Class 11 Accountancy - Chapter Recording of Transactions - 1 NCERT Solutions | What is a journal? Give a specimen of jo
What is a journal? Give a specimen of journal showing at least five entries.
Journal is derived from the French word Jour, means daily records. In this book, transactions are recorded in order of their occurrence, i.e., in chronological order from the source document. It is also termed as the book of original entry and each transaction is termed as journal entry.
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Performa of Journal |
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Debit |
Credit |
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Date− Date of transaction is recorded in the order of their occurrence.
Particulars− Details of business transactions like, name of the parties involved and the name of related accounts, are recorded.
L.F.− Page number of ledger account when entry is posted.
Debit Amount− Amount of debit account is written.
Credit Amount− Amount of credit account is written.
Recording of a Journal Entry
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Date |
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1) |
Started business with cash Rs 1,00,000 |
April 01 |
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2) |
Open a bank account Rs 20,000 |
April 03 |
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3) |
Purchase goods for cash Rs 25,000 |
April 04 |
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4) |
Goods sold for cash Rs 30,000 |
April 05 |
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5) |
Goods sold to Mr. X Rs 2,000 |
April 06 |
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Books of Mr A |
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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April1 |
Cash A/c |
Dr. |
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1,00,000 |
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To Capital A/c |
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1,00,000 |
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(Started business with cash) |
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April 3 |
Bank A/c |
Dr. |
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20,000 |
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To Cash A/c |
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20,000 |
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(Bank account opened with cash) |
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April 4 |
Purchase A/c |
Dr. |
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25,000 |
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To Cash |
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25,000 |
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(Goods purchased for cash) |
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April 5 |
Cash A/c |
Dr. |
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30,000 |
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To Sales A/c |
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30,000 |
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(Goods sold for cash) |
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April 6 |
Mr. X's A/c |
Dr. |
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2,000 |
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To Sales |
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2,000 |
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(Goods sold to Mr. X on credit) |
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Total |
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177,000 |
177,000 |
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More Questions From Class 11 Accountancy - Chapter Recording of Transactions - 1
- Q:-
Differentiate between source documents and vouchers.
- Q:-
Voucher is prepared from:
(i) Documentary evidence
(ii) Journal entry
(iii) Ledger account
(iv) All of the above - Q:-
The journal entry to record the sale of services on credit should include:
(a) Debit to debtors and credit to capital.
(b) Debit to cash and Credit to debtors.
(c) Debit to fees income and Credit to debtors.
(d) Debit to debtors and Credit to fees income. - Q:-
A purchase of machine for cash should be debited to:
(i) Cash account
(ii) Machine account
(iii) Purchase account
(iv) None of these - Q:-
Select Right Answer:
Voucher is prepared for:
(i) Cash received and paid
(ii) Cash/Credit sales
(iii) Cash/Credit purchase
(iv) All of the above - Q:-
Should a transaction be first recorded in a journal or ledger? Why?
- Q:-
Cash withdrawn by the Proprietor should be credited to:
(i) Drawings account
(ii) Capital account
(iii) Profit and loss account
(iv) Cash account - Q:-
What entry (debit or credit) would you make to:
(a) increase revenue
(b) decrease in expense,
(c) record drawings
(d) record the fresh capital introduced by the owner. - Q:-
Choose the Correct Answer :
The ledger folio column of journal is used to:
(a) Record the date on which amount posted to a ledger account.
(b) Record the number of ledger account to which information is posted.
(c) Record the number of amounts posted to the ledger account.
(d) Record the page number of the ledger account. - Q:-
Give a specimen of an account.
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Indicate against each amount wheather it is a debit or a credit balance, and prepare a trial balance as at March 31, 2014 based on the following balances:
Accounts Title Amount ₹
Capital 1,00,000
Drawings 16,000
Machinery 20,000
Sales 2,00,000
Purchases 2,10,000
Sales return 20,000
Purchases return 30,000
Wages 40,000
Goodwill 60,000
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Discount allowed 6,000
Bank overdraft 22,000
Bank loan 90,000
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Ganesh 25,000
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