Answer Posted / navjeet singh
first the journals are prepared. the posting of journal entries into the ledger is called ledger posting. journals are prepared by debiting and crediting . Eg. we debit cash when we receive it from financer. and we credit the financer. reason .
because cash is a real account . real accounts means it deals with assets side. when we receive cash we debit it as the rule for real account is debit what comes in credit what goes out.
We prepare multiple ledgers not just one ledger.All the ledgers collectively is called general ledger. like cash A/c ledger. Purchase A/C ledger. office expenses A/c Ledger. eg. under office expenses we collect all journal entries pretaining to office expenses during the last accounting year and post them into office expense ledger.
| Is This Answer Correct ? | 3 Yes | 3 No |
Post New Answer View All Answers
what are the basic elements to prepare a quarterly information system and how to calculate that items?
What is tally and its features?
what are the disadvantages of back-flush accounting?
Q1.How depreciation deffer from depletion? Q2.show the main benefit from calculating and recording depreciation.
Why are accounting standards necessary?
what is retention? how caculate on asset
What are premises in accounting sense? What is vat adjustment?
Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 10% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30. Instructions: Prepare the necessary entries for the declaration and payment of the stock dividend.
how will you adjust voluntary seperation payment in cash flow statement
how to pass interest on security entries and salary payable entries in tally and how to maintain e-commerce company account please revert me ASAP its needful for me
What is the objective of the balance sheet?
WHETHER WE CAN BOOK ALL PRELIMINARY EXPENSES, INCLUDING ACCESSORIES RELATED TO PURCHASE OF A NEW VEHICLE TO CAPITAL EXPENDITURE?
what are the limitations of accounting conventions
I m entering much more than 500-700 sales vouchers per month. But I m getting a problem while entering sale voucher is that If I have entered a sale voucher in the middle of a date then the voucher no is being changed. So how can enter a sale voucher in the middle of a date so that i can adjust the voucher nos from changing.
Is financial accounting necessary?
