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
Related Questions - 2
Where do we record credit purchase of furniture in Tally
A) Purchase
B) Payment
C) Receipt
D) Journal
Related Questions - 3
The Profit & Loss statement can be displayed in ________ format(s).
A) Horizontal
B) Vertical
C) A or B
D) None of the above
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Employee salary details are shown in
A) Attendance sheet
B) Gratuity papers
C) Exact reports
D) Payroll
Related Questions - 5
The rate of trade discount varies with the ________ purchased
A) Total asset
B) Current asset
C) Quantity
D) None of these