Question

In a Cooperative society Receipt and Disbursement is prepared with the help of

• A. Balancesheet
• B. Daybook
• C. General Ledger
• D. None of these

Answer 1

Answer:

C. General Ledger

In a Co-operative Society, the Receipts & Payments Account (R&P Account) and Income & Expenditure Account (I&E Account) are prepared from the balances of ledger accounts. The General Ledger contains all the ledger accounts of members, cash, bank, income, and expenditure. Sub-Day Books (like Cash Book, Purchase Book, Sales Book) are special journals used to record daily transactions but are not directly used to prepare the R&P Account. Special Ledger is not a standard term in accounting.