Question

Q.1 Answer in one sentence only
1) What is Ledger?
2) What is ledger posting?
3) When does an account show a nil balance?
4) What is Folio?
5) Where is the statement form of ledger A/c is used in actual practice?
6) Why Proprietor's Capital account is a liability for the business?
7) Why does cash account never shows a credit balance?
8) What is ‘Trial Balance"?

Answer 1

Answer:

4. what if folio

an individual leaf of paper or parchment, either loose as one of a series or forming part of a bound volume, which is numbered on the recto or front side only.

2.Ledger posting is transferring debit and credit items from journal entries into their separate accounts. To do this we should initially guarantee that everything contains a different account. While posting entries, the account which has been debited in the journal entry must be charged in the ledger also.

ledger is a book or collection of accounts in which account transactions are recorded. Each account has an opening or carry-forward balance, would record transactions as either a debit or credit in separate columns and the ending or closing balance.