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Ledgers Interview Questions & Answers
The ledger is the most important book under the double-entry system. Ledger is a permanent book of record, which contains all accounts relating to the financial transactions of a business. Therefore, it is also called the book of accounts. An account contained in the ledger book is called ledger account.The ledger holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners' equity, revenues and expenses. Ledger is the collection of an entire group of similar accounts in double-entry book keeping. It is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account. A company's financial statements are generated from summary totals in the ledgers.

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Question	Rating	View Answer
Under what account the debit entry should be made, if the Proprietor has withdrawn some amount from business for his personal use?		View Answer
Which of the following is a real account? a) Building A/c b) Capital A/c c) Rent A/c d) All of these		View Answer
A opened an account with Rs.5,000 on 3/12/09. He deposited Rs. 1,000 on 7/12/09. He withdraw Rs. 2,000 on 15/1209 and deposited a cheque of Rs. 10,000 on 20/12/09. What is the balance on 31/12/09. a) Rs. 18,000 b) Rs. 14,000 c) Rs. 4,000 d) None		View Answer
Renewal fee for patent is a: a) Capital expenditure b) Revenue expenditure c) Deferred revenue expenditure d) None of the above		View Answer
Amount spent on increasing the seating capacity of cinema hall is: a) Capital Expenditure b) Revenue Expenditure c) Deferred Revenue Expenditure d) None of the above		View Answer
The value of furniture on 1st April, 2013 is Rs. 80,000. Furniture purchased during the year was Rs. 40,000. During the year some furniture was sold at Rs. 15,000 and a loss of Rs. 5,000 occurred. The value of furniture on 31 st March, 2014 was Rs. 70,000. Depreciation charged for the year 2013-14 will be: a) Rs. 50,000 b) Rs. 20,000 c) Rs. 30,000 d) Rs. 40,000		View Answer
Credit balance of ledger is _________ a) a revenue or an asset b) a revenue or a liability c) an expense or an asset d) an expenseor a liability		View Answer
Which of the following expenses will not be included in the acquisition of plant? a) Purchase price of plant b) Installation expenses c) Annual Maintenance charges d) Delivery charges of the plant		View Answer
The miscellaneous expenses account is likely to have: a) Only debit entries b) Only credit entries c) Both of the above d) Initially only debit entries and subsequently credit entries		View Answer
The credit balance of a personal account shows: a) Cash in hand b) The amount payable c) Income d) Amount receivable		View Answer
Which of the following is known as "Principal Books of Accounts"? a) Ledger b) Journal c) Trial Balance d) Balance Sheet		View Answer
Which of the following accounts may have a debit or a credit balance? a) Partner's Current A/c b) Purchase A/c c) Commission (Recd) A/c d) None		View Answer
Discount Account will always have: (a) Only Debit balance (b) Only Credit balance (c) Neither Debit nor Credit balance (d) Debit or Credit balance		View Answer
Which of these accounts is debited? a) Income received in advance b) Bank Loan c) Prepaid Insurance Premium d) Reserve for doubtful debts		View Answer
Cash account is a: a) Personal account b) Real account c) Nominal account d) None of the above		View Answer
Cash Sales Rs. 50,000 Cash collected from Debtors Rs. 1,30,000 Bad debts during the year Rs. 5,000 Debtors at beginning Rs. 10,000 Total Sales will be: a) Rs. 1,75,000 b) Rs. 1,70,000 c) Rs. 1,80,000 d) Rs. 1,78,000		View Answer
'A' purchased a car on 1.06.2010 for Rs. 5,60,000 and incurred Rs. 25,000 for repairs, etc. He paid Rs. 10,000 as insurance, Rs. 1,500 for petrol. what amount should be debited to Car A/c? a) Rs. 5,60,000 b) Rs. 5,96,500 c) Rs. 5,95,000 d) Rs. 5,85,000		View Answer
The process of transferring the transactions related to the debit and credit items from journal to classified accounts in the ledger is known as:- (a) Account (b) Ledger (c) Journal (d) Posting		View Answer
What will be the journal entry when goods purchased are returned? a) Creditors A/c Dr. To Purchase Return A/c b) Purchase Return A/cDr. To Creditors A/c c) Creditors A/cDr. To Sales A/c d) None of these		View Answer
Ledger records transaction in: a) A chronological order b) Analytical order c) Both of the above d) None		View Answer