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Receipts and Payments Account

All transacti...

Question

All transaction are recorded directly in ledger.

A

True

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B

False

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Solution

The correct option is B False
A transaction should be recorded first in a journal because journal provides complete details of a transaction in one entry. Further, a journal forms the basis for posting the transactions into their respective accounts into ledger.

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Q. State whether the following statements are ‘True or False”.

1) Ledger is known as the book of original entry.
2) Narration is not necessary in ledger.
3) All accounts are closed down at the end of the accounting year.
4) Recording of a transaction in Journal is called posting.
5) Balance of personal account is brought down for the next year.
6) All transactions are recorded directly in ledger.
7) Ledger Folio and index is necessary for ledger.
8) Ledger posting is not necessary for Journal Proper.
9) Ledger Folio is recorded in Journal.
10) Ledger posting is made before passing Journal entry.

Q. Recording of transaction in ledger is called as ___ .

Should a transaction be first recorded in a journal or ledger? Why?

Should a transaction be first recorded in a journal or ledger? Why?

Q. Journal is the book of _______ in which every transaction is recorded before being posted into the ledger.

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