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Receipts and Payments Account

Ledger Folio ...

Question

Ledger Folio is recorded in Journal.

A

True

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B

False

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Solution

The correct option is A True
Ledger folio is the page number or folio number that is recorded in the L.F. column in the Journal.
This column indicates the page number of the ledger book on which the relevant account appears, It is not filled at the time of journalising but at the time of posting the transactions.

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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. L.F. (i.e., Ledger Folio) column in the journal is filled at the time of _________.

Q. Journal and ledger records transactions in _________________.

Q. Ledger Folio and index is necessary for ledger.

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

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