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 financial statements will not be tally and can’t give true and fair accounting.
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This statement is False.
Posting means transferring or recording journal entries from the journal to the respective ledger accounts. Ledger is the main book of accounting.
This statement is False.
The process of recording a transaction in the Journal is called Journalising. Posting means transferring journal entries to respective ledger accounts
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...
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.
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.
