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11th Standard English Medium Accountancy Subject Ledger Creative 2 Mark Questions with Solution Part - II

Published on: 29/06/2021

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Creative Questions in class 11 Accountancy Subject. It
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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

What is a Loose-Leaf Ledger?

What will happen to the ledger account postings? Do you think that it will continue for an indefinite period of time? Where will the accounting process stop?

What will happen if an account debited or credited is left out while posting from journal to ledger?

A trader has been selling goods both on cash and credit bases. Most of the goods are sold on credit. The owner has lost track of 'who has to pay how much?' Is there any quick way to get this information?

Write short notes on 'Nil Balance'.

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Answers Key:

Generic 2

5 x 2 = 10

The ledger that is normally use in a majority of business concern is a bound notebook. But in bigger concerns, instead of bound note-book, loose-leaf ledger is used. In a loose-leaf ledger, appropriate ruled sheets of thick paper are introduced and fixed up with the help of a binder.
Whenever necessary additional pages may be inserted, completed accounts can be removed and the accounts may be arranged and rearranged in the desired order. This type of ledger is known as Loose-Leaf Ledger.

Every ledger account will be balanced after a month, the ledger may be showed debit halance or credit balance or nil balance. After that, final account will be prepared after the trial balance. The final account is the last in the accounting process.

One side error had been happened, so trial balance would disclose the error.

Yes, since the trader has been maintaining ledger, it is easy to know the dues and outstanding. With the help of ledger, can solve the problem.

In an account, when the total of debits and credits are equal, it is closed by merely writing the total on both the sides. The nil balance indicates the equality of benefits received and given by that account.