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Question
What do you understand by ledger folio?
Solution
Ledger folio is a page number of an account in ledger that is written in the L.F. column of a journal format.
In journal entry, ledger folio number is written corresponding to the name of the account in the L.F. column.
It helps in easy locating of the account in the ledger book. It reduces the time in recording and rechecking.
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RELATED QUESTIONS
Purchases book is used to record __________.
A periodic total of the purchases book is posted to the _____________.
Which of the following statements is not true?
What is a purchase book?
What is an invoice?
Give the format of purchases book.
Enter the following transactions in the Purchases book of M/s. Subhashree Electric Co., which deals in electric goods.
| 2017 | Particulars |
| April 5 | Purchased from Karthik Electric Co., on credit |
| 10 Electric iron box @ ₹ 2,500 each | |
| 5 electric stoves @ ₹ 2,000 each | |
| April 19 | Purchased on credit from Khaitan Electric Co., |
| 3 electric heaters @ ₹ 6,000 each | |
| April 25 | Purchased from Polar Electric Co., on credit |
| 10 Fans @ ₹ 2,000 each | |
| April 29 | Purchased from M & Co. for cash |
| 10 electric stoves @ ₹ 3,000 each |
Prepare necessary subsidiary books in the books of Niranjan and also Sachin account and Mukil account from the following transactions for the month of February, 2017.
| 2017 | Particulars | ₹ |
| Feb. 1 | Purchased goods from Mukil Traders on credit | 12,480 |
| Feb. 4 | Goods sold to Sachin Traders on credit | 15,000 |
| Feb. 6 | Sold goods to Manish Traders on credit | 12,100 |
| Feb. 7 | Sachin Traders returned goods for which cash is not paid | 1,200 |
| Feb. 9 | Returned goods to Mukil Traders for which cash is not received | 1,500 |
| Feb. 10 | Sold goods to Manish & Co., on credit | 13,300 |
| Feb. 14 | Purchased from Mukil Traders on credit | 15,200 |
Write the difference between return inwards and return outwards
What is difference between trade discount and cash discount?
Write the process of preparing ledger from a journal
Enter the following transactions in the Purchase Journal (Book) of M/s Gupta Traders of July 2017:
|
01 |
Bought from Rahul Traders as per invoice no. 20041 |
|
40 Registers @ ₹ 60 each |
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80 Gel Pens @ ₹ 15 each |
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50 note books @ ₹ 20 each |
|
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Trade discount 10%. |
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15 |
Bought from Global Stationers as per invoice no. 1132 |
|
40 Ink Pads @ ₹ 8 each |
|
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50 Files @ ₹ 10 each |
|
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20 Color Books @ ₹ 20 each |
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Trade Discount 5% |
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23 |
Purchased from Lamba Furniture as per invoice no. 3201 |
|
2 Chairs @ 600 per chair |
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1 Table @ 1,000 per table |
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25 |
Bought from Mumbai Traders as per invoice no. 1111 |
|
10 Paper Rim @ ₹ 100 per rim |
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400 drawing Sheets @ ₹ 3 each |
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20 Packet waters colour @ ₹ 40 per packet |
