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Answer in one sentence only What is Ledger? - Book Keeping and Accountancy

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Question

Answer in one sentence only
What is Ledger?

One Line Answer

Solution

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

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Meaning of Ledger
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Chapter 4: Ledger - Exercises [Page 114]

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Ledger is a book of original entry.


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


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


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________ balance on Nominal Account shows expenses or loss.


Fill in the blank:
Cash account always shows ______ balance


Fill in the blank:
Creditors shows _________  balance


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‘b/d’ means __________.


Fill in the blank:
Rent paid for the residential quarter will be debited to ____________  account.


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


Complete the following table:

 Sales Return Return Inward
Purchase Return ?

Complete the following table:

 Assets Debit Balance
Liabilities ?

Answer in one sentence only.

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


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