Class 11 Account Note: Ledger: Objectives of ledger/Forms of ledger/Ledger Account Practice/ Analytical Exercise: Journal & Ledger

Ledger: Objectives of ledger/Forms of ledger/Ledger Account Practice/ Analytical Exercise: Journal & Ledger

 

Ledger

Ledger is classified and summarized form of accounting .Ledger is the principal book of accounting . At the end of accounting period ledger services as authorized source of data for preparation of a firms financial reports. 

Objectives of ledger

1. Provide financial information in classified form
2. Help to prepare trial balance
3. Help to show the financial information of a specific nature of transaction
4. Help to prepare final accounts of a organization.

Forms of ledger

1. T shape
2. Balance Shape

Format

Dr.                                                                                          Cr.

Date	Particulars	Jf	Amt	Date	Particulars	Jf	Amt

 

Question

Journalize the following transactions and post them into ledger account.

jan 3 : Business started with cash Rs. 50,000

jan 5 : Cash Rs. 30,000 deposited into bank.

jan 8 : Cash purchase made for Rs. 5,000

jan 21 : Machinery sold for Rs. 10,000

jan 23 : Machinery for Rs. 15,000 purchased and amount paid by cheque

jan 30 : Cash Rs. 2,000 drawn from bank .

 

Journal Entries

Date	Particulars	l.f	Dr. amt	Cr. amt
Jan 3	Cash a/c Dr. To capital a/c (Being business started with cash)		50,000	50,000
Jan 5	Bank a/c Dr. To Cash a/c (Being cash deposited into bank)		30,000	30,000
Jan 8	Purchase a/c  Dr. To cash a/c (Being cash purchased)		5,000	5,000
Jan21	Cash a/c  Dr. To machinery a/c (Being machinery sold)		10,000	10,000
Jan 23	Machinery a/c Dr. To bank a/c (Being machinery purchase)		15,000	15,000
Jan 30	Cash a/c Dr. To bank a/c (Being cash drawn)		2,000	2,000

 

 

Cash Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Jan 3 Jan 21 Jan 30     Feb 1	To, capital a/c To, machinery a/c To, Bank a/c     To,balance b/d		50,000 10,000 2,000   62,000 27,000	Jan 5 Jan 11 Jan 31	By,bank a/c By, purchase a/c By,balance c/d		30,000 5,000 27,000   62,000

 

 

 

 

 

 

Capital Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Jan31	To, balance b/d		50,000     50,000	Jan 3         Feb 1	By, Cash a\c         By, balance c/d		50,000     50,000   50,000

 

Bank Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Jan 5         Feb 1	To, Cash a/c         To balance b/d		30,000       30,000 13,000	Jan 23 Jan 30 Jan 31	By, Machinery a/c By, Cash a/c By balance c/d		15,000 2,000 13,000   30,000

                                                                            

Purchase Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Jan 8         Feb 1	To, cash a/c         To ,balance b/d		5,000       5,000 5,000	Jan 31	By balance c\d		5,000       5,000

 

Machinery Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Jan 23         Feb 1	To Bank a/c         To, balance b/d		15,000       15,000 5,000	Jan 21 Jan 31	By, Cash a/c By balance c/d		10,000 5,000     15,000

 

Question

april 3 : Business started with cash Rs. 1,00,000 and bank balance Rs. 50,000

april 8 : Goods purchased for Rs. 20,000 of which Rs. 15,000  paid by cash and rest by cheque.

april 9 : furniture sold for Rs. 30,500 to Ram .

april 15 : Furniture purchased for Rs. 50,000 from gopal and payment made by cheque for Rs. 30,000 as partial payment .

april 21 : A cheque of Rs. 30,000 issued to ram for full settled.

 

Journal Entries

Date	Particulars	l.f	Dr. amt	Cr. amt
April 3	Cash a/c Dr. Bank a/c Dr. To capital a/c (being business started with cash and bank balance)		10,000 50,000	1,50,000
April 8	Purchase a/c Dr. To cash a/c To Bank a/c (Being goods purchased )		20,000	15,000 5,000
April 9	Ram a/c Dr. To Furniture a/c (Being furniture sold)		30,500	30,500
April 15	Furniture a/c Dr. To bank a/c To Gopal’s a/c (Being furniture purchased and paid partially)		50,000	30,000 20,000
April 21	Ram a/c Dr. To bank a/c To discount a/c (Being cheque issued to Ram)		30,500	30,000 500

 

Cash Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
3         May 1	To Capital a/c         To balance b/d		1,00,000     1,00,000   85,000	8 31	By purchase a/c By balance c/d		1,50,000 85,000   1,00,000

Bank Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Apr 3 30	To Capital a/c To balance c/d		50,000 15,000     65,000	Apr 8 Apr15 Apr 25	By purchase a/c By furniture a/c By ram’s a/c     By balance b/d		5,000 30,000 30,000   65000 15,000

 

 

 

Capital Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Apr30	To balance c/d		1,50,000     1,50,000	Apr3 Apr3	By cash a/c By bank a/c     By balance b/d		1,00,000 50,000   1,50,000 1,50,000

Purchase Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Apr9     May1	To cash a/c To bank a/c   To balance b/d		15,000 5,000   20,000   20,000	Apr30	By balance c/d		20,000     20,000

Furniture Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Apr15 Apr15       May 1	To bank a/c To Gopal a/c       To balance b/d		30,000 20,000   50,000   19,500	Apr13 Apr30	By ram’s a/c By balance c/d		30,500 19,500   50,000

 

Ram’s Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Apr13 Apr25 Apr25     May 1	To furniture a/c To bank a/c To discount a/c     To balance b/d		30,500 30,000 500   61,000 61,000	Apr30	By balance c\d		61,000       61,000

Gopal’s Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Apr30	To balance c/d		20,000     20,000	Apr15         May1	By furniture a/c         By balance b/d		20,000     20,000   20,000

Discount Account

Dr.                                                                                                  Cr.

Date	Particulars	jf	Amt	Date	Particulars	jf	Amt
Apr30	To balance c/d		500       500	Apr25         May 1	By Ram’s a/c         By balance b\d		500       500 500

 

Analytical Exercise

Journal & Ledger

2076-1-1  Ganesh started business with cash Rs. 2,00,000

2076-1-5  Purchased  goods for Rs. 80,000

2076-1-10 Cash Deposited Rs. 50,000 into bank.

2076-1-15 Again cash purchased Rs. 20,000

2076-1-20 Cash withdrew from bank Rs. 5,000

2076-1-30 Staff salary paid Rs. 20,000 by cheque.

 

Journal Entries

Date	Particulars	l.f	Dr. amt			Cr. amt
1-1	Cash a/c Dr. To capital a/c (Being business started with cash)		2,00,000			2,00,000
1-5	Purchase a/c Dr. To cash a/c  (Being goods purchased )		80,000			80,000
1-10	Bank a/c Dr. To Cash a/c (Being cash deposited into bank)		50,000			50,000
1-15	Purchase a/c Dr. To Cash a/c  (Being Cash purchased  )		20,000			20,000
1-20	Cash a/c Dr. To bank a/c  (Being cash drawn from bank)		5,000			5,000
1-30	Salary a/c Dr. To Bank a/c ( Being salary paid by cheque)		20,000			20,000
Total				3,75,000	3,75,000

 

Cash Account

Date	Particular	J. f	Amount	Date	Particular	J. f	Amount
1-1	To, capital A/c		2,00,000	1-5	By, purchase A/c		80,000
1-20	To, balance b/d		5,000	1-10	By, bank A/c		50,000
				1-15	By, purchase A/c		20,000
				1-30	By, balance A/c		55,000
			2,00,500				2,00,000
2-1	To, balance b/d		55,000

 

 

Capital Account

Date	Particular	J.f	Amount	Date	Particular	J.f	Amount
1-30	To, balance C/d		2,00,000	1-1	By, cash A/c		2,00,000
			2,00,000				2,00,000
				2-1	By, balance b/d		2,00,000

 

Purchase Account

Date	Particular	J.f	Amount	Date	Particular	J.f	Amount
1-5	to, cash A/c		80,000	1-30	By, balance C/d		1,00,000
1-15	To, cash A/c		20,000
			1,00,000				1,00,000
2-1	To, balance b/d		1,00,000

 

 

The following transactions of Mrs. Radha are: –

• commencement of business with Rs. 1,25,000
• bought goods from Mr. sabin for Rs. 25,000 by making partial payment of Rs. 15,000
• Sold goods for Rs. 45,000 to Mr. sagun receiving partial payment of Rs. 25,000.
• Furniture costing Rs. 1,500 was sold for Rs. 8,000.
• Paid Rs. 9,500 to Mr. sabin in full settlement of his account.

Journal Entries

Date	Particular	I.f	Dr. amount	Cr. amount
1.	Cash A/c Dr		1,25,000
	To capital A/c			1,25,000
	{being commencement to business}
2.	Purchase A/c Dr.		25,000
	To sabin’s A/c			10,000.
	To cash A/c			15,000
	{being goods bought and paid partially}
3.	Cash A/c Dr.		25,000
	Sagun A/c  Dr.		10,000
	To sales a/c			45,000

Ledger without Journal

Questions no. 1. From the following transactions prepare Ram’s account.

May-1. Opening debit balance of Ram’s A/c Rs. 30,000.

 May-5. Goods sold to ram for Rs. 5,000.

May-9. Machinery purchased from ram for Rs. 10,000.

May-15. Goods returned by ram for Rs. 1,000.

May-21. A cheque of Rs. 5000 issued to ram.

May-23. Cash purchase made from ram Rs. 2,000

May-29. Sold to gopal for Rs. 3,000

Ram’s account

Date	Particular	J.f	Amount	Date	Particular	J.f	Amount
5-1	To, balance b/d		30,000.	5-9	By, Machinery A/c		10,000.
5-5	To sales A/c		5,000.	5-15	By, sales return A/c		1,000.
5-21	To, bank A/c		5,000.	5-31.	By, balance c/d		29,000.
			40,000				40,000.
	To, balance b/d		29,000

 

 

Prepare Gita’s Account

1. Opening credit balance of gita’s A/c Rs. 35,000.
2. Furniture purchased from gita Rs. 3,000.
3. Goods sold to gita’s for Rs. 2,000.
4. Cash received from gita Rs. 3,000.
5. Cash sales made to gita Rs. 10,000.

Gita’s Account

Date	Particular	J.f	Amount	Date	Particular	J.f	Amount
1-3	To, sales A/c		3,000	1-1	By, balance b/d		35,000
1-4	To, purchase return A/c		2,000	1-2	By, furniture A/c		10,000.
1-31.	To, balance c/d		43,000	1-5	By, cash a/c		3,000.
			48,000				48,000
				2-1	By balance b/d		43,000