Which ledger is created by Tally automatically as soon as we create a new company
A) Cash
B) Profit ; Loss A/c
C) Capital A/c
D) A and B both
Answer : D
Description :
There are two pre-defined (or automatically created) ledgers available in Tally.ERP 9, they are:
Cash – This Ledger is created under the Group Cash-in-hand. You can enter the opening balance as on the date of books beginning from. You can also alter the name and even delete the Ledger.
Profit and Loss Account – This Ledger is created under the Group Primary. Previous year’s Profit or Loss is entered as the opening balance for this ledger. The balance entered here is treated as the opening profit/loss and shown in the Balance Sheet as opening balance of Profit and Loss account in the Liabilities side.
You cannot delete this ledger, but you can modify the same.
Related Questions - 1
Which reports are prepared monthly in Tally?
A) Profit ; Loss A/C
B) Balance Sheet
C) Trial Balance
D) Cash Flow of Funds Flow
Related Questions - 2
Retained Earnings is an alias of
A) Indirect Income
B) Reserve and Surplus
C) Capital Account
D) Investments
Related Questions - 3
Which option is used to make changes in created Groups of Ledgers in Tally
A) Create
B) Display
C) Alter
D) Change