Question :

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 option is used in Tally to close opened Company


A) Alter
B) Shut Company
C) Create Company
D) Select Company

View Answer

Related Questions - 2


Where do we record cash sales in Tally


A) Contra
B) Receipt
C) Payment
D) Journal

View Answer

Related Questions - 3


We can modify an existing Company from


A) Company Info > Alter
B) Company Info > Alter Company
C) Gateway of Tally > Modify Company
D) None of these

View Answer

Related Questions - 4


Which option is used to open company created in Tally


A) Create Company
B) Alter
C) Select Company
D) Shut Company

View Answer

Related Questions - 5


Sales return are recorded in ________ Voucher


A) Sales voucher
B) Debit note
C) Receipt
D) Credit note

View Answer