Very Short Answer Questions - Ledger Notes | Study Crash Course of Accountancy - Class 11 - Commerce

Commerce: Very Short Answer Questions - Ledger Notes | Study Crash Course of Accountancy - Class 11 - Commerce

The document Very Short Answer Questions - Ledger Notes | Study Crash Course of Accountancy - Class 11 - Commerce is a part of the Commerce Course Crash Course of Accountancy - Class 11.
All you need of Commerce at this link: Commerce

VERY SHORT ANSWER QUESTIONS

Q1. What is Ledger?

Ans: The book which contains a classified and permanent record of all the transactions of a business is called the Ledger.

Q2. Why is the Ledger called the book of Final entry?

Ans:  The Ledger is called the book of final entry because it is the book in which all the business transactions would ultimately find their place.

Q3. Give one advantage of Ledger.

Ans:  A trial balance can be prepared with the help of ledger balances which helps in ascertaining the arithmetical accuracy of the accounts.

Q4. Give one distinction between books of original entry and ledger.
Ans: 

Journal or Books of Original Entry
Ledger

All the transactions are first of all recorded in these books, i.e. journal or subsidiary books such as purchase book sales book etc.


All the transactions entered in journal or subsidiary books are later transferred to the Ledger.


Q5. What is J.F.?

Ans: Journal Folio or J.F. is the page number of the journal from where the posting has been transferred in the ledger. This page number of the journal is recorded in the ledger in J.F. column.

Q6. How the discount column of Cash book is posted?

Ans: The total of discount column on the Dr. side of the Cash Book is posted to the Dr. side of ‘Discount Allowed A/c’. Similarly, the total of discount column on the Cr. side of the Cash Book is posted to the Cr. side of ‘Discount Received A/c’.

The document Very Short Answer Questions - Ledger Notes | Study Crash Course of Accountancy - Class 11 - Commerce is a part of the Commerce Course Crash Course of Accountancy - Class 11.
All you need of Commerce at this link: Commerce

Related Searches

Semester Notes

,

Extra Questions

,

study material

,

Very Short Answer Questions - Ledger Notes | Study Crash Course of Accountancy - Class 11 - Commerce

,

Summary

,

shortcuts and tricks

,

Free

,

Very Short Answer Questions - Ledger Notes | Study Crash Course of Accountancy - Class 11 - Commerce

,

Sample Paper

,

Important questions

,

MCQs

,

mock tests for examination

,

ppt

,

Exam

,

practice quizzes

,

Previous Year Questions with Solutions

,

Viva Questions

,

video lectures

,

Objective type Questions

,

Very Short Answer Questions - Ledger Notes | Study Crash Course of Accountancy - Class 11 - Commerce

,

pdf

,

past year papers

;