Question

What are the two predefined ledger available for a company when no ledger have been created

Answer 1

Answer:

Pre-defined Ledgers in Tally ERP 9. A ledger is the actual account head to identify your transactions and are used in all accounting vouchers. For example, purchase, payments, sales, receipts, and others accounts heads are ledger accounts. ... These groups and ledgers are classified into profit and loss or balance sheet.

Answer 2

The two predefined ledger available for a company when no ledger have been created are profit and loss and its balance sheet

Explanation:

• Every transaction in form of  accounting vouchers need to be entered into separate heads for  identifying the transactions. There are separate groups created  for showing all the accounting vouchers.
• The voucher entries consist of payments made, sales receipts, payments made for other purchases and more accounting information that needs to be entered. It is necessary to have a ledger for recording these transactions
• These ledger accounts that are entered into different groups for separate transaction type are grouped together and then  evaluated for the profit and loss and their effect is shown on the balance sheet.

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