Practice - Practical Example: Preparing a Ledger Account in Spreadsheet
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Practice Questions
Test your understanding with targeted questions
What is the purpose of a ledger account?
💡 Hint: Think about what accountants do.
Define a Debit in accounting.
💡 Hint: Think about the left side of the ledger.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does a ledger account track?
💡 Hint: Remember what types of entries are included.
True or False: The formula for Balance is always the same irrespective of the previous balance.
💡 Hint: Think about how transactions affect the balance.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
You have an opening balance of ₹20,000. You make two purchases: one of ₹3,500 and another of ₹1,200, and earn sales of ₹5,000. Create a ledger account and find the final balance.
💡 Hint: Don't forget to account for both purchases as debits.
Suppose you have a ledger with initial transactions showing ₹15,000 in Debits and ₹10,000 in Credits. After updating with a purchase of ₹2,500 and a sales amount of ₹3,500, what are the new balances?
💡 Hint: Keep track of changes with each transaction!
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