Accounting · Ledger Maintenance and Principles

Consider the following statements regarding the maintenance of Ledgers: Statement I: The 'Personal Ledger' contains accounts of all individual customers and suppliers, whereas the 'General Ledger' contains all nominal and real accounts including control accounts for the personal ledgers. Statement II: A debit balance in a nominal account at the end of the year indicates a liability or an income that has been earned but not yet received. Statement III: 'Balancing' of accounts is performed for all types of accounts—real, personal, and nominal—at the end of every month to ensure the arithmetical accuracy of the books. Statement IV: The 'Folio' column in the ledger remains empty until the transaction is successfully audited by an external auditor. Statement V: When a business maintains a Three-Column Cash Book, it does not need to maintain separate Cash and Bank accounts in the General Ledger. Which of the statements given above are correct?