State with reasons, whether the following statements are true or false: (a) At the end of the accounting year, all the nominal accounts of the…
CA Foundation · Accounting · RTP · September 2025
State with reasons, whether the following statements are true or false: (a) At the end of the accounting year, all the nominal accounts of the ledger book are balanced.
Suggested Answer and Working Notes:
False: At the end of the accounting year, all the nominal accounts of the ledger book are totalled and transferred to Profit & Loss A/c.
Topics: Accounting Process, Subsidiary Books
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