Unit-14 Self-Balancing System

In this unit you will learn about both the self-balancing and the sectional balancing systems.

What is Sectional Balancing? How does it differ from Self-balancing? Give proforma of a Total Debtors Account.

What are Adjustment Accounts? Give journal entries necessary for self-balancing the General Ledger.

Explain briefly flow Debtors Ledger is made Self-balancing, How do you deal with a transfer entry from one personal ledger to another?

What do you understand by Self-Balancing System? State its advantages.

Name the source of relevant data in case of each of the following items:

i.Credit Sales

ii.Discount Allowed

iii.Interest Charged by u creditor

iv.Payment to creditors ,

v.Rill Accepted

vi.B/R Dishonored

vii.Refund to a debtor

viii.Purchases Returns

What is the main purpose of Sectional Balancing?

Name the three ledgers usually kept under Multiple Ledger System

What is a self-balancing system?

Name the two control accounts opened under Sectional Balancing System.

Name the source of relevant data in case of each of the following items:
i.Credit Sales
ii.Discount Allowed
iii.Interest Charged by u creditor
iv.Payment to creditors ,
v.Rill Accepted
vi.B/R Dishonored
vii.Refund to a debtor
viii.Purchases Returns

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1 Answers

i) Sales Book ii) Cash Rook iii) Journal Proper iv) Cash Book v) Bills Payable Book vi) Journal Proper vii) Cash Book viii) Returns Outwards Rook