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Question
The process of finding the net amount from the totals of debit and credit columns in a ledger is known as ____________.
Options
Casting
Posting
Journalising
Balancing
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Solution
The process of finding the net amount from the totals of debit and credit columns in a ledger is known as Balancing.
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| Account | Dr. Balance | Cr. Balance |
| 1. Capital A/c | ||
| 2. Goodwill | ||
| 3. Bank Overdraft | ||
| 4. Bills Receivable | ||
| 5. Creditors | ||
| 6. Drawings | ||
| 7. Advertisement | ||
| 8. Prepaid Rent | ||
| 9. Outstanding Salary | ||
| 10. Bad debts |
