Accounting · Self-Balancing Ledger System
With respect to the self-balancing ledger system, which of the following statements are correct? (i) General Ledger Adjustment Account: It helps in completing the double entry within individual subsidiary ledgers to make them self-balancing. (ii) Creditor's Ledger: Contains the personal accounts of trade creditors. (iii) Debtor's Ledger: Contains the personal accounts of trade debtors. (iv) General Ledger: Includes all nominal, real, and nominal accounts other than trade debtor and creditor personal accounts.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only (i)
- 2Only (i), (ii) and (iii)
- 3(i), (ii), (iii) and (iv)✓
- 4Only (ii) and (iii)
Correct answer
(i), (ii), (iii) and (iv)
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