Which of the following statements is INCORRECT?
1
Under self-balancing ledger system, only two ledger accounts are prepared (Debtors Ledger and Nominal Ledger).
2
Under self-balancing ledger system, a complete trial balance can also be prepared by taking up the balances of ledger accounts.
3
Debtors Ledger is also known as Sold Ledger or Sales Ledger, which is maintained for recording personal accounts of trade debtors.
4
Under self-balancing ledger system, each ledger is prepared under double entry system.