With respect to sectional ledger, which of the following statements is INCORRECT?
1
Control accounts are prepared in general ledger only, the names of these control accounts are total debtors accounts and total creditors account.
2
Personal ledgers, namely debtor's ledger and creditor's ledger, have no control account.
3
A trial balance cannot be prepared only from the general ledger.
4
Double entry system is completed in the general ledger only.