What is the correct sequence?

a) Transaction b) Journal c) Ledger d) Trial Balance

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a) Transaction b) Trial Balance c) Ledger d) Ledger

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a) Journal b) Ledger c) Transaction d) Trial Balance

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a) Transaction b) Ledger c) Journal d) Trial Balance

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Solution

The correct option is C a) Transaction b) Journal c) Ledger d) Trial Balance
Transactions are first Recorded in Journal, than Journal entries are posted to Ledger and than ledger balances are used in preparing a List called Trial Balance.

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Similar questions


2019		(₹)	2019		(₹)
April 1	Mohan commenced business with cash	1,00,000	April 20	Received cash from Gopal	3,950
April 3	Bought goods	5,000		Discount Allowed	50
April 4	Sold goods to Gopal	4,000	April 25	Paid wages	700
April 10	Bought goods from Ram	8,000	April 27	Paid to Ram in full settlement	7,700
April 15	Paid trade expenses	2,000	April 30	Paid rent	1,500

2017		(₹)
March 1	Shyam Sunder & Sons commenced business with cash	80,000
2	Purchased goods for cash	36,000
3	Machinery purchased for cash	4,000
4	Purchased goods from :
	Raghu	22,000
	Dilip	30,000
6	Returned goods to Raghu	4,000
8	Paid to Raghu, in full settlement of his account	17,500
10	Sold goods to Mahesh Chand & Co. for ₹ 32,000 at 5% trade discount
13	Received cash from Mahesh Chand & Co.	19,800
	Discount allowed	200
15	Paid cash to Dilip	14,850
	Discount received	150
20	Sold goods for cash	25,000
24	Sold goods for cash to Sudhir Ltd.	18,000
25	Paid for Rent	1,500
26	Received for Commission	2,000
28	Withdrew by Proprietor for his personal use	5,000
28	Purchased a fan for Proprietor's house	1,200

2017		₹
April 1	Commenced business with cash	40,000
April 2	Deposited in bank	30,000
April 5	Bought goods for cash	5,000
April 7	Sold goods to Amit	2,500
April 9	Bought goods from Parvat	5,100
April 12	Received cash from Amit	1,950
	Discount allowed	50
April 13	Paid cash to Parvat	3,900
	Discount allowed by him	100
April 14	Received cash for goods sold	2,750
April 15	Bought goods from Dinesh	2,350
April 16	Withdrew cash for private expenses	1,000
April 17	Received cash from Amit and deposited into bank	500
April 20	Paid sundry trade expenses	250
April 25	Paid rent	450
April 28	Paid cash to Dinesh	2,300
	Discount allowed by him	50
April 29	Goods sold to Romy	4,750
April 30	Paid for carriage	50

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

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