16.2.4. Posting from Journal to Ledger

Try these first

1. 1.

   What is posting in accounting?

   Hint

   Think about moving information from one accounting record to another.

2. 2.

   How are debits and credits recorded in the Ledger?

   Hint

   Remember the term 'left for debits' and 'right for credits'.

3. 3.

   What do we call the process of transferring journal entries to the ledger?

   • Posting
   • Classifying
   • Summarizing

   Hint

   Focus on what we do with journal entries after they are recorded.

4. 4.

   True or False: Each credit in the journal is posted to the debit side of the respective ledger account.

   • True
   • False

   Hint

   Remember how debits and credits are placed in a ledger.

5. 5.

   A company sells products worth ₹20,000 on credit and receives a cash payment of ₹5,000 immediately. Write the journal entry and show how to post to the Ledger.

   Hint

   Consider how to spread the sales across cash and credit.

6. 6.

   A business incurs expenses of ₹8,000 for rent, paying ₹3,000 in cash and offering a note payable for the balance. Describe the journal entry and postings.

   Hint

   Break down payment into parts to cover both cash and notes payable.