Class 11 3. Recording of transaction-I Journal and Ledger: NCERT Book Solutions
Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams.
NCERT Solutions
All chapters of ncert books Accounts 3. Recording of transaction-I Journal and Ledger is solved by exercise and chapterwise for class 11 with questions answers also with chapter review sections which helps the students who preparing for UPSC and other competitive exams and entrance exams.
Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams. - 3. Recording of transaction-I - Journal and Ledger: NCERT Book Solutions for class 11th. All solutions and extra or additional solved questions for 3. Recording of transaction-I : Journal and Ledger Accounts class 11th:English Medium NCERT Book Solutions. Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams.
3. Recording of transaction-I : Journal and Ledger Accounts class 11th:English Medium NCERT Book Solutions
Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams. - 3. Recording of transaction-I - Journal and Ledger: NCERT Book Solutions for class 11th. All solutions and extra or additional solved questions for 3. Recording of transaction-I : Journal and Ledger Accounts class 11th:English Medium NCERT Book Solutions.
Class 11 3. Recording of transaction-I Journal and Ledger: NCERT Book Solutions
NCERT Books Subjects for class 11th Hindi Medium
3. Recording of transaction-I
Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams.
Journal and Ledger
JOURNAL AND LEDGER
JOURNAL - Journal is a book of prime entry or book of original entry in which transactions are first recorded in chronological order.
FEATURES OF A JOURNAL -
- It shows complete record of transactions.
- It is a book of original entry in which transactions are first recorded.
- Day to day transactions are recorded in a journal in chronological order.
- It records both aspects of a transaction i,e. debit and credit.
ADVANTAGES OF JOURNAL -
- It helps to provide accounting data in chronological order.
- It reduces possibility of errors by recording transactions both sides debit as well as credit.
- It provides explanations of transactions along with recording in journal for better understanding of transactions.
- It hepls in ledger posting of transactions.
- It ensures arthmetical accuracy.
- Classification of all transactions become easier.
LIMITATIONS OF JOURNAL -
- It is unsuitable for large volume of transactions.
- It is not a simple system of recording of transactions.
- It is not a substitute of ledger.
- It is time consuming process.
- It does not facilitate internal control, because in journa,l transactions are recorded in chronological order.
FORMAT OF JOURNAL -
|
Date |
Particulars |
L.F. |
Dr.(amount) |
Cr.(amount) |
|
|
|
|
|
|
Journal is divided into 5 columns. These are as follows -
1. Date
2. Particulars
3. Ledger Folio
4. Debit Amount
5. Credit Amount
Example - Mr. A started business and introduced capital of rs. 5,00,000.
the transaction is recorded by passing following journnal entry :
|
Date |
Particulars |
L.F. |
Dr(amount) |
Cr(amount) |
|
|
Bank A/c Dr... To Capital A/c |
|
5,00,000
|
5,00,000 |
LEDGER -
- Means a book which contains, in a summerisedand and classified record of all transactions.
- Ledger is called principal book of account.
- Ledger is called book of final entry.
FEATURES OF LEDGER -
- It is prepred from journal.
- Trial balance and final accounts are prepared from ledger accounts.
- Ledger accounts shows current balances of all accounts.
- Ledger is a master record of all transactions
- It holds relevent informations at one place relating to a particular account.
UTILITY OF LEDGER -
- ledger helps to prepare a separate account for each income and expense.
- It provides complete information about a particular account.
- It helps in prepration of trial balance.
- It also helps in prepration of final accounts. I,e. trading A/c, P&L A/c and balance sheet.
FORMAT OF LEDGER ACCOUNT -
Dr. Cr.
|
Date |
Particulars |
J.F. |
Amount(Rs.) |
Date |
Particulars |
J.F. |
Amount(Rs.) |
|
|
|
|
|
|
|
|
|
Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams.
See other sub-topics of this chapter:
1. Preparation of Accounting Vouchers
Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams. - 3. Recording of transaction-I - Journal and Ledger: NCERT Book Solutions for class 11th. All solutions and extra or additional solved questions for 3. Recording of transaction-I : Journal and Ledger Accounts class 11th:English Medium NCERT Book Solutions. Class 11 chapter 3. Recording of transaction-I ncert solution for board exams and term 1 and term 2 exams.
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Notes And NCERT Solutions
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Accounts Chapter List
1. Introduction to Accounting
2. Theory Base of Accounting
3. Recording of transaction-I
4. Recording of transaction-II
5. Bank Reconciliation Statement
6. Trial Balance and Rectification of Errors
7. Depreciation, Provisions and Reserves
