If the total of the debit side of an account exceeds the total of its credit side, it means

(a)

Credit Balance

(b)

Debit Balance

(c)

Nil Balance

(d)

Debit and Credit Balance

The amount brought into the business by the proprietor should be credited to

(a)

Cash account

(b)

Drawings account

(c)

Capital account

(d)

Suspense account

___________ is known as principal book of accounts because It is very useful for a business enterprise.

(a)

Journal

(b)

Ledger

(c)

Balance Sheet

(d)

Trial Balance

The financial statements can be prepared from the ____________ balances.

(a)

ledger

(b)

journal

(c)

trial

(d)

none of these

The ledger account is prepared in ______________ format.

(a)

U

(b)

T

(c)

V

(d)

Vertical

The discount which is calculated on the list price of the goods is called__________.

(a)

Cash discount

(b)

Rebate

(c)

Trade discount

(d)

Discount

Merchandise stolen by someone should be debited to_______

(a)

Sales account

(b)

Purchases account

(c)

Loss by theft account

(d)

None of the above

The owner of the business takes Rs.100 cash and goods costing Rs.200 for his family. The proper journal entry for this transaction is called______.

(a)

drawing > debit; Cash > Credit; Purchases > Credit

(b)

Drawing > debit; Cash> Credit; merchandise > credit

(c)

Drawing > debit; Cash > credit; Sales> credit

(d)

cash > debit; Purchases > debit; drawings > credit

Left side of the ledger account is known as

(a)

Credit

(b)

Casting

(c)

Voucher

(d)

Debit

Statement: Goods bought by giving cheque Find out which of the following answer is correct.

(a)

Purchases A/c         Dr
           To Bank A/c

(b)

Bank A/c    Dr
     To Purchases A/c

(c)

Goods A/c        Dr
        To Bank A/c

(d)

Cash A/c      Dr
    To Purchases      A/c

What is a ledger?

What is meant by posting?

Give the specimen of ledger account.

Define Ledger.

What is meant by opening entry?

Distinguish between journal and ledger.

What is ledger? Explain its utilities.

'Ledger is a principal Book of a Business' - Explain.

What are the steps in posting?

Explain the posting of a compound journal entry with an example.

Give journal entries for the following transactions and post them to ledger.

2015 Mar		Rs.
1	Goods sold to Somu on credit	5,000
7	Furniture purchased for cash	300
15	Interest received	1,800

Journalise the following transactions in Thiru. Kumaran books and post them to ledger.

2013Aug.		Rs
5	Sold goods to Arumugam on Credit	17,500
9	Bought good for cash from Chellapan	22,500
12	Met Travelling expenses	2,500
15	Received 80,000 from Sivakumar as loan
21	Paid wages to workers	3,000

The following balances appeared in the books ofVinoth on Jan 1,2018
Assets: Cash Rs. 40,000; Stock Rs. 50,000; Amount due from Ram Rs. 20,000;
Machinery Rs. 40,000 Liabilities: Amount due to Vijay Rs. 10,000
Pass the opening journal entry and "post them to Vinoth's Capital account.