Find out which is not a Default Ledger in Tally
A. Cash in Hand
B. Capital Account
C. Profit & Loss
D. None of these
Answer: Option B
Solution(By Examveda Team)
There are two pre-defined ledgers available in Tally, they are:Cash - This Ledger is created under the Group Cash-in-hand. You can enter the opening balance as on the date of books beginning from. You can also alter the name and even delete the Ledger.
Profit and Loss Account - This Ledger is created under the Group Primary. Previous year’s Profit or Loss is entered as the opening balance for this ledger. The balance entered here is treated as the opening profit/loss and shown in the Balance Sheet as opening balance of Profit and Loss account in the Liabilities side.
You cannot delete this ledger, but you can modify the same.
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Cash and profit and loss entry have to be ledger creations, which involve a lot of transactions, while capital has the same type of transactions that only the owner gives to the company, which has a single entry.
Cash A/c and Profit and Loss A/c are the default ledgers in tally