Practice - Summary
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Practice Questions
Test your understanding with targeted questions
What is the primary purpose of the Journal?
💡 Hint: Think about where transactions are first written down.
Which accounting method does the Journal follow?
💡 Hint: Remember, every entry must balance debits and credits.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the main function of the Journal?
💡 Hint: What does the Journal do as transactions happen?
The Ledger helps in preparing which of the following?
💡 Hint: Think about what comes after classification.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A company received a cash payment of ₹2,000 for services rendered but mistakenly recorded it only as a debit to Cash without a corresponding credit. How would this affect the Trial Balance?
💡 Hint: Think about the principles of double-entry accounting.
You need to prepare a Trial Balance from the following Ledger data: Cash A/c (Dr ₹3,000; Cr ₹1,000), Sales A/c (Dr ₹1,500; Cr ₹5,000). What is the total for both debits and credits?
💡 Hint: Add up both sides of the Ledger accounts carefully.
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Reference links
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