(c) Assets Answer: myCBSEguide has just released Chapter Wise Question Answers for class 11. For example. NCERT Solution for Class 11 Accountancy Chapter 3 - Recording of Transactions - 1 covers all the questions provided in NCERT Books for 11th Class Accountancy Subject. Its capital would be ……………. (c) Vouchers Question 6. Debit originated from the Italian word debito, which in turn is derived from the Latin word debeo, which means ‘owed to proprietor’ and credit comes from the Italian word credito, which is derived from the Latin word credo, which means belief, i.e., ‘owed by proprietor’. (b) Outstanding salary A/c, Question 8. Raja has a hotel. Question 5. Answer: Answer: (d) Minimum three accounts Debit denotes an increase in assets or expenses or a decrease in liabilities, income or capital. However, the non-monetary events are not recorded in accounts; for example, promotion of manger cannot be recorded but increment in salary can be recorded at the time when salary is paid or due. In double entry system of book keeping, every business transaction affects ……………. Yes, she should maintain a bank account for her business. Read and download free pdf of CBSE Class 11 Accountancy Journal Entries Assignment. This transaction affects two accounts with the same amount simultaneously. Step 6- Same steps are to be followed to post entries in the credit side of Mr A’s Account. (a) Nominal accounts, Question 7. Against this, the amount to be debited is entered in the debit amount column in the same line. (a) Credit memo, Question 3. Question: Record the journal entries for the following: 1 - Business started with cash 8,000 and plant & machinery 3,000. Show the effects on Assets, Liabilities and Capital with the help of accounting Equation. Question 4. Further, a journal forms the basis for posting the transactions into their respective accounts into ledger. Now that you are provided all the necessary information regarding CBSE Class 11 Accountancy Worksheet and we hope this detailed article is helpful. TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger. (c) Liabilities = Assets + Capital On the other hand, as rent is paid in cash that reduces the cash balances, so cash account is credited. Question 1. Choose the correct answer, Question 1. Particulars- Details of business transactions like, name of the parties involved and the name of related accounts, are recorded. This document is highly rated by Commerce students and has been viewed 53665 times. Answer : Q6 :  Accounting equation remains intact under all circumstances. For example, additional capital introduced by owner. Answer: Yes, she has to spend money for expenses and capital also. 12 – Goods distributed as free samples for ₹ 2,000 (b) Voucher Question 3: What would be the Journal Entry for Rent paid amounting to Rs. (d) ₹ 40,000 In every business transaction, there are two aspects. Balbharati 11th Book Keeping and Accountancy Chapter 3: Journal solutions Shaalaa has a total of 59 questions with solutions for this chapter in 11th Accounts. There are two NCERT recommended books provided for CBSE class 11 Accountancy subject namely Q1 : Prepare accounting equation on the basis of the following: (a) Harsha started business with cash Rs 2,00,000, (b) Purchased goods from Naman for cash Rs 40,000, (c) Sold goods to Bhanu costing Rs 10,000/- Rs 12,000. (b) ₹ 60,000 (a) Nominal accounts Question 8. Prepare accounting equation for the following transactions. This page gives an overview of the lessons. 2 – Money deposited into bank ₹ 2,00,000 Answer: Assets =Total claimsaccountancy-1. Answer: Firm was charging The way of recording in a journal is quite different from normal recording. For example, loan taken from bank. Example: BHEL account, Bank account. In the Books of Raja The journal entry is: Here, rent is an expense. A short description of each transaction which is written under each entry is called narration. Answer: Question 5. Question 7. (d) Assets of a business are equal to the total of capital and liabilities State its advantages. Journal Entries, Question 13. Answer: Which one of the following is representative personal account? Answer: (d) Deposited into bank ₹ 40,000 Capital + Liabilities = Assets Expense account: Expenses incurred and losses suffered for earning revenue are grouped under this category; for example, purchase of goods, salaries paid. Answer: Question 5. Business entity concept treats business and business owner separately. class 11 th accounts Ka journal entries chapter Ka practical question number 3 solution please like share videos and subscribe my channel This is because all liabilities have credit balance. why, capital account is credited. ? Can you think of some business units that have only cash transactions? It is used for analysing the transactions. It helps in verifying the transaction during the auditing process. In the books of Sasi Kumar Capital of the owner is treated as liability to the business because the business has to repay the amount of capital to the owner, in case of closure of the business. Short answers : Solutions of Questions on Page Number : 79. Journalise the following transactions in his books: Credit Amount- Amount of credit account is written. The date, amount and details of credit purchases and credit sales are given in the invoices. Answer : Double entry system is based on the dual aspect concept. (a) Building A/c Read and download free pdf of CBSE Class 11 Accountancy Journal Entries Assignment. DK Goel Solutions for Class 11 Accountancy Chapter 9 Books of Original Entry - Journal The solution for this question is as follows: Journal of Ganesh Bros Date Particular L.F Amount Dr. (b) liabilities, Question 6. In the Books of Karthick What is Pay – in – slip? TS Grewal Solutions for Class 11 Accountancy Chapter 8 – Journal and Ledger. The transaction (a) increases assets by Rs 5,50,000 (cash Rs 4,00,000 and office equipment Rs 1,5,000) it will be debited and on the other hand it will increase the capital by Rs 5,50,000, so it will be credited in capital account. 2 - Stock purchase for sale (cash purchase) = 3,000, credit purchase = 5,000 3 - Wages paid 120,000 (including 20,000 relating to a future year). Q10 : If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? All the solutions of Journal - Accountancy explained in detail by experts to help students prepare for their CBSE exams. The dual aspect can be better understood by the help of an example; bought goods worth Rs 500 on cash. In the Books of Ramesh So, journal means daily. ₹ 2,00,000 = ₹ 1,60,000 + ₹ 40,000, (c) Assets = Capital + Creditors Owner’s equity is otherwise called as ……………. (c) yearly Answer: (b) Opened bank account with a deposit of – ₹ 30,000 Q3 :  Describe how accounts are used to record information about the effects of transactions? (c) Two sides of the same account Purchase of land and small office building are assets. Journal Entries. ₹ 2,00,000 = ₹ + ? Question 3. Step 8- Total of account is to be written on either sides. Journal Entries, Question 11. The following journal entries will be recorded: Step 1- Locate the account in ledger, i.e., Mr A’s Account. Source documents also ensure that transactions recorded in the books are free from personal biases. Answer: There are five types of Accounts. Some accounting systems are called double accounting systems because under this system there are two aspects of every transaction, i.e., every transaction has dual effect. J.F. Journal and Ledger Rules of Debit and Credit Debit (Dr) means to enter an amount of transaction on the left side of an account and credit (Cr) means to enter an amount on the side of an account. 4 - Salaries paid 200,000 but due 110,000. TS Grewal Solutions for Class 11 Accountancy Chapter 8 – Journal and Ledger. Q18 :  Give journal entries of M/s. Question 1. Answer: As furniture is purchased, so furniture account will increase, and will be debited. Required fields are marked *. Answer: Answer : Can you think of some assets and liabilities for Pearlita’s business? And on Payment of Rent in Cash , Asset is reduced , so Cash A/c is credited. Hence, it represents a person. (a) Pay – in – slip, Question 4. She purchases and sells goods both on cash and credit bases. Question 15. (b) Liabilities of a business are equal to assets Charge depreciation @ 10% p.a for two month on machine costing Rs 30,000. Journal means ……………. 6 – Purchased goods from Kannan and paid through credit card ₹ 20,000 What is compound entry? Explanation: Since Rent is an expense. For example, payment to the creditors results in a decrease in the creditors (liability); so, the creditors account will be debited. Credit denotes an increase in liabilities, income or capital or a decrease in assets or expenses. Answer: Hence, we prepare accounts to know the position of business activities in the meantime. (d) Representative Personal account, Question 9. When cash or cheques is deposited in bank, a form is to be filled by a customer and submitted to the banker along with cash or cheque. (a) Nominal A/c All Chapter wise Questions with Solutions to help you to revise complete Syllabus and Score More marks in … Balance sheet of Pearlita, I. (b) Debit memo According to this system, every transaction has a two fold effect. Find which account is to be debited and which account is to be credited by the application of rules of double entry system. The introduction of fresh capital increases the balance of capital, and so, it is credited. why, cash account is debited. The assets are grouped and shown separately; for example, Land and Buildings account, Plant and Machinery account. Q5 :  Differentiate between source documents and vouchers. Question 4. Question 7. The journal entry is: Here, loan from bank is a liability to the firm. Step 2- Enter the date of transaction in the date column of the debit side of Mr A’s Account. As liability incurred is credited, in the same way, fresh capital introduced and net profit increases the owner’s capital, and so, capital is credited. It acts as an evidence in the count of law. Answer : Q7 : Why are the rules of debit and credit same for both liability and capital? Answer: Are debits or credits indented? (b) Assets – Capital + Liabilities (a) Assets = Capital + Liabilities In this book, transactions are recorded in order of their occurrence, i.e., in chronological order from the source document. In double entry system, accounts are classified as shown below. (b) Cash A/c Asset account: Any physical thing or right owned that has a monetary value is called asset. Students can Download Accountancy Chapter 3 Books of Prime Entry Questions and Answers, Notes Pdf, Samacheer Kalvi 11th Accountancy Book Solutions Guide Pdf helps you to revise the complete Tamilnadu State Board New Syllabus and score more marks in your examinations. Solution: Question 3. Question 2. Answer: Question 3. Cash memo, invoice, and payaccountancy-1-in-slip, etc. (a) Capital of a business is equal to assets What will happen if she uses her personal bank account for her business transactions? Answer: Q2 :Prepare accounting equation from the following: Q3 : Mohit has the following transactions, prepare accounting equation: Q4 : Rohit has the following transactions: Prepare the Accounting Equation to show the effect of the above transactions on the assets, liabilities and capital. Answer: Why is the evidence provided by source documents important to accounting? On 1st April, 2018, Mohit started business with a capital of ₹ 50,000. You will also get idea about the type of questions, you can expect in your Class 11th examination. I. On the other hand, if liability is paid, it reduces liability, and so, it is debited. Answer: Contents1 NCERT Solutions For Class 11 Financial Accounting – Bills of Exchange1.1 Short Answer Type Questions1.2 Long Answer Type Questions1.3 Numerical Questions NCERT Solutions For Class 11 Financial Accounting – Bills of Exchange Short Answer Type Questions Q1.