Accounting · Self Balancing Ledger
Evaluate the truthfulness of the following statements regarding the Self-Balancing Ledger system: Statement 1: Under the Self-Balancing Ledger system, each ledger is maintained under the double-entry principle, and a complete trial balance can be prepared from the balances of any single ledger. Statement 2: In this system, General Ledger Adjustment Account is maintained in the General Ledger, while Debtors Ledger Adjustment Account and Creditors Ledger Adjustment Account are maintained under Debtors and Creditors Ledgers respectively.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement 1 and Statement 2 are incorrect
- 2Only Statement 2 is correct
- 3Both Statement 1 and Statement 2 are correct
- 4Only Statement 1 is correct✓
Correct answer
Only Statement 1 is correct
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