepare a Trial Balance : The following balances existed in Sunil Bros
Correct Answer - Cash Balance Rs 6,500; Bank Balance Rs 42,180; Total of Purchases Book Rs 51,300; sales Book Rs 67,000; Sales Return Book Rs 7,000; Total of Journal Proper...
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