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


How many types of Measurement Units we can create in Tally


A) 2
B) 3
C) 5
D) Unlimited

View Answer

Related Questions - 2


Which reports are prepared monthly in Tally?


A) Profit ; Loss A/C
B) Balance Sheet
C) Trial Balance
D) Cash Flow of Funds Flow

View Answer

Related Questions - 3


Where do we record transactions of salary, rent or interest paid


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

View Answer

Related Questions - 4


ERP stands for


A) Enterprise resource planning
B) Economic resource planning
C) Efficient resource planning
D) Economic resource processing

View Answer

Related Questions - 5


Salary comes under ________ Head


A) Direct expense
B) Current liability
C) Indirect expense
D) Current asset

View Answer