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Q. What do you mean by Cross-indexing?
Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insertion of (a) the account number of the ledger account in the general journal and (b) the general journal page number in the ledger account. As revealed in Exhibit 10 the account number of the ledger account to which the posting was made is in the Posting Reference column of the general journal. Note the pointer from Account No. 100 in the ledger to the 100 in the Posting Reference column beside the first debit in the general journal. Accountants put the number of the general journal page from which the entry was posted in the Posting Reference column of the ledger account. The date of the transaction as well appears in the general ledger. Note the pointers from the date in the general journal to the dates in the general ledger.
Cross-indexing aids the tracing of any recorded transaction, either from general journal to general ledger or from general ledger to general journal. Normally, they place cross-reference numbers in the Posting Reference column of the general journal when the entry is posted. If this practice is followed the cross-reference numbers indicate that the entry has been posted.
Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and
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XYZ Solutions Pvt Ltd purchased a new vehicle for their employee Sonia to use for both work and private purposes on 1 November 2010. The car cost $38,500 and they paid an extra $2
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During the current year, Mast Corporation expects to produce 10,300 units and has budgeted the following: net income $350,376; variable costs $1,080,800; and fixed costs $105,000
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The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
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