S1: The Ledger is the book of original entry. S2: The process of transferring entries from the Journal to the Ledger is called posting. Which statement(s) is/are correct?
Explanation:
The Journal is the book of original entry, not the Ledger. The Ledger is the principal book of accounts. S2 is correct as posting is the process of transferring journal entries to ledger accounts.
A firm's assets ₹6,00,000, liabilities ₹1,00,000, normal rate 10%, average profit ₹75,000. Value of goodwill by capitalization of average profit method (total value less net assets) is:
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