DK Goel Solutions Chapter 13 Ledger

Read below DK Goel Solutions Class 11 Chapter 13 Ledger. These answers have been developed based on the latest Class 11 DK Goel Accountancy book used by commerce stream students issued for current year and the questions given in each chapter.

This chapter of DK Goel Accounting Solutions presents contains almost 13 types of numerical problems on Ledger Posting, this will also give you more understanding about how to understand ledgers and what type of entries get displayed in ledgers.

The chapter also contains a lot of questions that can be very helpful to understand the concepts for Class 11 commerce students of Accountancy and will also help build a strong foundation.

DK Goel Solutions Class 11 Chapter 13 solutions are free and will help you to prepare for Class 11 Accountancy. Just scroll down and read through the answers provided below

Short Answer Questions for DK Goel Solutions Class 11 Chapter 13

Question 1: Distinguish between Journal and Ledger.

Question 2: Enumerate four advantages of Ledger.

Solution 2:
The benefits of the ledger are below:—
(1) In this book, all accounts are opened on different pages. Therefore, in one position in the register, all transactions relating to an account are collected.
(2) Using ledger balances, a trail balance may be prepared, which helps to assess the arithmetical consistency of the accounts.
(3) Only with the aid of ledger balances will a trade and benefit and loss account be planned.
(4) The balance sheet can also be prepared by means of ledger balances reflecting the company’s financial condition.

Question 3: What are the rules of posting in the Ledger?

Solution 3:
The rules for posting in the ledger as below:-
I All account-related transactions should be reported in one location. There should be no opening of two separate accounts for posting transactions relating to the same account.
(ii) Before accounts that occur on the debit side of an account, the term ‘On’ is used. Similarly, before the accounts that exist on the credit side of an invoice, the expression ‘By’ is used.
(iii) If an account has been debited in the journal entry, it should also be posted in the ledger on the debit side of that account. The name of the other account that was credited in the journal entry should be written for comparison in the data columns.

Question 4: What are the purposes of posting J.F. number at the time entries are posted to the accounts.

Solution 4: The full form of J.F. is Journal Folio. Purpose of posting J.F. number is that it provides a ready reference for tracing the page of journal from where the entry has been posted.

Question 5: Explain the procedure of balancing the personal accounts.

Solution 5: An account is balanced when we have to apply either debit or credit to the larger side, whichever it might be, and write the larger one on the parallel column.

A debit column if it is greater than the column for credit. On the credit line, the disparity is written as ‘By Balance c/d’. In the two columns facing each other, the totals are first entered and then the balance is written as ‘To Balance b/d’ on the debit side to indicate the debit balance in hand at the beginning of the next date or vice versa on the credit balance.

Question 6: Prepare a Compound Entry with the help of imaginary figures and show in posting.

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 7: Prepare on Opening Entry with the help of imaginary figures and show its posting.

Solution 7:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 8: Prepare a Purchase Book with atleast two in it and show its posting.

Solution 8:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 9: Prepare a Sales Book with atleast two items in it and show its posting.

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Numerical Questions:

Question 1: Journalise the following transactions, post them into Ledger, balance the accounts and prepare a Trial Balance:−

2017 (Rs.)
Mar-01Shyam Sunder & Sons commenced business with cash80,000
2Purchased goods for cash36,000
3Machinery purchased for cash4,000
4Purchased goods from : 
 Raghu22,000
 Dilip30,000
6Returned goods to Raghu4,000
8Paid to Raghu, in full settlement of his account17,500
10Sold goods to Mahesh Chand & Co. for Rs. 32,000 at 5% trade discount 
13Received cash from Mahesh Chand & Co.19,800
 Discount allowed200
15Paid cash to Dilip14,850
 Discount received150
20Sold goods for cash25,000
24Sold goods for cash to Sudhir Ltd.18,000
25Paid for Rent1,500
26Received for Commission2,000
28Withdrew by Proprietor for his personal use5,000
28Purchased a fan for Proprietor’s house1,200

Solution 1:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 2: Following balances appeared in the books of Ram & Shyam on January 1, 2017 :−
Assets : Cash in hand Rs. 30,000; Stock Rs. 36,000; Lal Chand Rs. 7,600; Mukesh Khanna Rs. 16,200; Furniture Rs. 8,000.
Liabilities : Ghanshyam Rs. 6,000; Vinod Rs. 8,000.
Following transactions took place during Jan. 2017 :−

2017 
Jan. 2Purchased Typewriter for Rs. 7,500.
4Sold goods for Cash of the list price of Rs. 25,000 at 20% trade discount and 5% Cash discount.
6Sold goods to Gopal Seth for Rs. 10,000.
8Gopal Seth returned goods for Rs. 1,500.
12Purchased goods from Arun Rs. 12,000; and from Varun Rs. 15,000.
13Settled Arun’s account in full after deducting 5% for cash discount.
14Paid cash to Ghanshyam in full settlement of his account.
16Received Rs. 7,500 from Lal Chand in full settlement of his account.
17Purchased a Scooter for office use Rs. 18,000.
20Sold goods for cash Rs. 20,000.
22Received from Gopal Seth Rs. 4,850 and discount allowed Rs. 150.
27Paid for Wages Rs. 7,000 and Salaries Rs. 3,000.
28Withdrew goods for Rs. 2,000 and Cash Rs. 1,500 for private use.
29Paid for Life Insurance Premium of the Proprietor Rs. 1,600.

Journalise the above transactions, post them into Ledger, balance them and prepare a Trial Balance.

Solution 2:

Journal Entries in the Books of Ram & Shyam
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 3: Prepare Journal Entries of the following postings :-

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Solution 3:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 4: Enter the following transactions in a Double Column Cash Book and Journal Proper and post them into Ledger:-

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Solution 4: Cash Book

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Point in mind (DK Goel Solutions Class 11 Chapter 13) :-

  1. Identify in the Ledger the account to be debited.
  2. Enter the date of the transaction in the ‘Date’ column on the debit side of the account.
  3. Write the name of the account which has been credited in the respective entry in the ‘Particulars’ column on the debit side of the amount as ‘To (name of account credited)’.
  4. Record the page number of the Journal where the entry exists in the Journal folio (J,F.) column.
  5. Enter the relevant amount in the ‘Amount’ column on the debit side.

Question 5: Record the following transaction in the Purchases Book of Modern Furniture House, New Delhi assuming CGST @ 6% and SGST @ 6% and post it into Ledger:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Solution 5:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 6: Record the following transaction in the Sales Book of Karunakaran & Sons, Chennai (Tamilnadu) assuming CGST @ 90% and SGST @ 9% and post them into Ledger :-

Solution 6:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 7: Enter the following transactions in Return Outward Book of Modern Furniture House, Udaipur (Rajasthan) assuming CGST @ 6% and SGST @ 6% and post it into Ledger:-

2017 
Nov. 7Returned to Sachdeva Furniture Store, Ahmedabad (Gujarat) :
     5 Chairs @ Rs. 2,000 each
    1 Table for Rs. 15,000
            Less: 10% Trade Discount
22Returned 8 Chairs to India Furniture House, Jodhpur  (Rajasthan) @ Rs. 1,500 each, being not of specified quality.
24Returned one Dining Table to Arora & Co., Jaipur (Rajasthan) being not according to sample Rs. 50,000.
28Allowance claimed from Delhi Furniture Shop, Ahmedabad (Gujarat) on account of mistake in the invoice Rs. 16,000.

Solution 7:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 8: Enter the following transactions in Return Inward Book of M/s Kanitkar & Co. of Mumbai (Maharashtra) assuming CGST @ 2.5% and SGST @ 2.5% and post it into Ledger:

2018 
Jan. 5Goods returned to us by Giriraj & Co., Pune (Maharashtra) worth Rs. 40,000, less 10% trade discount.
10Shah Brothers, Jaipur (Rajasthan) returned goods, being not according to sample Rs. 30,000.
16Allowance claimed by Jai Singh & Co., Mathura (U.P) on account of a mistake in the invoice Rs. 10,000.
20Good returned by Gopalsons, Mumbai being defective Rs. 20,000.

Solution 8:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 9: Enter the following transactions in proper Subsidiary Books and post them into Ledger:−

2017 
Mar-02Purchased from Navrang Traders for Rs. 8,300
3Sold goods to Rohan for Rs. 3,200
5Bought of Ruchi Traders for Rs. 12,100
8Rohan returns the goods for Rs. 60
10Purchased goods from Jaipur Stores of the list price of Rs. 15,400 less 5% Trade Discount
12Sold goods to Arun Traders for Rs. 18,000 less 15% Trade Discount
12Bought of Amit Traders for Rs. 10,000
16Purchased Machinery from Kirloskar Ltd. Rs. 20,000
18Returned goods to Jaipur Stores for Rs. 800 less 5% Trade Discount.
19Arun Traders returned goods for Rs. 3,000, less 15% Trade Discount
20Sales to Kalpna & Co. for Rs. 14,700
22Purchased goods from Navrang Traders Rs. 25,000
25Returns outward to Navrang Traders for Rs. 1,200
26Sales to Rupa Traders for Rs. 10,000 less 10% Trade Discount
29Returns inward from Kalpana & Co. for Rs. 2,000

Solution 9:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Question 10:
Enter the following transactions in subsidiary books, post them into Ledger and prepare a Trial Balance:
The following balances existed in Sunil Bros. books on April 1, 2017:
Assets : Cash in hand Rs. 27,500; Bank Balance Rs. 40,000; Debtors : Ashok Rs. 18,000, Bahadur Rs. 25,000, Charu Rs. 30,000; Stock Rs. 1,60,000 and Furniture Rs. 40,000.
Liabilities : Creditors : Dinesh Rs. 20,000 and Ekta Rs. 15,000.

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Solution 10:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Solution 11:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger

Point of Knowledge (DK Goel Solutions Class 11 Chapter 13) :-
Journal Folio (J.F.) Column in the ledger records Page No. of the journal from which the posting to the Ledger has taken place. Purpose of posting J.F. number is that it provides a ready reference for tracing the page of journal from where the entry has been posted.

Question 12: Enter the following transactions in proper Subsidiary Books, post them into Ledger Accounts, balance the accounts and prepare a Trial Balance :

2017 
Jan. 1Assets :Cash in hand Rs. 20,000; Debtors : Sri Gopal Rs. 15,000, Poonam & Co. Rs. 30,000; Stock Rs. 1,75,000, Machinery Rs. 1,20,000; Furniture Rs. 40,000.
 Liabilities:Bank Overdraft Rs. 33,000; Creditors : Niranjan Lal Rs. 24,000, Bombay Trading Co. Rs. 16,000.
Jan. 2Purchased from Manohar Lal & Sons goods of the list price of Rs. 20,000 at 10% trade discount.
5Returned to Manohar Lal & sons goods of the list price of Rs. 2,000.
10Issued a Cheque to Manohar Lal & Sons in full settlement of their account.
12Sold to Sri Gopal, goods worth Rs. 25,000.
15Received Cash Rs. 10,000 and a Cheque for Rs. 8,000 from Sir Gopal. The Cheque was immediately sent to bank.
16Withdrew for personal use : Cash Rs. 5,000 and goods Rs. 3,000.
17Accepted a bill for 45 days drawn by Niranjan Lal for the amount due to him.
18Acceptance received from Poonam & Co. for the amount due from them payable after 30 days.
19Sold to Raghubir Brothers, goods valued Rs. 16,000.
20Cash purchases Rs. 15,000.
22Withdrew from bank fo office use Rs. 10,000.
23Purchased from Bombay Trading Co., goods valued Rs. 24,000.
24Sri Gopal returned goods worth Rs. 2,000.
25Received from Raghubir Brothers Rs. 10,000.
27Accepted a bill for Rs. 25,000 for 1 month drawn by Bombay Trading Co.
27Paid Rent by Cheque Rs. 2,800.
  Received Commission in Cash Rs. 800.
31Paid salaries Rs. 5,000.

Solution 12:

DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11 Accounts Chapter 13 Ledger
DK Goel Solutions Class 11th Chapter 13 Ledger
What is a Ledger?

A ledger is a particular book that highlights all the financial transactions related to a specific account. Ledger allows the accountants to list all the transactions accurately in a chronological order, which helps them calculate the overview of the transactions much easier. Ledger gives a clear view of the current status of assets and liabilities of an organization and helps in preparing the ideal trial balances.

What are the different sections of a Ledger?

A Ledger brings a bunch of formats depending upon the purposes, such as journals, subsidiary books, and cash books. Typically, a ledger is divided into two sections – the debit part and the credit part. All the information of transactions is recorded on a debit and credit basis, which assists in preparing the financial statements of a business.

What are the merits of a Ledger?

The benefits of Ledger are as follows –
● Ledger incredibly assists in designing a trial balance, which helps firms to analyze the consistency and comparability of the accounts.
● The ledger reflects the complete financial condition of a company. This helps the accountants to create the balance sheets of the company much conveniently.
● Ledger balances help businesses understand the benefits and loss of financial decisions and help them to plan strategically.

What is meant by posting in a ledger?

Posting in Ledger is the procedure of transferring the transaction details from the journal to the ledger accounts of a company.

Mention the rules of posting in the Ledger?

Here are the rules of posting in the ledger –
● All the financial transactions surrounding a similar account must be added in one place.
● The word ‘To’ must be added to the account on the debit side, and the word ‘By’ must be added to the account on the credit side.
● In a Journal entry, if an account gets debited, the details must be entered on the debit side of the ledger. Similarly, when an account gets credited, the posting in Ledger must be made on the credit side.

What is the J.F number, and what is the purpose of posting it?

J.F or the Journal Folio number in the ledger defines the page number of the journal from which the posting to the ledger has been performed. The J.F number helps to get a quick reference and helps in the traceability of the transaction on the journal.