chapter 4 - Ledger Latest edition Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board

Chapter 4: Ledger

Answer in one sentence only

What is Ledger?

SOLUTION:

The ledger is the principle book of records and contains all the accounts of a business firm arranged in an orderly manner.


What is Ledger Posting?

SOLUTION:

The process of transferring entries from the books of original entries (Journal or subsidiary books) into respective account in the ledger is known as Ledger Posting.


When does an account show a nil balance?

SOLUTION:

When the total of debit side of amounts and credit side of amounts of an account are equal, we can say that account shows a nil balance.


What is Folio?

SOLUTION:

Folio means page number.


Where is the statement form of ledger A/c is used in actual practice?

SOLUTION:

While preparing pass book, bank uses the statement form of ledger A/C in actual practice.


Why Proprietor’s Capital Account is a liability for the business?

SOLUTION:

Amount invested by proprietor in the business is supposed to be returned by business in its life span, therefore it is known as liability for the business.


Why Proprietor’s Capital Account is a liability for the business?

SOLUTION:

Business can’t spend more cash amount than the cash amount business has. Therefore, cash account never shows a credit balance.


What is Trial Balance?

SOLUTION:

A trial balance is a list of balances of all ledger accounts as on specific date showing debit or credit balances of an account in the ledger.


Write the word, term, phrase, which can substitute the statement.


Principal Book of accounts.

SOLUTION:

Ledger


Transferring a journal entry to the appropriate accounts in the ledger.

SOLUTION:

Posting


Page number of the Ledger to which an entry is posted.

SOLUTION:

Ledger folio


The process of extracting the balance and inserting it on lesser side of an account.

SOLUTION:

Balancing


A debit balance to personal Accounts.

SOLUTION:

Debtor


A credit balance to bank Account.

SOLUTION:

Bank overdraft


An account to be debited for goods damaged by fire.

SOLUTION:

Loss by fire


A Trial Balance in which only net balances of all ledger accounts are transferred.

SOLUTION:

Net trial balance


Select appropriate alternatives from those given below and rewrite the sentence.


In case of a credit transaction one of the account must be a _________ account

Options

Cash

Credit

Personal

Debit

SOLUTION:

In case of a credit transaction one of the account must be a Personal account


‘c/d’ indicates _______ balance

Options

Opening

Closing

Positive

Negative

SOLUTION:

‘c/d’ indicates Closing balance


__________ Column of ledger is used for writing page number of Journal.

Options

J.F.

L.F.

Date

Particulars

SOLUTION:

J.F. Column of ledger is used for writing page number of Journal.


Debtors Account shows ___________ balance.

Options

Real

Negative

Credit

Debit

SOLUTION:

Debtors Account shows Debit balance.


_________ is the process of deriving the difference between totals of the debit and credit side of each ledger a/c.

Options

Totalling

Journalizing

Balancing

Posting

SOLUTION:

Balancing is the process of deriving the difference between totals of the debit and credit side of each ledger a/c.


Total of Purchase book is _________ to Purchase Account.

Options

posted

moved

given

entered

SOLUTION:

Total of Purchase book is posted to Purchase Account.


Real account always shows ____________ balance.

Options

minimum

maximum

debit

credit

SOLUTION:

Real account always shows debit balance.


_____________ is prepared to test arithmetical accuracy of Books of Accounts.

Options

Trial Balance

Ledger

Journal

List

SOLUTION:

Trial Balance is prepared to test arithmetical accuracy of Books of Accounts.


State whether the following statements are ‘True or False’ with reasons.

Ledger is a book of original entry.

Options

True

False

SOLUTION:

This statement is False.

Ledger is a book of final/secondary entry, as all the transactions from journal are to be transferred to ledger in their respective account. As such journal is a book of original entry.


The process of recording a transaction in the Journal is called Posting.

Options

True

False

SOLUTION:

This statement is False.

The process of transferring entries from the journal into appropriate account is called posting, which is a necessary or basic process of accounting to know the balance of each account.


A cash withdrawal from the business by the trader should be credited to Drawings A/c.

Options

True

False

SOLUTION:

This statement is False.

A cash withdrawal from the business by the trader should be debited to Drawings No as it is a personal transaction.


Balances of Nominal Accounts are carried forward to the next year.

Options

True

False

SOLUTION:

This statement is False.

Balances of Personal Accounts and Real Accounts are to be carried forward to the next year.


When debit side of an account is greater then the credit side, the account shows debit balance.

Options

True

False

SOLUTION:

This statement is True.


The name of an account written on top of each account is called ‘Head of Account'.

Options

True

False

SOLUTION:

This statement is True.


Agreement of Trial Balance always proves accounting accuracy.

Options

True

False

SOLUTION:
This statement is True.


Trial balance is based on the double entry principle that for every debit there is equal amount of corresponding credit.

Options

True

False

SOLUTION:
This statement is True.


Fill in the blank:

________ balance on Nominal Account shows expenses or loss.

SOLUTION:

Debit balance on Nominal Account shows expenses or loss.


Cash account always shows ______ balance

SOLUTION:

Cash account always shows debit balance


The right hand side of an account is called ___________ side.

SOLUTION:

The right hand side of an account is called credit side.


Creditors shows _________  balance

SOLUTION:

Creditors shows credit balance


___________ accounts are closed by transferring its balances to Profit and Loss Account.

SOLUTION:

Nominal accounts are closed by transferring its balances to Profit and Loss Account.


‘b/d’ means __________.

SOLUTION:

‘b/d’ means brought down


Rent paid for the residential quarter will be debited to ____________  account.

SOLUTION:

Rent paid for the residential quarter will be debited to Drawings account.


Sold goods of Rs. 24,000 at 20% profit on cost, the purchase price of the goods is ___________.

SOLUTION:

Sold goods of Rs. 24,000 at 20% profit on cost, the purchase price of the goods is Rs. 20,000.


Complete the following table:

Journal

Journalising

?

Posting

SOLUTION:

Journal

Journalising

Post

Posting


Sales Return

Return Inward

Purchase Return

?

SOLUTION:

Sales Return

Return Inward

Purchase Return

Return Outward


  L.F.

Journal

?

Ledger

SOLUTION:

  L.F.

Journal

J.F.

Ledger


Assets

Debit Balance

Liabilities

?

SOLUTION:

Assets

Debit Balance

Liabilities

Credit Balance


Land & Building

Real Account

Commission Received

?

SOLUTION:

Land & Building

Real Account

Commission Received

Nominal Account

Balbharati Solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapterwise List - Free

Chapter 1: Introduction to Book - Keeping and Accountancy

Chapter 2: Meaning and Fundamentals of Double Entry Book-Keeping

Chapter 3: Journal

Chapter 4: Ledger

Chapter 5: Subsidiary Books

Chapter 6: Bank Reconciliation Statement

Chapter 7: Depreciation

Chapter 8: Rectification of Errors

Chapter 9: Final Accounts of a Proprietary Concern

Chapter 10: Single Entry System


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