SSC MCQ Question Ans. Ledger. After the recording of transactions primarily it’s necessary to transfer these to the concerned heads of account following the classification of accounts. Throughout the year at different times goods are bought and sold both on cash and credit. Without accomeulating credit purchase from purchase journal and cash purchase from cash book total purchase can never be obtained. Ledger assembles the scattered purchase, sales, and other income and expenses and helps in ascertaining total purchase, total sales, and other total income & expenses. To know about the balances of accounts and to testify their arithmetic accuracy along with having a primary about the total condition of the business are included in this chapter.
SSC MCQ Question Ans. Ledger
If Items are displayed serially and classified properly it can be located and the amount can be obtained easily. After recording transactions in the journal are entered into the ledger serially and classified manner permanently. It is not possible from the journal to know about the total result and the financial condition of a business. In a ledger, the same type of classes of accounts is recorded in different heads of accounts. Different type’s accounts of an organization like the asset, liability, owner’s equity, income, expenses are kept. These accounts together are called ledger.
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