Question
What do you mean by posting?
✓
Answer
The process of transferring the transaction written in the Journal to a Ledger is called posting. In other words, the process of transferring of debits and credits from the Journal to the Ledger Accounts is called posting. Posting is necessary as it summarises all transactions relating to the account at one place and also shows how transactions have changed the account balances.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Rectify the following errors:
- Sales to Vinod of ₹ 143 posted to his account as ₹ 134.
- Sales to Vinod of ₹ 143 debited to his account as ₹ 134.
- Sales to Vinod of ₹ 143 credited to his account as ₹ 134.
Total of the purchase invoices recorded in the Purchases Book is posted to debit side of the Purchases Account in the Ledger and credited to the accounts of suppliers. Do you agree? Give reasons.
Calculate Closing Stock from the following:
Why is it necessary to pass adjusting entries when final accounts are prepared?
Total of the Sales Book is posted to the credit side of the Sales Account in the General Ledger while individual account of customers is debited by the amount of their respective purchases. Is the above statement correct? Give reasons.
Calculate Net Sales and G.P. from the following:
|
|
₹
|
|
Cost of Goods Sold
|
4,50,000
|
|
G.P.
|
25% on Sales
|
Amrit prepared his Trial Balance on 31st March, 2019, which did not match. What step should he take to proceed further?
From the following information, prepare the Trading Account for the year ended 31st March, 2017:
Adjusted Purchases ₹ 15,00,000; Sales ₹ 21,40,000; Returns Inwards ₹ 40,000; Freight and Packing ₹ 15,000; Packing Expenses on Sales ₹ 20,000; Depreciation ₹ 36,000; Factory Expenses ₹ 60,000; Closing Stock ₹ 1,20,000.
Adjusted Purchases ₹ 15,00,000; Sales ₹ 21,40,000; Returns Inwards ₹ 40,000; Freight and Packing ₹ 15,000; Packing Expenses on Sales ₹ 20,000; Depreciation ₹ 36,000; Factory Expenses ₹ 60,000; Closing Stock ₹ 1,20,000.
From the details given below find out the Credit Sales and Total Sales:
Calculate the value of Closing Stock from the following particulars: