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Receipts and Payments Account

Ledger Folio ...

Question

Ledger Folio and index is necessary for ledger.

A

True

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B

False

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Solution

The correct option is A True
A ledger folio is the page number or folio number that is recorded in the L.F. column in the journal. It includes the page number of the ledger book on which the relevant account appears.
An index is the list of all ledger accounts that is maintained in alphabetical order, indicating the page number of each ledger account.
A ledger book contains various pages and an index helps in finding out any ledger account. Therefore, the ledger folio and index are necessary for a 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. Ledger Folio is recorded in Journal.

Q. Write the meaning of ledger Folio.

What do you understand by ledger folio?

Q. Answer in one Sentence only.

Write the meaning of Ledger Folio.

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