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Recap of Accounting Process

is a summary ...

Question

__________ is a summary of all transactions relating to particular account.

A

Balance sheet

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B

Trial balance

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C

Ledger

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D

Journal

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Solution

The correct option is B Ledger
Ledger is the principal book of accounts. Journal is kept only to facilitate for passing the entries. All entries which are passed in journal are posted in ledger. For every account , a separate ledger is opened. Ledger is a summary of all transactions relating to a particular account.

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