Default ledger accounts in tally are ________
A) Balance sheet profit & loss and trial balance
B) Profit & loss and trial balance
C) Cash and profit & loss accounts
D) Cash and bank accounts
Answer : C
Description :
There are two pre-defined ledgers available in Tally, 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
Trial balance is prepared on ________ basis
A) Monthly
B) Annually
C) Half yearly
D) Any of the above
Related Questions - 2
Where do we record purchase return, sales return, depreciation, bad debts etc.in Tally
A) Journal
B) Payment
C) Contra
D) Receipt
Related Questions - 3
Where do we record transactions of salary, rent or interest paid
A) Contra
B) Journal
C) Receipt
D) Payment
Related Questions - 4
Retained Earnings is an alias of
A) Indirect Income
B) Reserve and Surplus
C) Capital Account
D) Investments
Related Questions - 5
To get Payroll Reports choose
A) Gateway of Tally > Display
B) Gateway of Tally > Display > Statement of Accounts
C) Gateway of Tally > Display > Statement of Payroll
D) Gateway of Tally > Display > Payroll Reports