What is General Ledger
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Answer Posted / sri
In TALLY, a Ledger means, is an electronic page to
summarize about one person's or creditor's or debtor's or
one thing regularly purchased item or name specified for a
group of expense like tea & snacks, postage & couriers
etc., will be accounted on the name given to the ledger at
the time of creation. using one ledger we can enter all
types of journal entries.
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Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
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