Accounting · Self-Balancing Ledgers
Which of the following statements is INCORRECT regarding self-balancing ledgers?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A self-balancing ledger system implies a system of ledger keeping which classifies ledgers as per the nature of transactions.
- 2Under the sectional balancing system, if an error affects the total of debtors' and creditors' accounts, it is rectified by adjusting the accounts of debtors and creditors themselves without any additional entries.✓
- 3In a self-balancing system, a general ledger adjustment account is prepared in each of the subsidiar y ledgers.
- 4In a self-balancing system, generally three ledgers are prepared, namely debtor ledger, creditor ledger, and main ledger.
Correct answer
Under the sectional balancing system, if an error affects the total of debtors' and creditors' accounts, it is rectified by adjusting the accounts of debtors and creditors themselves without any additional entries.
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