State whether the following statement are ‘True or False’ with reason :
All transactions are recorded directly 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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Journalise the following transactions of Mr. Prahlad and post them in the ledger and balanc the same.
Journalise the following transactions of Mr Ram for the year 2017, Dec 1 Mr Ram commenced business with cash Rs.150000 2 Paid into bank Rs.50,000 5 Purchased good Rs.25,000 7 Cash sales Rs. 15,000 25...
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(i) System in which entry is recorded for cash as well as credit transactions.
(i) Accrual System (ii) Consistency Concept (iii) Bookkeeping (iv) Transaction (v) Cash Transaction
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In Book-keeping & Accountancy nonmonetary transactions are also recorded.
This statement is False. Only monetary transactions are recorded in Book-keeping & Accountancy. It is done to find financial results for the purpose of analyzing and interpreting.
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In which order the transactions are recorded in a journal.
The transactions are recorded in a journal in chronological order i.e. in the order of their occurrence or taking place.
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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 Folio is recorded in the journal.
This statement is True. Ledger folio is a page of the ledger, where posting is made from a journal book. For cross-reference, the ledger folio is recorded in the journal.
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(i) Transactions remained to be recorded at all in the books of account.
(i) Errors of omission (ii) Two-sided errors (iii) One-sided errors (iv) Two-sided errors
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All transactions are recorded in the Single Entry System
This statement is False. All transactions are not recorded in a single entry system. Only cash books and personal accounts of debtors and creditors are maintained. All transactions are recorded in...
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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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