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
ERP stands for
A) Enterprise resource planning
B) Economic resource planning
C) Efficient resource planning
D) Economic resource processing
Related Questions - 2
Where do we record interest received, commission received or rent received in Tally
A) Contra
B) Payment
C) Receipt
D) Journal
Related Questions - 3
Where do we record credit purchase of furniture in Tally
A) Purchase
B) Payment
C) Receipt
D) Journal
Related Questions - 4
Find out which is not a Default Ledger in Tally
A) Cash in Hand
B) Capital Account
C) Profit & Loss
D) None of these
Related Questions - 5
Which shortcut key is used in Company Features screen to use Accounting Features in Tally
A) F1
B) F2
C) F3
D) F4