The account format that displays debits credits balances and headings: a) General Journal (b) General Ledger (c) T- account (d) Ledger Account

Open in App

Solution

The account format that displays debits credits balances and headings is called T-account. Therefore, the correct answer is option (c)

Suggest Corrections

Similar questions

Give one word, term or phrase for the following statement:

1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.

Write the word, term, phrase, Which can substitute each of the following statement.

1) Transfer of a Journal entry from Journal to ledger.
2) Total of Debit side of an A/c is more than total of Credit side of an A/c.
3) Page number of ledger.
4) A book of an account in which all ledger accounts are maintained.
5) Left hand side of an account.
6) Right hand side of an account.
7) Types of accounts which are not balanced but transferred to Trading A/c or Profit & Loss A/c.
8) Bound book of accounts.
9) An account where total of Purchases Book is posted.
10) A statement of accounts prepared from the balances of ledger account.

Q. A book-keeper finds that the debit side of the trial balance is short of ₹ 308 and so for the time being, he balances the side by putting the difference to suspense account. Subsequently, the following errors were disclosed:
(a) An entry for sale of goods for ₹ 102 to Madhav was posted to his account as ₹ 120.
(b) ₹ 100 being the discount allowed to customers were credited to discount received account in the ledger.
(c) ₹ 275 paid by Madhav were credited to Jadav's account.
(d) ₹ 26 appearing in the cash book as paid for the purchase of stationery for office use have not been posted to ledger.
(e) The debit side of purchases account was under-cast by ₹ 100.
You are required to make the necessary journal entries and the suspense account.

Q. is the process of transferring the debit and credit items from a journal to their respective accounts in ledger.

Is it correct that individual accounts of customers is debited by the respective amount and the total of the sales book is posted to the credit side of the sales account in the general ledger ?

Join BYJU'S Learning Program