Practice - Format of Ledger
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Practice Questions
Test your understanding with targeted questions
What is a ledger?
💡 Hint: Think of it as a comprehensive collection of all account transactions.
What do the Dr. and Cr. mean in a ledger?
💡 Hint: Recall the T-shaped format where each side represents these differently.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary purpose of a ledger?
💡 Hint: Focus on how different accounts are grouped.
True or False: The debit side of a ledger always equals the credit side.
💡 Hint: Think about the double-entry system.
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Challenge Problems
Push your limits with advanced challenges
A company has the following transactions: Sold goods for ₹10,000 on credit, and received ₹5,000 in cash from a customer. Detail how these would be posted in the ledger accounts.
💡 Hint: Remember each transaction affects both a debit and a credit.
You find discrepancies in your ledger where total debits do not equal credits. What steps would you take to identify and correct the error?
💡 Hint: Systematically review and reconcile ledger entries; debugging is vital!
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