Ledgers 1

When all the transactions related to one account are collected at one place it is called

• Journal

• Ledger

• Trial balance

• Balance sheet

Received Rs 990 in full and final settlement of Rs 1000 rupees from Manoj.The difference of Rs 10 will be posted to

• Debit side of the manuj account

• Debit side of discount account

• Credit side of discount account

• Debit side of cash account

Purchase goods from Lokesh of rupees 2,000 at 10% trade discount. Purchase account will be debited by

• 2000

• 2200

• 1800

• None of these

Debit balance of real account shows

• Liability

• Assests

• Profit

• Income

Amount paid for Bills payable given to ram. It will be debited

• Bills payable account

• Ram's account

• Cash account

• None of these

The process of transferring entries from books of original entry is called

• Journalising

• Balancing

• Posting

• None of these

Ledger account is prepared from

• Vouchers

• Trial balance

• Journal

• Financial statements

Which of the following expense is not a revenue expense

• Salary

• Electricity

• Water

• Repair of second hand machinery purchased