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Question
Statement I: Narration is written for each entry in the Journal.
Statement II: No Naration is written in a Ledger.
Options
(I) is correct.
(II) is correct.
Both (I) and (II) is correct.
Neither statement is correct.
MCQ
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Solution
Both (I) and (II) are correct.
Explanation:
- In a journal, a narration (brief explanation of the transaction) is written below each entry to describe its nature.
- In a ledger, entries are posted from the journal, so no narration is required; only amounts and balances are shown.
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