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ledger scrutiny

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(Querist)
08 November 2010 Dear Sir/ Madam

How to do ledger scruity?
What is the purpose of ledger Scrutiny?
Is it necessary to do ledger scrutiny of each and every ledger?

Plase throgh some light on it.
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Rajan Kapoor

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Rajan Kapoor (Expert)
09 November 2010 Purpose of Ledger scrutiny is to check the genuineness of the account statement and satisfy yourself that all the entries are passed in the account. Example of Ledger scrutiny are:
1. Expense ledger: All the monthly expenses are booked and proper provision are booked.
2. Debtor ledger: Sales and payments booked correctly. Reason for delay in collection.
3. Creditor ledger: Advance payments and payments against bills are booked properly. Why material not received against advance payments. TDS is properly deducted on payment made.

In short ledger scrutiny is to ensure that all the statutory compliance are done and all entries are made as per accounting rules.
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