TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals, a really important topic for the Class 11th Accountancy students and TS Grewal Class 11 Accountancy Solutions has shown 32 step by step solved questions. An important concept in a business is Bank Reconciliation. The process of preparing bank statements along with the errors in them is explained thoroughly with TS Grewal Class 11 Accountancy Solutions.
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TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals
Detailed TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals
TS Grewal Class 11 Accountancy Solutions is explaining to students about Chapter 5 – Journals. Here we can see how they have explained the necessary knowledge about bank reconciliation, easily and thoroughly. The importance of bank reconciliation as well as the various causes of differences in the passbook and cashbook is explained to the students.
There are different areas where the students require the expertise of TS Grewal Class 11 Accountancy Solutions. In Chapter 5, all the necessary topics are explained by giving a good amount of examples.
- The difference in a reconciliation caused due to time gap: In this topic, TS Grewal Class 11 Accountancy Solutions explains to the students about various causes of the issues responsible for a time gap while recording a transaction. For instance, a cheque is issued, but not presented to the bank.
- Errors or mistakes while recording transactions: In this topic of Chapter 5, TS Grewal Class 11 Accountancy Solutions made the students acquainted with the types of errors caused during a transaction recording. There are two types of errors, i.e.,
- Error caused by a firm
- Error caused by a company.
These points are explained in detail in TS Grewal Class 11 Accountancy Solutions.
TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals: Sample Questions
Mr. Rahul made the following transactions, as mentioned in the table. Journalize them.
|
2018 January 1 January 2
January 3 January 3 January 4 January 4
January 4 January 4 January 6 January 8 January 9
January 9 January 15 January 25 January 27 January 31 January 31 January 31
January 31 |
Commenced business with cash Paid into the bank Bought goods on credit from M/s. Singh & Co.
Paid for cartage Bough furniture Ordered HP Printer for 15,000 advanced payment
Bought a calculator Bought a computer through cheque Paid for the postage Sold goods for cash Sold goods to M/s. Sharda & Co. on credit Paid for cartage Paid on account to M/s. Singh & Co. Sold goods to M/s. R and Co. Received cheque as full settlement of amount due from M/s. Sharda & Co. Paid for electricity bills Paid the salary Paid for building rent, half of the building used for residential use, by the proprietor. Drew for personal use |
Rs.
1,00,000 60,000 20,000
300 2,000
5,000
1,000 13,000 150 4,000 10,000 200 17,500
5,600 9,750 1,000 1,500 5,000
3,500 |
Answer:
Books of Rahul Journal
|
Date |
Particulars |
L.F. |
Dr. (Rs.) |
Cr. (Rs.) |
|
2018 January 1 |
Cash A/C Dr. To Capital A/C (Being Rahul commenced business with cash) |
|
1,00,000 |
1,00,000 |
|
January 2 |
Bank A/C Dr. To Cash A/C (Being paid to the bank) |
|
60,000 |
60,000 |
|
January 3 |
Purchase A/C Dr. To A/C of M/s. Singh & Co. (Being good purchased from M/s. Singh & Co.) |
|
20,000 |
20,000 |
|
January 3 |
Cartage A/C Dr. To Cash A/C (Being paid for cartage) |
|
300 |
300 |
|
January 4 |
Furniture A/C Dr. Office equipment A/C Dr. Computer A/C Dr. To bank A/C (Being furniture, office equipment and computer purchased through cheque) |
|
2,000 1,000 13,000 |
16,000 |
|
January 4 |
HP Printer A/C Dr. To Bank A/C (Being advanced payment for ordering HP Printer) |
|
5,000 |
5,000 |
|
January 6 |
Postage A/C Dr. To Bank A/C (Being paid for postage) |
|
150 |
150 |
|
January 8 |
Cash A/C Dr. To Sales A/C (Being sold goods for cash) |
|
4,000 |
4,000 |
|
January 9 |
M/s. Sharda & Co. A/C Dr. To Sales A/C (Being sold goods to M/s. Sharda & Co.) |
|
10,000 |
10,000 |
|
January 15 |
M/s. Singh & Co. A/C Dr. To cash A/C (Being Paid to M/s. Singh & Co.) |
|
17,500 |
17,500 |
|
January 25 |
M/s. R & Co. A/C Dr. To Sales A/C (Being Sold goods to M/s. R & Co.) |
|
5,600 |
5,600 |
|
January 27 |
Bank A/C Dr. Discount Allowed A/C Dr. To M/s. Sharda & Co. A/C (Being cash received from M/s. Sharda & Co, discount allowed) |
|
9,750 250 |
10,000 |
|
January 31 |
Electricity bill A/C Dr. Salary A/C Dr. To cash A/C (Being Paid electricity bill and salary) |
|
1,000 1,500 |
2,500 |
|
January 31 |
Rent A/C Dr. Drawings A/C Dr. To Cash A/C (Being rent paid half of which is for personal use) |
|
2,500 2,500 |
5,000 |
|
January 31 |
Drawings A/C Dr. To Cash A/C (Being Withdrawn for personal use) |
|
3,500 |
3,500 |
We have included complete information regarding CBSE TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals. If you have any queries regarding the Class 11 Accountancy exams, you can ask in the comments.
FAQs: TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals
What is a Journal?
Journal is defined as a detailed account used for recording all the financial transactions of a business, for the future reconciliation of accounts and this information is transferred to other official accounts like the general ledger.
What is the meaning of Bank Reconciliation?
The concept of tallying the financial records of a bank and an organization with each other is termed Bank Reconciliation. For detecting any discrepancies, caused because of time differences or errors caused by the bank.
What are the types of errors caused while recording a transaction?
The types of errors caused during a transaction recording are of two types:
Error caused by a firm
Error caused by a company.
Can I download TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals PDF for free?
Yes, you can download TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals PDF free.