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Receipts and Payments Account

What is the p...

Question

What is the purpose of posting JF numbers that are entered in the journal at the time entries are posted to the accounts.

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Solution

JF stands for journal Folio. This number is entered in ledger at the time of posting the journal transaction in the ledger so that at the time of auditing, the records ledger posting can easily be verified from the journal book.

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What is the purpose of posting J.F numbers that are entered in the journal at the time entries are posted to the accounts?

What is the purpose of posting JF numbers that are entered in the journal at the time entries are posted to the accounts?

What is the purpose of posting J.F numbers that are entered in the journal at the time entries are posted to the accounts?

Q. All entries are posted from journal to _______.

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.

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