ca-cpt fundamentals of accounts chapter 2 unit -2 by … the ledger is known as posting. •the...
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CA-CPT Fundamentals of Accounts Chapter 2 Unit-2
By CA. SK Chhabra
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What are ledgers
After recording the transaction in the Journal recorded transaction are
classified and grouped into accounts known as ledger.
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Ledger is an account book which contains all account heads, which are opened in Journal/Subsidiary books
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Helps to identify the list of transactions under a particular account head and helps in ascertaining the status of the account
For example cash A/c contains all transactions involving cash
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Principal Book
Secondary Book of entry
Book of Final entry
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DATE PARTICULARS J.F ` DATE PARTICULARS J.F. `
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It Refers to transferring the debit and credit
item from Journal to classified accounts
in the ledger is known as posting.
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•The technique of finding the net balance of an account after considering the total of both debit and credit appearing in the account
Balancing of an account
• Journal and Ledger records transaction in a chronological order that is in date wise manner
Chronological order
•Ledger book is popularly known as principal book of accounts and records transactions in analytical order respectively
Principal books of accounts
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Multiple choice Questions
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The process of transferring the debit and credit items from a Journal to their respective accounts in the ledger is termed as
• (a) Posting • (b) Purchase • (c) Balancing of an account • (d) Arithmetically accuracy test
Answer: (a)
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The technique of finding the net balance of an account after considering the totals of both debits and credits appearing in the account is known as
• (a) Posting • (b) Purchase • (c) Balancing of an account • (d) Arithmetically accuracy test.
Answer: (c)
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Journal and ledger records transactions in
• (a) A chronological order and analytical order respectively. • (b) An analytical order and chronological order respectively. • (c) A chronological order only • (d) An analytical order only
Answer: (a)
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Ledger book is popularly known as
• (a) Secondary book of accounts • (b) Principal book of accounts • (c) Subsidiary book of accounts • (d) None of the above
Answer: (b)
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At the end of the accounting year all the nominal accounts of the ledger book are
• (a) Balanced but not transferred to profit and loss account • (b) Not balanced and also the balance is not transferred to
the profit and loss account • (c) Balanced and the balance is transferred to the balance
sheet • (d) Not balanced and their balance is transferred to the profit
and loss account
Answer: (d)
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Ledger Book is known as:
• (a) Secondary book of accounts • (b) book of original entry • (c ) Subsidiary book of accounts • (d) None
Answer: (a)
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The Process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called
• (a) Balancing • (b) Casting • (c) Journalizing • (d) Posting
Answer (d)
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Cash Sales Rs.50,000
Cash Collected from Debtors Rs.1,30,000
Bad Debts during year Rs.5,000
Debtors at end Rs.10,000
Total Sales will be as this is the first year of the business:-
•(a) Rs.1,95,000 •(b) Rs.1,70,000 •(c) Rs.1,80,000 •(d) Rs.1,78,000
Answer: (a)
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if total of debit side exceed the credit side we have a
•Debit balance •Credit balance •Income •Loss
Answer: Debit balance
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Cash a/c will show
•(a) Debit or credit balance •(b) Debit balance •(c) Credit balance •(d) None
Answer: (b) Debit balance
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Generally the balance of capital a/c is
•Credit balance •Debit balance •Zero balance •None
Answer: Credit balance
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Nominal credit balance indicate
•Income •Expense •Asset •liability
Answer: Income
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In a ledger a/c of creditor, the closing balance will appear on • (a) Dr side • (b) Cr side • (c) No balance • (d) None of these
Answer: (a) Dr side
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Ledger is •(a) Book of prime entry •(b) Principal book •(c) Subsidiary book •(d) Journal proper
Answer: (b) Principal book
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Which of the following a/c will always have a debit balance • (a) Cash • (b) Bank • (c) Discount • (d) None
Answer: (a) Cash
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Normally the following accounts are balanced
• (a) Real a/c and nominal a/c • (b) Personal a/c and real a/c • (c) Only nominal a/c • (d) All accounts
Answer: (b) Personal and Real a/c