NIOS Class 10 Accountancy Chapter 10 Ledger

NIOS Class 10 Accountancy Chapter 10 Ledger Solutions to each chapter is provided in the list so that you can easily browse through different chapters NIOS Class 10 Accountancy Chapter 10 Ledger and select need one. NIOS Class 10 Accountancy Chapter 10 Ledger Question Answers Download PDF. NIOS Study Material of Class 10 Accountancy Notes Paper 224.

NIOS Class 10 Accountancy Chapter 10 Ledger

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Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 10 Accountancy Chapter 10 Ledger, NIOS Secondary Course Accountancy Solutions for All Chapters, You can practice these here.

Ledger

Chapter: 10

Intext Questions 10.1

Fill in the blanks with a suitable word: 

(i) The book of accounts in which all accounts are maintained is called ______. 

Ans: Ledger.

(ii) Ledger is the__________ of double entry accounting system. 

Ans: Principal Book.

(iii) Process of Recording in the Ledger is known as _______. 

Ans: Ledger Posting.

(iv) ___________ is the basis of posting in the ledger. 

Ans: Journal.

(v) Ledger is the book of _________ record.

Ans: Analytical.

Intext Questions 10.2

Following are the steps of posting a journal to ledger but are not in proper order. Write them in correct order: 

(a) Write the page number of the journal in the JF column of the ledger account and that of the ledger in the LF column of the journal. 

(b) Open the two affected accounts in the ledger. 

(c) Write date, amount of the debit account and have the credit account in the ledger in their respective columns.

Ans: (b) Open the two affected accounts in the ledger. 

(c) Write date, amount of the debit account and have the credit account in the ledger in their respective columns.

(a) Write the page number of the journal in the JF column of the ledger account and that of the ledger in the LF column of the journal.

Intext Questions 10.3

I. Fill in the blanks with suitable words / words: 

(i) Assets accounts always have _________ balance. 

Ans: Debit.

(ii) Liability accounts always have _________ balance. 

Ans: Credit.

(iii) The capital account generally has ___________ balance. 

Ans: Credit.

(iv) The revenue and expenses accounts are closed by taking the balances to ________.

Ans: Trading and Profit & Loss A/c.

II. Balance the following accounts.

Dr.                            Joginder’s Account                             Cr.

Ans: By balance c/d Rs. 1000.

Dr.                        Rent Receivable Account                       Cr.

Ans: By balance c/d Rs. 2000.

III. 

(i) The book in which all accounts of the firm are maintained is known as: 

(a) Cash Book. 

(b) Ledger. 

(c) Journal. 

(d) Day Book. 

Ans: (b) Ledger.

(ii) Which of the following is not the basic objective of preparing ledger? 

(a) To know debtors and creditors of the business. 

(b) To know the financial position of the business. 

(c) To know the effects of common transactions of the business. 

(d) To know whether the proprietor has sold his house to invest money in business. 

Ans: (d) To know whether the proprietor has sold his house to invest money in business.

(iii) The ledger is a book of: 

(a) Original entry. 

(b) Secondary entry. 

(c) All cash transactions. 

(d) Petty cash transactions. 

Ans: (b) Secondary entry.

(iv) Writing a transactions in the ledger is called 

(a) Casting. 

(b) Balancing. 

(c) Journalising. 

(d) Posting. 

Ans: (d) Posting.

(v) Basically the ledger account is divided into two parts. Left side is known as 

(a) Credit side. 

(b) Debit side. 

(c) Wrong side. 

(d) Right side.

Ans: (b) Debit side.

1. What is meant by Ledger? Why is Ledger prepared?

Ans: The book in which all accounts are maintained is called Ledger. It contains the complete set of accounts for a business entity. Ledger is the principal Book of double entry accounting system. It may be in the form of a book or a bound register of separate sheets. Each account is opened on a separate page or card.

Purpose of Ledger 

(i) Quick information about various transactions: Ledger sets the relationship between the business enterprise and business transactions with the help of an account. 

(ii) Proper control over transactions: Separate ledger accounts are maintained for each type of transaction. 

(iii) Helpful in preparing Trial Balance: The final balances of all ledger accounts are shown in the Trial balance, which helps in ensuring that books are arithmetically correct. 

(iv) Helpful in preparing Financial Statements: The financial statements of a business concern are prepared with the help of trial balance which in turn is prepared on the basis of the balance of different ledger accounts.

2. Draw the Format of Ledger Account.

Ans: The format of a ledger account is as follows: 

Title of Account

Dr.       Cr.

3. What is the difference between Journal and Ledger?

Ans: 

4. What is meant by balancing of an Account?

Ans: Balancing an account refers to the process of determining the total value of transactions on one side of an account and comparing it to the total value on the other side. In double-entry bookkeeping, each transaction affects at least two accounts, with one account being debited and another being credited by an equal amount. Balancing ensures that the debits and credits in an account are equal, indicating that all transactions have been properly recorded and accounted for.