Creating ledger with a balance of previous day, previous month, previous quarter, previous year, previous pay period and previous week is very handy and beneficial.
Why do we create Ledger in tally?
When we start tally there will be a screen to start a new ledger.Tally will create a new ledger account for profit & loss and cash in hand that will be the starting point for future transactions. We cannot create another profit & loss ledger.
What is the use of ledger in tally?
a. It is a book in which details of each transaction is entered.b. A journal is a book in which details of each transaction are entered.c. A journal may not be known as a ledger.d. There are total purchases, total sales, debtors, creditors, incomes, expenses.e. One can find information about the above in the ledger.
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