Write short notes on the following: (i) Rules of posting of journal entries into Ledger. (ii) Importance of bank reconciliation statement to an…
CA Foundation · Accounting · RTP · January 2026
Write short notes on the following: (i) Rules of posting of journal entries into Ledger. (ii) Importance of bank reconciliation statement to an industrial unit. (iii) Periodic Inventory System Vs Perpetual Inventory System (iv) Trade bill vs. Accommodation bill. (v) Contingent Asset and Contingent Liability
Suggested Answer and Working Notes:
Rules regarding posting of entries into ledger Separate account is opened in ledger book for each account and entries from journal are posted to respective account accordingly.It is a practice to use words ‘To’ and ‘By’ while posting transactions in the ledger.The concerned account debited in the journal should also be debited in the ledger but reference should be of the respective credit account.
Topics: Theoretical Framework
Related Questions in this Topic
- Write short notes on: (vi) Importance of bank reconciliation to an industrial unit.
- Write short notes on: (v) Noting Charges.
- Write short notes on: (iv) Factors taken into consideration for calculation of depreciation.
- Write short notes on: (iii) Double entry system
- Write short notes on: (ii) Services a Chartered Accountant can provide to society