journal assignment for class 11

Journal Entries Question for class 11 with solution- chapter 8

T.s grewal solution for class-11 chapter-8 journal.

journal entry class 11 Journal entries in accounting serve as the primary method for recording financial transactions. These entries are made in a chronological order and include details about the accounts affected, the monetary values, and the date of the transaction. They adhere to the double-entry accounting system, ensuring that debits equal credits to maintain the fundamental accounting equation: Assets = Liabilities + Equity. Journal entries play a critical role in financial record-keeping, tracking business activities, and preparing financial statements

what is a journal?

journal is a primary book of account in which transactions are first recorded in a chronological order.

what is a journalising?

journalising is a process of recording a transaction in a journal.

terms or expressions used for journal.

• book of original entry:  journal is called a book of original entry  (also called book of prime entry)  because a transaction is first recorded or written in this book and thereafter transferred, i.e posted into the ledger account 
• journal entry : an process in the journal is called a journal entry 
• journalising;  the process of recording a transaction in a journal is known as journalising. 
• posting:  the process of recording a transaction in a journal is called posting 

characteristics or features of a journal. 

• day, to day transaction are recorded in a journal in a chronological order, i.e in the order or sequence they are entered
• it is a book of original entry in which transactions are written before they are posted in the ledger accounts. 
• it records both aspects of a transaction, i.e debit and credit using double entry system of book keeping. 
• journal is a records which shows complete details of a transaction in one entry, 
• journalising is a process of recording a transaction in the journal and the form in which it is recorded is knows as a journal entry. 

advantages of a journal. 

• provides accounting data in chronological order;  transaction in the journal are recorded as they take place. thus, it makes available the accounting record in chronological order as well as datewise, 
• possibility of error reduces:  possibility of errors is reduced as the amounts to be debited and credited are written side by side and the two can be compared to verify that are equal.
• explanations of the transaction;  along with the entry in the journal narration is written explaining the entry for understanding the entry later. 
• ledger posting of transaction;  journal is the base for posting of transaction into ledger accounts, 

limitations of journal.

• unsuitable for large volume of transaction;  recording all transactions in the journal is suitable only when the volume of transactions is less. in the cases where volume of transaction is large, this limitation can be overcome by sub dividing .the journal into special journals such as cash book. 
• not a simple system of recording;  recording transaction in a journal involves identification of accounts to be debited and credited and applying rules, of debit and credit, the process requires analytical and technical knowledge for correct accounting 
• cash balance is not revealed:  recording of all transaction in journal means cash balance can be knows after posting of cash transaction in cash account , which is a lengthy process. however , this limitation can be overcomes, by maintaining special, journal for cash transaction, i.e cash book, 
• not a substitute of ledger;  information relating to a particular. person or heads is known after posting of transaction in the ledger, accounts, journal is , thus, not a substitute of ledger, 

journal entry class 11 format of a journal

 journal is divided into five columns. these are; date particulars, ledger folio, debit amount credit amount, the format of a journal is as follows, 

(L.F , stands for ledger folio)

• date:  in this column, the transaction date is written, 
• particulars :   due to dual aspact concept, each transaction has two aspects and both the aspect of transaction are recorded , i.e the name of the two accounts affected by the transaction, the name of the account to be debited is written first followed by the word, Dr written close to the right-hand marign line , while the mane of the account to be credited preceeded is written in the next line by the word, to a little to the right, 
• narration:  A brief description of the transaction is also written after the entry, 
• ledger folio,:  in this column the number of ledger page is written to which the debit and credit aspect of the transaction is posted , for  example ,  the proprietor invests further capital of a/m 50,000 and capital account is maintained at ledger 

journal entry class 11 steps in journalising

• step :  ascertain the accounts that are affected by a transaction
• step :  ascertain the nature of the accounts affected .  
• step:   ascertain the account to be debited and credited by applying the rule of debit and credit  

Rules of debit and credit

journal entry class 11

what should be kept in mind while making general entry ?

• Date: Always record the date of the transaction. Accurate dating is essential for tracking financial transactions and for audit and tax purposes.
• Description: Provide a clear and concise description of the transaction. This description should explain the nature of the transaction, what accounts are involved, and any relevant details.
• Debit and Credit: Every journal entry should include at least one debit and one credit. Debits and credits must be equal, maintaining the accounting equation (Assets = Liabilities + Equity).
• Accounts: Specify the accounts that are being debited and credited. For example, if you’re recording a sale, debit Accounts Receivable and credit Sales.
• Amounts: Include the specific monetary amounts for both the debit and credit sides of the entry.
• Reference: If there is a reference number or document related to the transaction (like an invoice or receipt), note it in the journal entry for future reference.
• Consistency: Be consistent with the accounting system you’re using. This means following the same rules and procedures for debits and credits.
• Accuracy: Double-check your entries for accuracy. Mistakes in journal entries can lead to significant errors in financial statements.

journal entry class 11 Question and Answer

Question: 1 you are required to give  (a) journal entries,   (b) nature of account (whether assets, liability, capital, expenses or revenue),  direction of change (increase or decrease ), and (d) appropriate rule for recording the change for the following transaction ,

• nitin invested rup;50,000 cash and rup; 500,000 by cheque to start a business.
• he deposited goods for rup: 5,000 out of cash in the bank 
• purchases goods for rup: 5,000 against cash
• purchased a building and paid rup:2,50,000 by cheque 
• purchased goods from m/s. hari &.co for rup; 100,000
• sold goods for cash rup: 50,000
• sold goods on credit to m/s . ramesh & co. rup; 25,000
• m/s ramehs & co. returned goods of rup;5000 being defective,
• goods returned by m/s ramesh & co. returned to m/s hari & co. at cost price i.e rup 4000
• paid salary to staff by cheque rup; 15,000
• paid rent for the residence of nitin rup: 10,000 by cheque 
• paid electricity charges for the month rup;1,000 in cash 
• paid telephone charges rup: 500 in cash 
• bought office furniture for rup; 25,000 against cheque 
• paid m/s hari & co, on account rup: 50,000 by cheque 
• received from m/s ramesh & co. rup: by cheque
• placed order for goods with m/s abhi & sons of rup: 200,000: paid them rup; 20,000 by cheque as advance, balance to be paid on delivery of goods, 
• received order for goods from m/s , ajay & co. of rup; 300,000 along with a cheque for rup: 30,000 as advance , balance to be received against delivery of goods. 
• paid rup: 1,000 for stationery. 
• nitin withdrew rup: 10,000 for household expenses out of cash 

Question:2 transaction of ramesh for april are given below: journalise them

journal entry class 11 simple and compound journal entries

• simple journal entry:  simple journal entry is an entry in which only two accounts are affected, i.e one account is debited and another is credited with an equal amount ,
• compound journal entry:  compound journal entry is an entry is which two or more accounts are debited and one or more accounts are credited or vice versa. for example, salary of a,/m 15,000 and telephone expanses of a/m 5000 were paid in cash 

Question 3 : ( compound journal entries 🙂 record the following transaction in journal

Question:4 Business Starts with Capital Investmen (Describe the accounting process when a business owner invests INR 50,000 of their own money into the business as capital. Provide a journal entry with debits and credits.)

Question:5 Purchasing Goods on Credit and Payment (Explain the accounting entries involved in purchasing goods worth INR 10,000 on credit and subsequently making a cash payment of INR 10,000 to the supplier.)

Note: where we have written account, you can also write particulars, both have the same meaning.

Question: 6 Recording Employee Salaries and Deductions (Describe the journal entries for paying employee salaries of INR 20,000, including INR 2,000 in tax deductions. Provide separate entries for salary payment and tax deduction.)

Question:7 Selling Goods on Credit and Receiving Payments

Question:8 Depreciation of Equipment ( Discuss the concept of depreciation and provide a journal entry for recording the depreciation expense of equipment worth INR 4,000.)

Journal entries in accounting are essential records of financial transactions. They help maintain an accurate and systematic account of a company’s financial activities. Each entry involves at least two accounts, with one debited and the other credited. Journal entries play a crucial role in preparing financial statements and ensuring compliance with accounting principles. They provide a comprehensive view of a company’s financial health, making them a fundamental tool for both bookkeeping and financial analysis.

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CBSE Worksheets for Class 11 Accountancy

CBSE Worksheets for Class 11 Accountancy: One of the best teaching strategies employed in most classrooms today is Worksheets. CBSE Class 11 Accountancy Worksheet for students has been used by teachers & students to develop logical, lingual, analytical, and problem-solving capabilities. So in order to help you with that, we at WorksheetsBuddy have come up with Kendriya Vidyalaya Class 11 Accountancy Worksheets for the students of Class 11. All our CBSE NCERT Class 11 Accountancy practice worksheets are designed for helping students to understand various topics, practice skills and improve their subject knowledge which in turn helps students to improve their academic performance. These chapter wise test papers for Class 11 Accountancy will be useful to test your conceptual understanding.

Board: Central Board of Secondary Education(www.cbse.nic.in) Subject: Class 11 Accountancy Number of Worksheets: 31

CBSE Class 11 Accountancy Worksheets PDF

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• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 1
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• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 3
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• CBSE Worksheets for Class 11 Accountancy Theory Base of Accounting Enrichment Assignment
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DK Goel Solutions

• DK Goel Solutions Class 11

DK Goel Solutions Chapter 9 Books of Original Entry Journal

Read below DK Goel Solutions Class 11 Chapter 9 Books of Original Entry Journal . These answers and solutions to questions given in chapter have been prepared based on the latest Class 11 DK Goel Accountancy book issued for current academic year.

This chapter in DK Goel Accountancy Class 11 highlights a crystal clear picture instilling the knowledge about journal entries within the students.

DK Goel Solutions Class 11 Chapter 9 also includes a lot of good quality questions which are very well designed and can be very helpful to understand the concepts for Class 11 students of Accountancy.

DK Goel Solutions Class 11 Chapter 9 solutions are free and will help you to prepare for Class 11 Accountancy

Books of Original Entry Journal DK Goel Class 11 Accountancy Solutions

Students can refer below for solutions for all questions given in your DK Goel Accountancy Textbook for Class 11 in Chapter 9

Very Short Questions for DK Goel Solutions Class 11 Chapter 9

Question 1: 

Solution 1:  Journal is a main entry book or an original entry book in which the event is first entered in a linear order or sequence. As all transactions are originally documented in it, the document is called the Book of Original Entry.

Question 2: 

Solution 2:  All the transactions are recorded firstly in the journal so it is called book of original entry.

Question 3:  

Solution 3:  The process by which the transaction is reported in the journal is called journalising.

Question 4: 

Solution 4:  The benefit of a report is the compilation of financial data in chronological order.

Question 5: 

Solution 5:  The journal’s only drawback is that it is difficult to document all the heavy and cumbersome transactions.

Question 6: 

Solution 6:  Every transaction has a short summary after each entry is known as the narrative.

Question 7: 

Solution 7:  Ledger Folio or L.F. It’s the number of the page where the journal poses. In the document, the page number is registered.

Question 8: 

Solution 8:  When, on the same day, two or more purchases belonging to one individual account take place. In this case, only one entry is passed, instead of logging different entries. This form of journal entry is known as the journal entry compound.

Question 9: 

Solution 9:  The first entry in the Journal is moved to the preceding year’s closing balances ledger. The opening entry is called it. The balance sheet prepared at the end of the year displays each asset and liability’s closing balances and forms the basis for this opening entry.

Question 10:  

Solution 10: Below is the Journal of withdrawing of goods by the proprietor

Question 11:  

Solution 11:  Machine account is debited if wages are paid for the installation of a machine.

Practical Question for DK Goel Solutions Class 11 Chapter 9

Solution 1:

Point in Mind DK Goel Solutions Class 11 Chapter 9 :-

Journal is a prime entry book or an original entry book in which the transaction is first entered in a linear order or sequence. As all transactions are originally documented in it, the document is called the Book of Original Entry.

Solution 2:

Point in Mind DK Goel Solutions Class 11 Chapter 9 :-  The first entry in the Journal is passed to record closing balances of the previous year. It is called the opening entry. The Balance Sheet prepared at the end of the year shows the closing balances of each asset and liability and forms the basis for this opening entry.

Question 3:

Solution 3:

Working Note :-

1.) Sale = 1,00,000

Sales Return = Rs. 1,00,000 × 20% = Rs. 20,000

Question 4:  

Solution 4:

Working Note:- List price = Rs. 25,000 Calculation of Trade discount:- Trade discount = 20% Trade Discount = Rs. 25,000 × 20% Trade Discount = Rs. 5,000 Calculation Sales:- Sales = Rs. 25,000 – Rs. 5,000 Sales = Rs. 20,000

Question 5:

Solution 5:

Working Note:- 1.) Calculation of discount Discount Amount = Rs. 10,000 × 5% = Rs. 500 Amount paid to Gopal = Rs. 10,000 – Rs. 500 = Rs. 9,500

Solution 6:

Working Note:- 1.) Calculation of selling price List price = Rs. 50,000 and Trade discount = 15% Trade Discount = Rs. 50,000 × 15% Trade Discount = Rs. 7,500 Sales = Rs. 50,000 – Rs. 7,500 Sales = Rs. 42,500

2.) Calculation of selling price List price = Rs. 60,000 and Trade discount = 10% Trade Discount = Rs. 60,000 × 10% Trade Discount = Rs. 6,000 Sales = Rs. 60,000 – Rs. 6,000 Sales = Rs. 54,000

Point in mind:- The following are the two advantages of allowing Trade Discount: 1.) Increased sales due to high quantity involved in sales. 2.) Increased customer base due to low prices and discount offers.

Question 7:

Solution 7:

Working Note:- 1.) Calculation of selling price List price = Rs. 2,00,000 and Trade discount = 20% Trade Discount = Rs. 2,00,000 × 20% Trade Discount = Rs. 40,000 Sales = Rs. 2,00,000 – Rs. 40,000 Sales = Rs. 1,60,000

Question 8:

Solution 8:

Working Note:- 1.) Calculation of selling price List price = Rs. 80,000 and Trade Discount = 10% Trade Discount = Rs. 80,000 × 10% Trade Discount = Rs. 8,000 Sales = Rs. 80,000 – Rs. 8,000 Sales = Rs. 72,000

Cash discount = 2.5% Cash discount = Rs. 72,000 × 2.5% Cash discount = Rs. 1,800 Total Amount Received = Rs. 72,000 – Rs. 1,800 Total Amount Received = Rs. 70,200

Question 9:

Solution 9:

Working Note:- 1.) Calculation of selling price List price = Rs. 80,000 and Trade Discount = 15% Trade Discount = Rs. 80,000 × 15% Trade Discount = Rs. 12,000 Sales = Rs. 80,000 – Rs. 12,000 Sales = Rs. 68,000

Amount received = Rs. 68000 × 75% Amount received = Rs. 51,000

Cash discount = 4% Discount amount = Rs. 51,000 × 4% Discount amount = Rs. 2,040 Amount Received = Rs. 51,000 – Rs. 2,020 Amount Received = Rs. 48,960

2.) Calculation of purchases price List price = Rs. 60,000 and Trade Discount = 10% Trade Discount = Rs. 60,000 × 10% = Rs. 6,000 Sales = Rs. 60,000 – Rs. 6,000 Sales = Rs. 54,000

Amount received = Rs. 54,000 × 60% Amount received = Rs. 32,400

Cash discount = 5% Discount amount = Rs. 32,400 × 5% Discount amount = Rs. 1,620

Amount Received = Rs. 32,400 – Rs. 1,620 Amount Received = Rs. 30,780

Question 10:

Working Note:- 1.) Calculation of amount paid to hanry:- List price = Rs. 50,000 and Trade Discount = 10% Trade Discount = Rs. 50,000 × 10% Trade Discount = Rs. 5,000 Sales = Rs. 50,000 – Rs. 5,000 Sales = Rs. 45,000

Amount received = Rs. 45,000 × 60% Amount received = Rs. 27,000

Cash discount = 4% Discount amount = Rs. 27,000 × 4% Discount amount = Rs. 1,080

Amount Received = Rs. 27,000 – Rs. 1,080 Amount Received = Rs. 25,920

Question 11: 

Solution 11:

Working Note:- List price = Rs. 2,50,000 and Trade Discount = 20% Trade Discount = Rs. 2,50,000 × 20% Trade Discount = Rs. 50,000 Sales = Rs. 2,50,000 – Rs. 50,000 Sales = Rs. 2,00,000

Amount received = Rs. 1,20,000 Cash discount = 10% Discount amount = Rs. 1,20,000 × 10% Discount amount = Rs. 12,000

Amount Received = Rs. 1,20,000 – Rs. 12,000 Amount Received = Rs. 1,08,000

Question 12:

Solution 12:

Working Note:- 1.) Calculation of amount paid by bhushan:- List price = Rs. 10,000 and Trade Discount = 10% Trade Discount = Rs. 1,00,000 × 10% Trade Discount = Rs. 1,000 Sales = Rs. 10,000 – Rs. 1,000 Sales = Rs. 9,000

Point in Mind DK Goel Solutions Class 11 Chapter 9 :- Trade Discount is allowed by the seller on the purchase of goods in large quantities. It is usually by the wholesalers to the retail shop owners who further sell the goods to the consumer. Trade Discount is deducted in the invoice from sale price and is not recorded in the books of account. Cash Discount is allowed by the seller to the customers to encourage prompt or early payment. It is allowed as a per cent of invoice value or payment made say @ 5% of invoice value to the buyer. Cash discount is calculated after deducting trade discount from the invoice price.

Question 13:  

Solution 13:

Point in Mind :-

• Asset Accounts: Debit the increases, Credit the decreases.
• Liability Accounts: Debit the decreases, Credit the increases.
• Capital Accounts: Debit the decreases, Credit the increases.
• Expense Accounts: Debit the increases, Credit the decreases.

Question 14 (A):

Solution 14 (A):

Working Note:- 1.) Calculation of amount paid by bhushan:- List price = Rs. 8,000 and Trade Discount = 20% Trade Discount = Rs. 8,000 × 20% Trade Discount = Rs. 1,600 Sales = Rs. 8,000 – Rs. 1,600 Sales = Rs. 6,400

Point in mind:- 1.) Increased sales due to high quantity involved in sales. 2.) Increased customer base due to low prices and discount offers.

Question 14 (B):

Solution 14 (B):

Working Note:- List price = Rs. 20,000 and Trade Discount = 10% Trade Discount = Rs. 20,000 × 10% Trade Discount = Rs. 2,000 Sales = Rs. 20,000 – Rs. 2,000 Sales = Rs. 18,000

Cash discount = 5% Discount amount = Rs. 18,000 × 5% Discount amount = Rs. 900 Amount Received = Rs. 18,000 – Rs. 900 Amount Received = Rs. 17,100

Question 15: 

Solution 15:

Question 16:

Solution 16:

Question 17:

Solution 17:

Question 18:

Solution 18:

Question 19:

Solution 19:

Working Note:- List price = Rs. 10,000 and Trade Discount = 20% Trade Discount = Rs. 10,000 × 20% Trade Discount = Rs. 2,000 Sales = Rs. 10,000 – Rs. 2,000 Sales = Rs. 8,000

Cash discount = 5% Discount amount = Rs. 8,000 × 5% Discount amount = Rs. 400 Amount Received = Rs. 8,000 – Rs. 400 Amount Received = Rs. 7,600

Question 20:

Solution 20:

Question 21:

Solution 21:

Question 22:

Solution 22:

Question 23:

Solution 23:

Question 24:

Solution 24:

Question 25:

Solution 25:

Question 26: 

Solution 26:

Question 27: 

Solution 27:

Question 28:

Solution 28:

Question 29: 

Solution 29:

Question 30:

Solution 30:

Question 31:

Solution 31:

Working Note:- Calculation selling price of the goods sold to M/s Kalu & Sons Cost = Rs. 60,000 Profit = Rs. 60,000 × 10% Profit = Rs. 6,000

List Price = Cost price + Profit List Price = Rs. 60,000 + Rs. 6,000 List Price = 66,000

Trade discount = 5% Trade discount = List Price × % of trade discount Trade discount = Rs. 66,000 × 5% Trade discount = Rs. 3,300

Sale price = List Price – Trade discount Sale price = 66,000 – 3,300 Sale price = 62,700

Question 32:

Solution 32:

Question 33:  

Solution 33:

Working Note:- List price = Rs. 25,000 and Trade Discount = 20% Trade Discount = Rs. 25,000 × 20% Trade Discount = Rs. 5,000

Sales = Rs. 25,000 – Rs. 5,000 Sales = Rs. 20,000

Cash discount = 5% Discount amount = Rs. 20,000 × 5% Discount amount = Rs. 1,000

Amount Received = Rs. 20,000 – Rs. 1,000 = Rs. 19,000

Question 34: 

Solution 34:

Question 35:

Solution 35:

Working Note:- List price = Rs. 2,00,000 and Trade Discount = 15% Trade Discount = Rs. 2,00,000 × 15% Trade Discount = Rs. 30,000

Sales = Rs. 2,00,000 – Rs. 30,000 Sales = Rs. 1,70,000

Cash Received = 1,70,000 × 80% Cash Received = Rs. 1,36,000

Cash discount = 2% Discount amount = Rs. 1,36,000 × 2% Discount amount = Rs. 2,720

Amount Received = Rs. 1,36,000 – Rs. 2,720 Amount Received = Rs. 1,33,280

Question 36:

Solution 36:

Question 37:

Solution 37:

Question 38:

Solution 38:

Question 39:

Solution 39:

Point of Knowledge for DK Goel Solutions Class 11 Chapter 9 :-

Journal refers to the original entry book in which all financial transactions are recorded initially. Journals are recorded as soon as a financial transaction occurs to minimize the chances of omission of any transaction details. The journal is also termed the Book of Original Entry as it consists of the original report of the transactions.

Journalizing is a mechanism employing which all business transactions are recorded for a firm’s financial records. A business transaction is first entered in a journal. The journal keeps the firms keep track of all business transactions arranged in chronological order.

The prominent advantages of journals are as follows – ● Journal keeps track of all the financial transactions on a date and time basis, arranged in a proper sequence. ● Journal enlists all the transactions supported with source documents to ensure the authenticity of the transaction. ● With a journal, the business prevents the omission of any transaction as journals efficiently record every financial transaction.

As mentioned in DK Goel Solutions Class 11 Chapter 9, the general journal highlights the book of original entries, where business transactions are recorded in raw format, in order of date and time of the events. An account records the details of the transactions firstly on these journals.

The limitations of journals are as follows – ● Whenever the number of transactions of a company becomes large, the journals turn to be bulky and unmanageable. ● As the authority of the journal lies in the hands of an individual account, this prevents multiple system check-ins. ● The journals do not record the cash transactions as they are recorded in the cash books.

Ledger is basically a generalized summary of all the entries in a journal. All business transaction details flow from the journal to the ledgers. The summary from the ledgers helps the companies to efficiently design their financial statements.

Journals are titled the Books of Original Entry because all financial transactions are firstly recorded in the journals.

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Journal Entry - Class 11, Accountancy PDF Download

How I should know about to write Journal entries? Ref: https://edurev.in/question/627897/How-I-should-know-about-to-write-Journal-entries-

A journal entry is a method used to enter an accounting transaction into the accounting records of a business. Every journal entry must generate at least two equal and offsetting entries. This is because every transaction involves a change in at least two places in the accounting records, and the total of all debits and credits must balance. For example:

• When you record a supplier invoice, it increases both an expense account and the accounts payable (liability) account
• When you record a customer invoice, it increases both revenue and the accounts receivable (asset) account
• When you buy a fixed asset, it increases the fixed assets account and decreases the cash account
• When you pay employees, it increases the wage expense and reduces the cash account

The format of a journal entry is for the first column to contain the account name / number into which the entry is being made, the second column to contain the debit amount being entered, and the third column to contain the credit amount being entered. The account name / number of the account being credited is indented. It is also useful to include a unique journal entry identification number and the date of the entry, as well as a brief narrative description. If there are a large number of journal entries, you may also want to include an approval signature block, as well as a signature and date block for the person who enters the journal entry into the accounting software. The format of a basic journal entry is:

The basic structural rules of a journal entry are that there must be a minimum of two line items in the journal entry, and that the total amount entered in the debit column equals the total amount entered in the credit column.

There are several best practices related to writing journal entries, which are:

• Always provide a complete narrative of why you have created the journal entry. Otherwise, someone reviewing the books at a later date will have no idea why the entry was created.
• Do not include too many line items. Whenever possible, see if you can reduce a complex journal entry into several simpler ones, thereby making it easier to understand.
• Use a journal entry template for recurring transactions, so that you avoid the risk of creating an incorrect entry.
• Use an automatically reversing journal entry for accruals whose impact is intended to be for a single accounting period. By doing so, you do not have to worry about manually reversing the entry in the next accounting period.
• Use a transaction module instead of a manual journal entry. If you can record a transaction with a standardized accounting module, such as the billing system or the accounts payable system, this is always better than doing so with a journal entry. A standardized module is pre-configured to collect and store a particular set of information, which you might otherwise be able to ignore with a manual journal entry.

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Accountancy Revision Notes for Class 11

• Revision Notes
• Accountancy

Revision Notes for CBSE Class 11 Accountancy - Free PDF Download

Class 11 Accountancy is a crucial subject that teaches various concepts and principles to the students. Studying this subject needs the support of complete study material. For this, students will need the notes to revise all the chapters and recall what they have studied. Download and refer to the 11th Accountancy Notes compiled by the experts for revision. Understand the concepts faster and recall them to score good marks in the exams.

If you are a Class 11 CBSE board student and looking to score well in Accountancy, then you should always refer to Basic Accounting Terms Class 11 Notes PDF available on Vedantu for free. These study materials are designed in such a way that studying these ensure the highest possible marks in the exam. These revision notes are designed as per the latest CBSE guidelines and are quite important to every student of Class 11 . These notes should be followed diligently as these build the fundamentals of Accountancy for every student at this stage. You can download the Accountancy Class 11 Notes chapter wise from Vedantu website or app through your smart device.

Detailed Overview of Class 11 Accountancy Revision Notes

Download CBSE Class 11 Accountancy Revision Notes 2024-25 PDF

Also, check CBSE Class 11 Accountancy revision notes for All chapters:

Introduction to Class 11 Accountancy:

Accountancy is a very important subject for every student of Class 11 as it deals with the basic accounting concepts. Studying this subject well helps you to strengthen your fundamentals of the subject. Through this subject, you will be able to grasp some of the very difficult concepts such as Analysis of Business Transaction, How to maintain the procedure of Bank Reconciliation Statement, Trial Balance & Rectification of Errors, Depreciation, Provision, & Reserves, how to maintain computerised accounting system.

Our well-designed CBSE Accounts Class 11 Notes PDF is structured and written by subject matter experts with many years of experience in the field of teaching. Besides, the study materials in the revision notes are precise and offer a comprehensive and easy understanding of the various topics.

CBSE Class 11 Acountacy Weightage 2024-25

What Will You Learn From the Chapters of Class 11 Accountancy?

CBSE Class 11 Accountancy is comprised of a total of 15 chapters, i.e. Introduction to Accounting, Theory Base of Accounting, Recording of Transaction - I, Recording of Transaction - II, Bank Reconciliation Statement, Trial Balance and Rectification of Errors, Depreciation, Provision, and Reserves, Bill of Exchange, Financial Statements - I, Financial Statements – II, Accounts from Incomplete Records, Applications of Computers in Accounting, Computerised Accounting System, Structuring Database for Accounting, Accounting System Using Database Management System.

To every Class 11 Commerce student, Accountancy is a very significant subject as it helps you understand the need for the theory base of Accounting. It also helps you to know the Accounting Standards set by the Institute of Chartered Accountant of India (ICAI) and understand the basic Accounting concepts and their definitions. You will also learn to describe the basis and the underlying system of Accounting.

Advantages of Using Our CBSE Accountancy Class 11 Notes PDF:

Getting a stronghold of Class 11 Accountancy may not seem easy to a lot of students as students at this age tend to procrastinate a lot when it comes to studying and revising, But students need to be very disciplined if they want to score well in the final examination. And, you will have to put in hard work.

But to make it easy for you, we, at Vedantu, provide you with all the necessary materials to be an expert in Accountancy . If you are looking for a well-designed study materials and revision notes for Class 11 Accountancy , we have provided a chapter-wise revision notes for Class 11 Accountancy on our website that you can download at any time. And, the best part about these notes is these are created by the experts who have years of experience in the field of teaching. That’s why the language of the notes are quite concise and simplest so that the students don’t face any difficulties during the exam preparation.

Your fundamentals will be stronger than ever since it summarises all the important topics in one place.

You can review the entire textbook in literally no time.

Our notes are prepared by experienced teachers and subject matter experts.

You can score good marks since your fundamentals are strong.

This revision note covers all the key important points of the entire Accountancy book chapter-wise.

So, it saves a lot of precious time and effort.

The best part is you can download the revision notes for free and PDF format with the help of any smart device.

You can avoid procrastinating when it comes to revising the entire Accountancy textbook because you don’t need to go through the entire book but just the important points.

Importance of Studying Accountancy at Class 11:

Accountancy is the key step of keeping records of different financial events. Accountancy is such a subject that it is going to help you throughout your future even if you don’t become an accountant. Learning the subject very well will help you lay a very concrete foundation for other fields as well. If you are good in Accountancy, then you will be able to manage your finance-related matters efficiently. You just need to learn the basics of Accountancy thoroughly.

To learn the subject at primary level, you need to study Accountancy thoroughly at Class 11 and 12. At Class 11, you will get to learn the theory base of Accounting which will lay a strong base of the subject. You can access the revision notes for Accounts NCERT Class 11 on Vedantu from the aforementioned links.

Why Should You Choose Vedantu?

If you are looking for Class 11 revision notes for Accountancy , then you have come to the right place. Apart from well-crafted revision notes, we offer study materials, previous years’ questions papers , NCERT Solutions, sample papers at absolutely free of cost. Our subject matter experts understand that not all students learn and grasp concepts in the same manner. We aim to help students self-study, self-evaluation and learn at their own pace by providing them with online materials that they can refer to when needed.

Here are some reasons why you should always choose Vedantu over others:

We Focus on Every Kind of Students:

Our learning materials are designed in such a manner that all the students regardless of their learning capability can use these as per their requirement. All of our study materials are written in simple language so that everyone can understand these easily.

Learn Anywhere at Any Time:

Besides being easily understandable, our study materials can be accessed anytime, anywhere by anyone. All you need for this is just a smart device and the internet. With the help of these two, you can easily access our study materials anywhere at your own comfort.

Avoid Commute Time:

One of the best features of Vedantu is that it saves a lot of your commute time.  Earlier if you needed study notes from your tutor, you would travel to your tutor’s place to attend the classes. But with the help of Vedantu, you can access the study materials at the comfort of your home or wherever you are. It saves a lot of your precious time.

Get Access to our Excellent Subject Experts

Not only the study materials, but you will also be provided with the tuition classes by our experts. So, you are bound to get a better result when you get to interact with the best teachers in the industry while studying the best study materials.

Cover all the Key Points of the Chapter

Our CBSE Accounts Class 11 Notes PDF includes all of the key points of the Accounting book. In addition to that, our experts also make references from other relevant books so that it becomes easier for you to understand all the chapters easily. You can cover all of the key points of the theory base of Accounting by reading through our Accounts NCERT Class 11 PDF . You can directly look at the Accounts Class 11 Notes to focus on important points so that you are not wasting your precious time.

All Notes as Per NCERT Guidelines

The solutions provided by Vedantu strictly adhere to the NCERT guidelines . Accountancy Class 11 notes are simplified so that students find them easy to understand and can retain them easily without any difficulty. We have created notes in such a way that they will greatly benefit you during exam time. We have covered everything in detail; you won’t miss anything.

Vedantu, a leading online learning platform in India, aims to change the traditional method of teaching and learning across the country. We provide the best quality study materials to our students of all classes including NCERT Solutions , Revision Notes, Sample Papers , Previous Years Question Papers along with the solutions. If you are eager to learn, you can access all our quality study materials within a moment with the advance of technology.

Significance of CBSE Quick Revision Notes for Accountancy Class 11

There are a total of 15 chapters in the Class 11 Accountancy syllabus . All these chapters have been handpicked by the CBSE board for teaching the concepts of accountancy. These chapters need proper notes to revise and complete preparing the chapters accordingly.

The notes prepared by the subject experts will be the best bet to follow and focus on understanding the concepts, principles and formulas described in the chapters. These notes will help students to complete the revision part faster and will also guide them to recall the concepts more quickly.

The simpler format of these revision files will also help students to comprehend the accountancy concepts and principles explained in the syllabus. Hence, these notes can be used for studying before proceeding to solve the exercise questions.

The conceptual development of the students will be boosted when these notes are added to the study material. Without going through the vast syllabus, students can easily run through the Class 11 Accountancy Chapter 1 Notes and complete revising in no time.

Benefits of CBSE Accountancy Notes for Class 11

The notes have been formulated following the latest CBSE guidelines. It means the content of these notes will also guide students to keep them updated on the chapters. They can recall what they have studied faster before an exam without missing any important topic.

The notes have been formulated in separate files for all the chapters. Hence, students will easily find the chapter-wise notes on the list and download them.

Once downloaded, these notes can be referred to anytime you want. You can use them according to your exam schedules. In fact, the regular revision of Class 11 Accountancy chapters will become a lot easier when you have these notes in your hands.

Download CBSE Accountancy Notes for Class 11 PDF

Perform the Class 11 Accountancy Notes PDF Download for all the chapters and complete your study material. Save your precious study time and use these notes to revise. Focus on how the experts have simplified the concepts, fundamental principles and formulas related to the advanced topics of Class 11 Accountancy. Follow these simpler versions and recall what you have studied easily during an exam. This is how you can use these revision notes to score more in the exams. 

CBSE Class 11 Accountancy Study Materials

FAQs on Accountancy Revision Notes for Class 11

1. Are the CBSE Class 11 Accountancy Revision Notes a good study resource?

Yes. The CBSE Class 11 Accountancy Revision Notes make a very good study resource. All the essential key points from every chapter of the Class 11 Accountancy syllabus are covered in these revision notes . These notes are very helpful for a quick revision of the accountancy syllabus . The subject matter experts at Vedantu have prepared these revision notes in such a way that facilitates easy learning of the terminologies, theories, and problem-solving techniques for numerical type questions from Accountancy . You can rely on these notes if searching for the key points in the textbook seems to be a tedious job before the examination.

2. What are the important topics covered in the CBSE Class 11 Accountancy Revision Notes?

The important topics covered in the CBSE Class 11 Accountancy Revision Notes are listed below for your reference.

Theory Base of Accounting

Recording of Transactions- I

Recording of Transactions- II

Trial Balance and Rectification of Errors

Depreciation

Financial Statements- I

Financial Statements- II

Applications of Computers in Accounting

Structuring Database for Accounting

Accounting System Using Database Management System

All these topics are discussed with proper explanations and examples in these revision notes, to make it convenient for students to understand the concepts.

3. What is a trial balance in simple words?

A trial balance is apparently similar to a worksheet, which has two columns, one for accounting the debits and the other for accounting the credits. The net debit amount always has to be equal to the net credit amount. The debits and credits of a business account cover the assets, proceeds, liabilities, and expenses of the account.

The main purpose of maintaining a trial balance sheet is to ensure that there are no errors in accounting for the transactions of a business. It helps to identify if there are any errors in the double-entry accounting system of the business organization.

4. Are the CBSE Class 11 Accountancy Revision Notes difficult to learn?

No, the CBSE Class 11 Accountancy Revision Notes are not at all difficult to learn. Instead, these notes are prepared by our subject-matter experts to make the learning process easier for students. These revision notes are available in the PDF format on Vedantu and you can download the file for free from our website or mobile application. There are several solved examples of the numerical type problems of accounting in these revision notes. By following these stepwise solutions and explanations, you will be able to develop a strong understanding of all the concepts in the syllabus of Class 11 accounting .

5. What is the first chapter of accounts Class 11?

The first chapter in the class 11th accounts is called “Introduction to Accounting”. Here, a basic outline of accounting is provided. It is the process of reporting, recording and analyzing the economic data. It helps the student become aware of the fundamentals of accounting, objectives of accounting, characteristics of accounting, different branches of accounting, steps of the accounting process, advantages of accounting, limitations of accounting. In order to understand the succeeding chapters, the students have to have a strong understanding of this particular chapter. Thus, the student needs to comprehend and have a strong grip on this chapter. You can also check the Vedantu notes for a detailed explanation for Class 11 accountancy and its revision notes.

6. How can I pass my class 11 account?

To clear Class 11 Accounts, it is important for the student to follow certain suggestions.

Firstly, it is advisable that students devise and follow a certain routine where they allot equal time to every subject. They need to follow it regularly so that they are able to complete all the subjects on time without leaving anything pending.

Secondly,  it is important to read all the chapters line by line in order to attain a perfect understanding.

Once they are done with the reading of the chapters, the students need to resort to the NCERT solutions, where they get additional practise and training so that their existing knowledge is further strengthened and polished.

These practices will help the student in not just passing, but also attaining a good score in their  Class 11 Accountancy.

7. What is Accounting  Class 11?

Accounting is the process of recording, analyzing, classifying and summarising the transactions and events pertaining to the financial character and thus interpreting the results. The first chapter of the Class 11 syllabus provides the student with a basic understanding of the concepts important and relevant to the study of accounting. Thus, it is extremely important for the student to be well versed with the topics and concepts covered in the first chapter in order to have a better understanding of the chapters that succeed it. The Students can refer to the NCERT solutions by Vedantu for  Class 11 Accountancy to better comprehend the chapter as it will help them in retaining the concepts.

8. Is Class 11 Subject Accounts easy?

To make anything easier, the individual is advised to practice in the particular area where they want to strengthen their skills. This is also applicable to the students of Class 11 . In order to strengthen the spots where they feel they are weak, it is important for them to practice and attain a grip of the concepts and the topics. In order to achieve this, they have to read all the chapters and mark all the important areas that require extra attention. Apart from this, it is also advisable that they refer to the NCERT solutions and practice all the exercises so that the concepts become crystal clear to them. Thus, giving extra attention to areas where they lack will help them convert it into their strong point, making the learning process easy.

9. Are the NCERT Solutions helpful for Class 11 Accounts?

Yes, the NCERT Solutions are definitely the most helpful guidebooks for the students of Class 11 who are pursuing Accounts. These guide books help the student be thorough with the concepts through practice. The exercises that these exercises provide are immensely helpful in getting an idea of how the questions are set in the examination. All the exercises are solved and thus the learning process becomes easier. Thus, it goes without saying that with the practice of these NCERT solutions , the student can easily score more. The PDFs of NCERT Solutions are available on the Vedantu app and on the Vedantu website for free of cost.

REVISION NOTES FOR CLASS 11

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Arinjay Academy » Accountancy Class 11 » Basic Journal Entries Examples – Accounts Class XI

Basic Journal Entries Examples – Accounts Class XI

Basic Journal Entries Examples, discussed here under are for various types of expenses, income, assets and liabilities that take place during the normal course of business.

Basic Journal Entries Example 1

Carriage Inward Journal Entry – Accounts

Meaning of Carriage Inwards

Where goods,  or any other item is purchased by the company, it we have to increase certain freight charges,  to bring the goods from the warehouse of the seller, to the place of the purchaser. The freight or other carriage amount paid by the purchaser is known as carriage inwards. The use of the word in words suggest, that the goods are coming to the purchaser.

Question 1:

What would be the Journal Entry for Carriage Inwards paid amounting to Rs. 100 in Cash for purchase of goods ?

Explanation:

Since Cartage is an expense, so, Carriage  Inwards A/c would be debited, because according to the Rules of Debit and Credit, an expense A/c is debited .

Further , on  Payment of Carriage  Inwards  in Cash , Cash, whcih is an Asset is reduced , so Cash A/c is credited, because according to the Rules of Debit and Credit, a reduction in an Asset account is credited.

Hence the  Entry would be :

Carriage Inwards A/c Dr. 100 To Cash A/c 100

Basic Journal Entries Example 2

Purchase Journal Entry – Accounts

Meaning of   Purchase

Purchase simply means to get or acquire something,  by paying for it , either at the time when the goods are procured or at a later date.  Purchase Journal Entry is the accounting entry made in the books of accounts, to record either of these two situations.

Like we mentioned, purchase this could be : –

• In cash –  this means that the payment has been made at the time when the goods are acquired
• In credit – this means that the payment has been made at the time , which is other than the time when   the goods are acquired.

Further, the Purchase could be of an Asset, or trading goods. The purchase journal entries  can therefore be divided in the following four categories : –

• Purchase of trading goods on cash
• Purchase of trading goods on credit
• Purchase  of an Asset for cash
• Purchase of an asset on credit

Question 2:

What would be the Journal Entry for Purchase of goods amounting to Rs. 10,000 in Cash ?

Since Purchase of goods is an expense, so, Purchases A/c would be debited, because according to the Rules of Debit and Credit, an expense A/c is debited .

Further , on  Payment of Purchases of goods  in Cash , results in reduction of Cash, which is an Asset. When an asset is reduced, the asset account is credited according to the Rules of Debit and Credit. . So Cash A/c would credited,  as a reduction in an Asset account is credited.

Hence the  entry would be : –

Purchases A/c Dr. 10,000 To Cash A/c 10,000

Basic Journal Entries Example 3

Purchase Journal Entry –  Credit Purchases of goods

Question 3 :

What would be the Journal Entry for Purchase of goods amounting to Rs. 10,000 from ABC Co. on credit ?

Further , on   Purchases of goods  in Credit from ABC Co., the company incurs a liability towards ABC Co. or in other words the liability of the company is increased.

When a  liability is  increased, the liability account is credited ,   as according to the Rules of Debit and Credit,   an increase in liability account is credited.

Hence the correct entry is:

Purchase A/c Dr. 10,000

To ABC Co. A/c 10,000

Basic Journal Entries Example 4

Purchase Journal Entry –  Asset Purchased in Cash

Question 4:

What would be the Journal Entry for Furniture purchased amounting to Rs. 10,000 in Cash ?

Since Purchase of Furniture results in an increase in the value of furniture, Furniture A/c would be debited, because according to the Rules of Debit and Credit, an increase in an asset   A/c is debited .

Further , on   Purchases of Furniture   in Cash ,  there is a in reduction of Cash, which is an Asset. When an asset is reduced, the asset account is credited according to the Rules of Debit and Credit. . So Cash A/c would credited.

Furniture A/c Dr. 10,000 To Cash A/c 10,000

Basic Journal Entries Example 5

Purchase Journal Entry –  Credit Purchase of Asset-I

Question 5 :

What would be the Journal Entry for Furniture purchased amounting to Rs. 10,000 from Nived ?

Purchase of Furniture results in an increase in the value of Furniture, which is an asset.Furniture A/c would be debited, because according to the Rules of Debit and Credit, an increase in an asset   A/c is debited .

Further , on   Purchases of Furniture  in Credit from Nived., the company incurs a liability towards Nived. or in other words the liability of the company is increased.

When a  liability is  increased, the liability account is credited ,   as according to the Rules of Debit and Credit,   an increase in liability account is credited. Hence account of Nived would be credited.

Hence the correct entry is: Furniture A/c Dr. 10,000 To Nived A/c 10,000

Basic Journal Entries Example 6

Sales Journal Entry- Accounts

Meaning of Sales

Sales simply means to transfer something, whether goods or services , by receiving for it , either at the time when the goods are transferred or at a later date.  Sales Journal Entry is the accounting entry made in the books of accounts, to record either of these two situations.

Like we mentioned,  Sales  could be : –

• In cash –  this means that the payment has been received from the buyer at the time when the goods are  transferred
• In credit – this means that the payment has been received from the buyer at the time , which is other than the time when   the goods are  transferred.

Further, the Sales could be of an Asset, or trading goods. The Sales journal entries  can therefore be divided in the following four categories : –

• Sales of trading goods on cash
• Sales of trading goods on credit
• Sales  of an Asset for cash
• Sales of an asset on credit

Each of these four are discussed as under : –

Sales Journal Entry –  Cash Sales of goods

Question 6:

What would be the Journal Entry for Sale of goods amounting to Rs. 10,000 in Cash ?

Since Sale of goods is an income, so, Sales A/c would be credited, because according to the Rules of Debit and Credit, an income A/c is credited .

Further , receipt of money for Sales of goods  in Cash , results in increase of Cash, which is an Asset. When an asset is increased, the asset account is debited according to the Rules of Debit and Credit. So Cash A/c would be debited,  as a increase in an Asset account is debited.

Cash A/c Dr. 10,000 To Sales A/c 10,000

Basic Journal Entries Example 7

Sale Journal Entry –  Credit Sales of goods

Question 7:

What would be the Journal Entry for Sale of goods amounting to Rs. 10,000 to ABC Co. on credit ?

Further , on   Sales of goods  on Credit to ABC Co., the company has a receivable  from ABC Co. or in other words the asset of the company is increased. When an  asset is  increased, the asset   account is debited ,   as according to the Rules of Debit and Credit,   an increase in asset account is debited.

ABC Co. A/c Dr. 10,000

To Sales A/c 10,000

Basic Journal Entries Example 8

Sale Journal Entry –  Asset Sold in Cash

Question 8:

What would be the Journal Entry for Sale of Furniture  amounting to Rs. 10,000 in Cash ?

Since Sale of Furniture results in an decrease in the value of furniture,   Furniture A/c would be credited, because according to the Rules of Debit and Credit, an decrease in an asset   A/c is credited .

Further , on   Sales of Furniture   in Cash ,  there is an in  increase of Cash, which is an Asset. When an asset is increase, the asset account is debited according to the Rules of Debit and Credit. . So Cash A/c would debited.

Cash A/c Dr. 10,000 To Furniture A/c 10,000

Basic Journal Entries Example 9

Sale Journal Entry –  Credit Sale of Asset

Question 9:

What would be the Journal Entry for Sale of Furniture amounting to Rs. 10,000 to Nived ?

Sale of Furniture results in decrease in the value of Furniture, which is an asset.  Furniture A/c would be credited, because according to the Rules of Debit and Credit, decrease in an asset   A/c is credited .

Further , on   Sale of Furniture  on Credit to Nived., the company incurs a liability towards Nived, or in other words the asset of the company is increased. When an  asset is  increased, the asset   account is debited ,   as according to the Rules of Debit and Credit,   an increase in asset account is debited.

Nived A/c Dr. 10,000

To Furniture A/c 10,000

Cash at Bank Journal Entry

Cash at Bank Journal Entry is passed, when a business or person, either deposits cash in the bank or withdraws cash  from the bank, i.e, : –

•  Withdrawal from Bank
•  Deposit in the Bank

Cash at Bank Journal Entry  –  Withdrawal from Bank

Question 1 : – 

What would be the Journal Entry for withdrawal of Rs.   10,000 in Cash from Bank  ?

Bank is an Asset, on receipt of cash from Bank,Bank’s A/c would be credited, as there is a decrease inBank Balance, which is an asset . According to the Rules of Debit and Credit, when an asset is decreased, the asset account is  credited .

Further , receipt of money from Bank  in Cash , it results in increase of Cash, which is an Asset. When an asset is increased, the asset account is debited according to the Rules of Debit and Credit. So Cash A/c would be debited.

Cash A/c Dr. 10,000 To Bank A/c 10,000

Cash at Bank Journal Entry  –  Deposit in the Bank

Question 2: – 

What would be the Journal Entry for deposit of Rs.   10,000 in Cash in the Bank  ?

Bank is an Asset. On deposit of cash in the  Bank, the balance of Bank would increase. According to the Rules of Debit and Credit, when an asset is increased, the asset account is  debited . So Bank A/c would be debited.

Further , on deposit of cash in the  Bank, , it results in decrease of Cash, which is an Asset. When an asset is decreased, the asset account is credited according to the Rules of Debit and Credit. So Cash A/c would be credited .

Bank  A/c Dr. 10,000 To Cash A/c 10,000

Cash received Journal Entry –  Debtor

What would be the Journal Entry for receipt of Rs.   10,000 in Cash from a Debtor, Ram  ?

Since Ram is a Debtor, on receipt of cash from Ram, Ram’s A/c would be credited, as there is a decrease in Debtors which is an asset . According to the Rules of Debit and Credit, when an asset is decreased, the asset account is  credited .

Further , receipt of money from Ram  in Cash , results in increase of Cash, which is an Asset. When an asset is increased, the asset account is debited according to the Rules of Debit and Credit. So Cash A/c would be debited.

Cash A/c Dr. 10,000 ToRam’s A/c 10,000

Learn More..

• What is Journal in Accounting
• Types of Journal Entries
• Carriage Inward Journal Entry
• Purchase Journal Entry
• Sales Journal Entry
• Accounts Payable Journal Entry
• Cash Purchase Journal Entry
• Cash Sales Journal Entry
• Cash Received Journal Entry

MCQs for Class 11

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TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal  – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 5. This solution contains questions, answers, images, explanations of the complete Chapter 5 titled Journal of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 5 Journal . After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 5 Journal in one place.

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal, drop a comment below and we will get back to you at the earliest.

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Important journal entries questions with solutions for class 11 accounting.

Important Journal Entries questions with solutions

Journal entry for capital introduced, cash purchase, cash sales and expenses paid.

Journal entry for cash deposited into bank, purchase of assets (furniture and machinery), cash received from debtors and cash paid to creditors

Journal entry for paid rent, paid electricity, loan taken, discount allowed and discount received

Journal entry for bad debts, cash withdrawn from bank for office use, depreciation, paid interest on loan, cash withdrawn from bank for personal use / drawings

Journal entry for purchase return / return inward, sales return / return outward, carriage inward, carriage outward, carriage paid for bringing machine

• * Carriage on Purchase can be reffered to as Carriage Inward and Carriage on Sales can be reffered to as Carriage Outward.
• ** As carriage is paid for bringing machine, it is to be considered as a capital expenditure. Machine is an asset and carriage charges incurred only once to bring it. So it is a capital expenditure. Hence, we have debited the asset a/c (here, machine a/c) instead of carriage a/c while passing the journal entry for carriage for bringing machine.

Journal entry for opened a bank account, purchase typewriter / office equipment, paid instalments with interest, paid carriage for bringing goods, goods distributed as free sample, received interest from bank

• * As no information regarding capital introduction in cash is given, it is assumed that the capital introduced by opening a bank account.
• ** Amount of interest for one month = [₹10000 × 9%) / 12] = ₹75.
• *** Free sample is goods that distributed for advertisement purpose. Therefore, the cost of goods used as free sample is to be recorded as advertisement expenses and as goods are used from stock, purchases account is to be deducted by that cost.

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We have provided below free printable Class 11 Accountancy Assignments for Download in PDF. The Assignments have been designed based on the latest NCERT Book for Class 11 Accountancy . These Assignments for Grade 11 Accountancy cover all important topics which can come in your standard 11 tests and examinations. Free printable Assignments for CBSE Class 11 Accountancy , school and class assignments, and practice test papers have been designed by our highly experienced class 11 faculty. You can free download CBSE NCERT printable Assignments for Accountancy Class 11 with solutions and answers. All Assignments and test sheets have been prepared by expert teachers as per the latest Syllabus in Accountancy Class 11. Students can click on the links below and download all Pdf Assignments for Accountancy class 11 for free. All latest Kendriya Vidyalaya Class 11 Accountancy Assignments with Answers and test papers are given below.

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Class of 2024: ‘Keep your eyes on the Living God’

Over 29,000 graduates receive degrees; special guests include u.s. sen. tim scott, mike pompeo, willie robertson.

This year, Liberty University welcomed one of its largest Commencement crowds in history, with over 60,000 graduates and their loved ones celebrating at 28 separate degree ceremonies across campus Thursday-Saturday, May 9-11, and at the Main Commencement Ceremony in Williams Stadium on Friday night. (View the full Main Ceremony )

The Main Ceremony began with a time of worship followed by an invocation by Chancellor Jonathan Falwell.

Mike Pompeo, former U.S. Secretary of State and a Distinguished Chair in Liberty’s Helms School of Government , then took the podium to share about the importance of service and to highlight Liberty’s military students. Over 2,000 members of the Class of 2024 are serving on active duty, and more than 6,000 have military ties. Liberty held a special Military Graduate Recognition Ceremony in their honor the previous day.

Former U.S. Secretary of State Mike Pompeo, who is now a Distinguished Chair in Liberty’s Helms School of Government, spoke about the university’s appreciation and pride for the over 6,000 graduates with military ties, including 2,000 serving on active duty.

“Liberty and faith are sacred things. They are worthy of being defended,” Pompeo said. “Throughout 250 years of American history, our nation has always depended on the willingness of incredible men and women, and their families, to sacrifice for it, to fight for it, and even to give their lives for it. The history of Americans serving this country and its freedoms is noble and decent. And it is a tradition that continues today. And this university is a big part of it.”

President Dondi Costin followed Pompeo with a message of encouragement for graduates to remain Champions for Christ in their lives and careers. He highlighted the many achievements and milestones Liberty has celebrated this year in academics and athletics, and he praised the graduates and Liberty students for their service to others and standing up for the unborn and for the nation of Israel.

Sen. Tim Scott was the keynote speaker for the Main Ceremony.

Costin then introduced the keynote speaker, two-term South Carolina Sen. Tim Scott, and welcomed him to campus for the first time. Costin described Scott as a leader who has exemplified what it means to be a Champion for Christ through his business and political careers. Scott was presented with an honorary Doctor of Humanities.

A native of North Charleston, S.C., Sen. Scott has served his home state in the U.S. Senate since 2013. He has worked as a tireless advocate creating more opportunities for families living paycheck-to-paycheck and helping children in poverty have access to quality education. He launched his Opportunity Agenda, a legislative package aimed at achieving these goals, as well as the Senate Opportunity Coalition, a group of Senators committed to helping those in need.

Scott opened his remarks by praising God for His continued faithfulness in the lives of each graduate.

Sharing from his own experience as a child growing up in a poor, single-parent household, Scott gave students three “pieces of the puzzle” for life: 1) “Failure isn’t fatal if you don’t quit,” 2) “If you want to stand out in life, stand up for those who can’t stand for themselves,” and 3) “Step out of the boat if you want to walk on water.”

“For us to impact the world more than the world impacts us, we’ve got to keep our eyes on the living God, Jesus Christ,” he said. “It won’t work any other way. You see, the world we’re living in has lots and lots of bad news — war in Ukraine, conflict in the Middle East, China aggression toward Taiwan, inflation eating away at paychecks. But we ought not be surprised because John 10:10 tells us that there is a thief that comes to steal, kill, and destroy. But that’s not the end of the verse. Christ has come that we might have life to the full. That’s good news. If there’s a fight being waged, I’m going to be on the side of the King of Kings and the Lord of Lords. I’m going to believe that greater is He who is in me than he who is in the world. That’s our spiritual heritage.”

“I can’t think of a better time for the body of Christ to stand for our Jewish brothers and sisters in the United States of America on college campuses. I’m sick and tired of seeing antisemitism on college campuses spread like a cancer. I think it’s high time we tell the colleges and universities that allow for Jewish genocide to be spoken and the call for mass murder: to those colleges and universities, your federal funding is a privilege; it is not a right. What is a right is for every single Jewish student to walk to their class safely. What is a right is for every Jewish student to study in the library at peace. We should take the money from those universities and colleges that continue to spew hate and give it to a God-fearing place called Liberty University.”

Just before fireworks erupted high in the sky to music orchestrated by Liberty students, “Duck Dynasty” TV personality and Duck Commander CEO Willie Robertson, who was celebrating Commencement as the parent of one of this year’s graduates, closed the ceremony in prayer. He praised God for His many blessings and asked for guidance as the graduates go out with the Gospel on their lips above anything else, even their jobs and careers, and that everyone there would be Flames for the Gospel everywhere they go.

“Duck Dynasty” TV personality and Duck Commander CEO Willie Robertson, who is a Liberty parent, gave a short benediction and prayer for the Class of 2024.

Many Liberty graduates were inspired by the ceremony and reflected on their time as students, including graduate Peyton Weist, from Emerald Isle, N.C., who received his B.S. in Aeronautics: Commercial/Corporate . “I loved all the speakers, the message, and the fireworks. …   It was very inspirational. I’d love to do it again.”

Pamela Knight, from Houston, completed her B.S. in Bible: Christian Counseling through Liberty University Online Programs over the past six years. She spent the entire week in Lynchburg, Va., leading up to Commencement Weekend.

“It’s a very good environment. The ceremony was very organized, and I loved the fireworks and the mountains.” Knight said the visit motivated her to pursue her master’s degree. “I now have confirmation from God to keep going. I’m praying that God will lead me in that direction.”

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On the Cover: Liberty Journal Summer 2024

This issue’s cover photo was taken during a special event on April 24. Students filled the Academic Lawn for Campus Community, wrapping up a semester filled with worship, fellowship, and…

Faculty & Staff Achievements

Member’s of Liberty’s staff and faculty have made notable recent changes to their fields and careers. …

NIFA team wins Loening Trophy for top college aviation program

The Liberty University School of Aeronautics NIFA Flight Team was awarded the prestigious Loening Trophy at the conclusion of the 2024 National Intercollegiate Flying Association (NIFA) National SAFECON competition. …

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Class-action lawsuit claims Omaha Housing Authority violated tenants’ rights for years

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A federal class-action lawsuit alleges the Omaha Housing Authority continuously violated the legal rights of low-income tenants over the last seven years.

Current and former tenants suing OHA claim the public housing provider illegally overcharged them for rent, denied them the right to contest rent hikes and sought to boot them when they could not pay.

In some cases, the federally funded agency tried to evict extremely poor tenants instead of offering rent exemptions entitled to them by federal law, the 54-page complaint alleges .

The contents of the lawsuit filed Thursday mirror the findings of a Flatwater Free Press investigation published in December.

OHA CEO Joanie Poore declined to comment on the lawsuit citing pending litigation.

The agency should pay back tenants it harmed and reform its policies to ensure residents know their rights in the future, said Diane Uchimiya, director of Creighton University’s Abrahams Legal Clinic, which filed the lawsuit along with local firm Car & Reinbrecht and the San Francisco-based National Housing Law Project.

“People have suffered with these violations of law … and they have basically paid rent and paid late fees or been subject to eviction cases and they shouldn’t have been,” Uchimiya told the Flatwater Free Press on Thursday.

OHA’s “predatory and unlawful actions“ threatened some of the city’s most vulnerable renters with homelessness, National Housing Law Project lawyer Kate Walz said in a press release .

The seed for the lawsuit came from former Creighton clinic director Kate Mahern, a veteran attorney who previously sued OHA in federal court four times.

While voluntarily representing OHA tenants in eviction court last year, Mahern noticed that a letter informing her client of a $400 rent increase made no mention of the tenant’s right to challenge the decision as required by federal law.

That client, Rhonda Moses, is now one of the four named plaintiffs in the case brought Thursday.

After Mahern pointed out the missing grievance clause, OHA dismissed the eviction case against Moses and added the clause to its template for rent-change letters, Flatwater previously reported .

Moses moved out anyway, fearing it was only a matter of time before the agency would try to oust her again. The certified nursing assistant believes OHA now owes her thousands of dollars — money she needs to keep a roof over her head.

“My rent should have stayed the same for the whole six years (I lived there) because they never let me dispute it,” Moses said on Thursday. “I just feel I got robbed.”

The lawsuit alleges OHA failed to adequately inform tenants of their “grievance rights” from as far back as October 2016 through September 2023.

Two other plaintiffs, Shernena Bush and Samantha Hansen, represent a separate class that alleges OHA failed to inform them of exemptions to paying rent.

The housing authority charges a “minimum rent” of $50 a month to tenants with no or very low incomes, but federal law and OHA’s own policies say the agency must grant a “hardship exemption” to families unable to pay the minimum rent.

Last year, OHA filed to evict Bush and Hansen for nonpayment of rent two times each, but the cases were settled or dismissed and both still live in public housing.

The lawsuit alleges that OHA employees never told the two minimum-rent tenants of their ability to apply for a hardship exemption even after they repeatedly asked how they could pay $50 a month without any income.

Bush sold her plasma to stay up with her rent bill but had to stop after her blood’s iron level fell below acceptable levels, the lawsuit says.

Six current and former minimum-rent tenants told Flatwater last year that OHA never offered them an opportunity to apply for a hardship exemption before they received eviction notices.

In Illinois, minimum-rent tenants won a settlement last year that required the Chicago Housing Authority to give qualifying tenants rent credits and to erase unpaid minimum rent charges going back years.

It’s unclear how many current and former OHA tenants could qualify to be part of the class-action lawsuit but they may number in the thousands, the complaint says.

The plaintiffs are asking the court to require OHA to properly inform tenants of their rights to grievance hearings and hardship exemptions. They’re also asking that OHA pay back tenants like Moses, Bush and Hansen who were allegedly overcharged.

The plaintiffs’ attorneys hope to settle the case with OHA, but they’re prepared to go to trial, Uchimiya said.

This story was originally published by Flatwater Free Press and distributed through a partnership with The Associated Press.

JKBOSE Class 11 Results Expected To Be Announced Soon; Check Details Here!

Candidates who took the exam and wish to view their results can visit the official website at jkbose.nic.in after the results are announced..

The Jammu and Kashmir Board of School Education is expected to announce the Class 11 results soon (JKBOSE). Candidates who took the exam and wish to view their results can visit the official website at jkbose.nic.in after the results are announced.

Students need to enter their login details, such as registration and roll numbers, in order to view their results. The JKBOSE class 11 results from the previous year were released on July 10.

How To Check Results?

Step 1: Go to the official website

Step 2: On the homepage, navigate to the result link

Step 3: Enter the required credentials to view your result

Step 4: Your result will now appear on the screen

Step 5: Go through the details

Step 6: Save and download for future use

Candidates are advised to take a print out of the result and keep the physical copy safe for future use. It is advised that candidates immediately contact the appropriate officials with any questions they may have or if they see any inconsistencies in their results. Candidates should keep an eye on the official website for all the latest and most detailed information related to the exam mentioned above.

Summer Break In Kashmir Schools

All schools in the Kashmir Division will have a summer break, according to a statement made by the Directorate of School Education Kashmir (DSEK) on Monday, July 1, 2024. The start of this summer vacation is July 8, 2024. The official notice states that the break will end on July 17, 2024.

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Deadline extended to claim piece of $35 million iPhone 7, Apple class action lawsuit

Consumers can still claim their piece of a $35 million settlement made with apple regarding iphone 7 and iphone 7 plus audio issues..

Some U.S. residents who own or have owned an iPhone 7 or iPhone 7 Plus can still claim a piece of a $35 million proposed class action settlement as the deadline has been extended.

The class counsel settled with Apple regarding allegations that the company's "concealment of a material defect" contributed to its iPhone 7 and iPhone 7 Plus devices' audio features becoming "unresponsive" and failing "of their essential purpose of smartphones," according to the class complaint filed in a California federal court in 2019.

The lawsuit filed by consumers Joseph Casillas and De'Jhontai Banks calls the issue with the devices the "Audio IC Defect," the complaint says.

"Apple has long been aware of the Audio IC Defect, yet, notwithstanding its longstanding knowledge, Apple routinely refuses to repair the iPhones without charge when the Audio IC Defect manifests," according to the complaint.

Here's what to know about the settlement and your eligibility for a payday.

Who is eligible to be a part of the $35 million settlement?

Consumers who owned an iPhone 7 or iPhone 7 Plus between September 16, 2016, and January 3, 2023, complained to Apple about an issue covered by the settlement or paid Apple for a repair or replacement covered by the settlement are eligible for a class payment, according to the settlement website .

When is the deadline to submit a claim?

The new deadline to submit a claim is July 3. The previous deadline for potential class members was June 3.

A final approval hearing is scheduled for July 18 at 2:00 p.m. PDT. At the hearing, the court overseeing the case will decide whether to approve the settlement.

Apple denies 'all allegations of wrongdoing'

Although Apple settled, the tech company denies the devices had audio issues and "denies all allegations of wrongdoing," the settlement website says.

"Apple asserts numerous defenses to the claims in this case," according to the settlement website. "The proposed settlement to resolve this lawsuit is not an admission of guilt or any wrongdoing of any kind by Apple."

USA TODAY contacted Apple on Monday morning but did not receive a response.

How much could class members receive from the iPhone 7 settlement?

Consumers who paid for repairs can receive a maximum of $349, and those who reported the issue but did not pay for repairs can receive up to $125. The minimum pay for eligible claims is $50.

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To Serve His Country, President Biden Should Leave the Race

By The Editorial Board

The editorial board is a group of opinion journalists whose views are informed by expertise, research, debate and certain longstanding values . It is separate from the newsroom.

President Biden has repeatedly and rightfully described the stakes in this November’s presidential election as nothing less than the future of American democracy.

Donald Trump has proved himself to be a significant jeopardy to that democracy — an erratic and self-interested figure unworthy of the public trust. He systematically attempted to undermine the integrity of elections. His supporters have described, publicly, a 2025 agenda that would give him the power to carry out the most extreme of his promises and threats. If he is returned to office, he has vowed to be a different kind of president, unrestrained by the checks on power built into the American political system.

Mr. Biden has said that he is the candidate with the best chance of taking on this threat of tyranny and defeating it. His argument rests largely on the fact that he beat Mr. Trump in 2020. That is no longer a sufficient rationale for why Mr. Biden should be the Democratic nominee this year.

At Thursday’s debate, the president needed to convince the American public that he was equal to the formidable demands of the office he is seeking to hold for another term. Voters, however, cannot be expected to ignore what was instead plain to see: Mr. Biden is not the man he was four years ago.

The president appeared on Thursday night as the shadow of a great public servant. He struggled to explain what he would accomplish in a second term. He struggled to respond to Mr. Trump’s provocations. He struggled to hold Mr. Trump accountable for his lies, his failures and his chilling plans. More than once, he struggled to make it to the end of a sentence.

Mr. Biden has been an admirable president. Under his leadership, the nation has prospered and begun to address a range of long-term challenges, and the wounds ripped open by Mr. Trump have begun to heal. But the greatest public service Mr. Biden can now perform is to announce that he will not continue to run for re-election.

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