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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the purpose of a ledger account?
💡 Hint: Think about what accountants do.
Question 2
Easy
Define a Debit in accounting.
💡 Hint: Think about the left side of the ledger.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does a ledger account track?
- Only Debits
- Only Credits
- All Transactions
💡 Hint: Remember what types of entries are included.
Question 2
True or False: The formula for Balance is always the same irrespective of the previous balance.
- True
- False
💡 Hint: Think about how transactions affect the balance.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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!
Challenge and get performance evaluation