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

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

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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

 

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