Main objective of preparing ledger account is to 

(a)

Ascertain the financial position

(b)

Ascertain the profit or loss

(c)

Ascertain the profit or loss and the financial position

(d)

Know the balance of each ledger account

The process of transferring the debit and credit items from journal to ledger accounts is called 

(a)

Casting

(b)

Posting

(c)

Journalising

(d)

Balancing

J. F. means ___________

(a)

Ledger page number

(b)

Journal page number

(c)

Voucher number

(d)

Order number

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

What is a ledger?

What is debit balance?

What is balancing of an account?

Distinguish between journal and ledger.

Explain the procedure for balancing a ledger account.

On 15^th March 2017, Ramesh paid Rs. 13,800 in full settlement of his account Rs. 15,000 due to his creditor Dinesh. Pass journal entry and prepare ledger accounts.

In the books of Ramesh Journal entry

Date	Particulars	L.F.	Debit Rs	Credit Rs
2017
March 15	Dinesh A/c    Dr.		15,000
	To Cash A/c			13,800
	To Discount received A/c			1,200
	(Paid Dinesh in full settlement of his account)

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

The following are the transactions of Kumaran, dealing in stationery items. Prepare ledger accounts.

2017
June 5	Started business with cash Rs. 2,00,000
8	Opened bank account by depositing Rs. 80,000
12	Bought goods on credit from Sri Ram for Rs. 30,000
15	Sold goods on credit to Selva for Rs. 10,000
22	Goods sold for cash Rs. 15,000
25	Paid Sri Ram Rs. 30,000 through NEFT
28	Received a cheque from Selva and deposited the same in bank Rs. 10,000