The answer to this question is very simple, whenever we create a new company by using tally it automatically creates a ledger account. This ledger is recognised as Profit and Loss account. It is an accounting based questions which demands knowledge of accounts and it’s relatable. It is considered that it creates a cash ledger too. So, be alert while choosing an answer when it strikes in front of you.
Ledger is a book that contains different accounts details in it. It records transactions and termed as a book of final entry too. Tally is a computerized software which helps to create the ledger and to perform the calculation quickly. So, whenever a users wants to create a ledger account of a new company then uses tally 9. Pro software to create a Profit and loss ledger account along with a cash ledger.
This question might strikes in the form of M.C.Q in exam, for an e.g.:- Which ledger is created by tally automatically as soon as we create a new company.
Q. Select the right answer from the following :- Which ledger is created by tally automatically as soon as we create a new company
Options:
A – Cash Ledger
B – Capital A/ C
C – Profit and Loss A/ C
D- Option A and C (Correct)
From the above following, option D is chosen to be the correct answer because it goes correctly with the given situation. The remaining options don’t fit into the situation, as options A and C are the right choice but, separately they aren’t. In case of only one of these two options were given then that would be the correct answer.
If you talk about option C which is capital account, then it is a wrong choice of answer. As, while creating a new company account with the help of tally it will never create a capital account ledger. It doesn’t relate to it. Thus, Option D is only left and therefore it is correct option to go with.
Why does it create Cash and Profit & Loss Ledger only, Explain!
In Tally system, it is believed that ledger is the main account, this software is used to create a leader and to record all of its transactions. It includes records like sales, purchase, and payments. Being a student of accounting you must know that there is zero chance of recording the transaction without creating a ledger account. Ledger account is divided into two group one is Cash Group and other is Profit & Loss Group. Therefore, it creates only these two types of account in a ledger which recording a transactions of new company.
Conclusion
This is a simple question of accounting, people who have studied accounts or have the knowledge of tally must agree to this answer. It’s a fact and facts doesn’t allow any debate to change their form. As, we have tried to explain the clear reason behind this choice hope it might be useful for you.
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