TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals 2023

TS Grewal Class 11 Accountancy Solutions Chapter 5 – Journals

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.

  1. 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.
  2. 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.

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