6. Ledgers

What is a ledger in accounting?

Which side of the ledger contains the debit entries?

What is the process of transferring entries from the journal to the ledger called?

Which of the following balances are carried forward to the next accounting period?

In a ledger, what does the term ‘Balance c/d’ mean?

What does ‘Balance b/d’ indicate in a ledger?

How is the balance determined in an account within the ledger?

Which accounts are not balanced at the end of the accounting period and are instead transferred to the profit and loss account?

In a ledger, which word is commonly used to indicate a debit transaction?

In a ledger, which word is used to indicate a credit transaction?

What is done if the debit side of an account is smaller than the credit side?

What does the term ‘Nominal Account’ refer to?

What happens to the balances of nominal accounts at the end of an accounting period?

When are nominal accounts typically not balanced?

What is a trial balance used for?

Which of the following errors will not affect the trial balance?

In the preparation of a trial balance, which accounts are listed?

If the trial balance does not agree, the difference is often put into which account temporarily?

Which of the following is not a limitation of a trial balance?

Which of the following is not a subsidiary book?

Which book is used to record the credit purchases of goods?

What type of transactions are recorded in the Purchases Return Book?

What is recorded in the Sales Book?

Which book is used to record the return of goods sold to customers?

Calculate the balance of the Stationery Account at the end of January 2022, given the following transactions: Opening Balance: ₹480 Purchase by Cheque: ₹800 Purchase on Credit: ₹1,280

Given the following ledger balances, calculate the total credit side balance: Cash in Hand: ₹8,000 Cash at Bank: ₹25,000 Inventory of Goods: ₹20,000 Trade Payables: Anand ₹5,000 and Kapil ₹7,000

If goods worth ₹5,000 were purchased with a 20% trade discount and a 5% cash discount, what is the amount to be paid?

Rahim owes ₹600, but can only pay 50 paise in a rupee due to insolvency. What amount does Rahim actually pay?

Calculate the closing balance of the Cash Account on 31st January 2022, given the following transactions: Opening Balance: ₹8,000 Purchases (Cash): ₹3,800 Receipts from Vijay: ₹1,980 Receipts from Sales: ₹1,000

What is the primary purpose of preparing a trial balance?

Which of the following statements about the trial balance is true?

A trial balance is prepared as on a particular date. This means it is:

Which of the following errors will cause a trial balance to not balance?

Which of the following is a limitation of the trial balance?

What is the purpose of preparing a trial balance?

Which of the following errors will cause a trial balance to not balance?

If the trial balance does not agree, the difference is often put into which account temporarily?

Which of the following is not a limitation of a trial balance?

Which of the following is not a subsidiary book?

Which book is used to record the credit purchases of goods?

Which type of transactions are recorded in the Purchases Return Book?

What is recorded in the Sales Book?

Which book is used to record the return of goods sold to customers?

Calculate the balance of the Stationery Account at the end of January 2022, given the following transactions: Opening Balance: ₹480 Purchase by Cheque: ₹800 Purchase on Credit: ₹1,280

Given the following ledger balances, calculate the total credit side balance: Cash in Hand: ₹8,000 Cash at Bank: ₹25,000 Inventory of Goods: ₹20,000 Trade Payables: Anand ₹5,000 and Kapil ₹7,000

If goods worth ₹5,000 were purchased with a 20% trade discount and a 5% cash discount, what is the amount to be paid?

Rahim owes ₹600, but can only pay 50 paise in a rupee due to insolvency. What amount does Rahim actually pay?

Calculate the closing balance of the Cash Account on 31st January 2022, given the following transactions: Opening Balance: ₹8,000 Purchases (Cash): ₹3,800 Receipts from Vijay: ₹1,980 Receipts from Sales: ₹1,000

What is the primary purpose of preparing a trial balance?

Which of the following statements about the trial balance is true?

Which of the following is a limitation of the trial balance?

What is the purpose of preparing a trial balance?

Which of the following statements about the trial balance is true?

Which of the following errors will cause a trial balance to not balance?

If the trial balance does not agree, the difference is often put into which account temporarily?

Which type of transactions are recorded in the Sales Return Book?

In a Purchases Return Book, which side of the ledger is credited when goods are returned?

What does the total of the Sales Return Book get posted to?

If a credit note is issued to a customer, what does it indicate?

Which of the following is not recorded in the Purchases Book?

Given the following transactions, calculate the total amount recorded in the Purchases Book: Purchase of 100 units @ ₹50 per unit, 10% trade discount, Purchase of 200 units @ ₹30 per unit, 5% trade discount

If goods worth ₹20,000 are returned to a supplier with a 10% trade discount, what is the amount to be credited in the Purchases Return Book?

Calculate the closing balance of the Sales Account given the following: Opening Balance: ₹10,000; Total Sales during the period: ₹50,000; Total Sales Returns: ₹5,000;

If the total of the Sales Return Book for a month is ₹10,000, how is this amount treated in the ledger?

Which book is used to record the receipts of promissory notes?

Which book is used to record the issuance of promissory notes?

What is recorded in the Bills Receivable Book?

In which book would you record the issue of a promissory note to a creditor?

Which account is credited when a bill receivable is received?

What is the purpose of preparing a cash book?

Which of the following is not a feature of the cash book?

What is the main purpose of the petty cash book?

A Petty Cash Book is generally maintained on which system?

Which type of balance does the bank column of a cash book normally show?

What does the contra entry in a cash book indicate?

Which book is used to record only credit purchases of goods?

The total of the Purchases Book at the end of a period is posted to which account?

Which book records the credit sales of goods only?

In the Sales Book, what is the final amount after trade discount is deducted called?

Which subsidiary book is used to record the returns of goods purchased on credit?

Which type of transactions are recorded in the Sales Return Book?

In a Purchases Return Book, which side of the ledger is credited when goods are returned?

What does the total of the Sales Return Book get posted to?

Which of the following is a limitation of the trial balance?

What is the primary purpose of the cash book?

Which of the following is not a feature of the cash book?

What is the main purpose of the petty cash book?

A Petty Cash Book is generally maintained on which system?

Which type of balance does the bank column of a cash book normally show?

What does the contra entry in a cash book indicate?

Which book is used to record only credit purchases of goods?

The total of the Purchases Book at the end of a period is posted to which account?

Which book records the credit sales of goods only?

In the Sales Book, what is the final amount after trade discount is deducted called?

Which subsidiary book is used to record the returns of goods purchased on credit?

What is the purpose of the cash book?

What is the main purpose of the petty cash book?

A Petty Cash Book is generally maintained on which system?

Which type of balance does the bank column of a cash book normally show?

What does the contra entry in a cash book indicate?

Which of the following is a limitation of the trial balance?

What is the primary purpose of the cash book?

What is the main purpose of the petty cash book?

A Petty Cash Book is generally maintained on which system?

Which type of balance does the bank column of a cash book normally show?

What does the contra entry in a cash book indicate?

Which book is used to record only credit purchases of goods?

The total of the Purchases Book at the end of a period is posted to which account?

Which book records the credit sales of goods only?

In the Sales Book, what is the final amount after trade discount is deducted called?

Which subsidiary book is used to record the returns of goods purchased on credit?

What is recorded in the Purchases Return Book?

In a Purchases Return Book, which side of the ledger is credited when goods are returned?

What does the total of the Purchases Return Book get posted to?

If a debit note is issued to a supplier, what does it indicate?

Which of the following is not recorded in the Sales Book?

If the total of the Sales Book for a period is ₹50,000, how is this amount treated in the ledger?

Which book is used to record the receipt of promissory notes from customers?

Which book is used to record the issue of promissory notes to suppliers?

When a bill receivable is received, which account is credited?