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
Which option is true for viewing Profit & Loss A/C in Gateway of Tally
A) Gateway of Tally > Reports > Profit ; Loss A/C
B) Gateway of Tally > Display > Profit ; Loss A/C
C) Gateway of Tally > Account Books > Profit ; Loss A/C
D) None of these
Related Questions - 2
Which option is used in Tally to make changes in created company
A) Select Company
B) Shut Company
C) Alter
D) None of these
Related Questions - 3
‘Tally vault’ is a ________
A) Security mechanism
B) Ledger a/c
C) Cost category
D) None of the above
Related Questions - 4
To create Manufacturing Journal which option must be activated
A) Use Common Narration
B) Narrations for each entry
C) Prefilled with Zero
D) Use as manufacturing Journal
Related Questions - 5
To create Scenario which option requires to be activated
A) Use Rev Journal ; Optional voucher in F12
B) Use Optional voucher in F11
C) Use Reversing voucher in F11
D) Use Rev journal ; Optional voucher in F11