At the end of the accounting year all the nominal accounts of the ledger book are _________________.

Balanced but not transferred to profit and loss account

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Not balanced and also the balance is not transferred to the profit and loss account

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Balanced and the balance is transferred to the balance sheet

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Not balanced and their balance is transferred to the profit and loss account

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Solution

The correct option is A Not balanced and their balance is transferred to the profit and loss account
Nominal Accounts are not balanced as they are transfer to profit and loss account

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Similar questions

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At the end of the accounting year all the nominal accounts of the ledger book are _________________.

The correct option is A Not balanced and their balance is transferred to the profit and loss accountNominal Accounts are not balanced as they are transfer to profit and loss account

The correct option is A Not balanced and their balance is transferred to the profit and loss account
Nominal Accounts are not balanced as they are transfer to profit and loss account