DK Goel Solutions Chapter 13 Ledger
Read below DK Goel Solutions Class 11 Chapter 13 Ledger. These answers have been developed based on the latest Class 11 DK Goel Accountancy book used by commerce stream students issued for current year and the questions given in each chapter.
This chapter of DK Goel Accounting Solutions presents contains almost 13 types of numerical problems on Ledger Posting, this will also give you more understanding about how to understand ledgers and what type of entries get displayed in ledgers.
The chapter also contains a lot of questions that can be very helpful to understand the concepts for Class 11 commerce students of Accountancy and will also help build a strong foundation.
DK Goel Solutions Class 11 Chapter 13 solutions are free and will help you to prepare for Class 11 Accountancy. Just scroll down and read through the answers provided below
Short Answer Questions for DK Goel Solutions Class 11 Chapter 13
Question 1: Distinguish between Journal and Ledger.
Question 2: Enumerate four advantages of Ledger.
The benefits of the ledger are below:—
(1) In this book, all accounts are opened on different pages. Therefore, in one position in the register, all transactions relating to an account are collected.
(2) Using ledger balances, a trail balance may be prepared, which helps to assess the arithmetical consistency of the accounts.
(3) Only with the aid of ledger balances will a trade and benefit and loss account be planned.
(4) The balance sheet can also be prepared by means of ledger balances reflecting the company’s financial condition.
Question 3: What are the rules of posting in the Ledger?
The rules for posting in the ledger as below:-
I All account-related transactions should be reported in one location. There should be no opening of two separate accounts for posting transactions relating to the same account.
(ii) Before accounts that occur on the debit side of an account, the term ‘On’ is used. Similarly, before the accounts that exist on the credit side of an invoice, the expression ‘By’ is used.
(iii) If an account has been debited in the journal entry, it should also be posted in the ledger on the debit side of that account. The name of the other account that was credited in the journal entry should be written for comparison in the data columns.
Question 4: What are the purposes of posting J.F. number at the time entries are posted to the accounts.
Solution 4: The full form of J.F. is Journal Folio. Purpose of posting J.F. number is that it provides a ready reference for tracing the page of journal from where the entry has been posted.
Question 5: Explain the procedure of balancing the personal accounts.
Solution 5: An account is balanced when we have to apply either debit or credit to the larger side, whichever it might be, and write the larger one on the parallel column.
A debit column if it is greater than the column for credit. On the credit line, the disparity is written as ‘By Balance c/d’. In the two columns facing each other, the totals are first entered and then the balance is written as ‘To Balance b/d’ on the debit side to indicate the debit balance in hand at the beginning of the next date or vice versa on the credit balance.
Question 6: Prepare a Compound Entry with the help of imaginary figures and show in posting.
Question 7: Prepare on Opening Entry with the help of imaginary figures and show its posting.
Question 8: Prepare a Purchase Book with atleast two in it and show its posting.
Question 9: Prepare a Sales Book with atleast two items in it and show its posting.
Question 1: Journalise the following transactions, post them into Ledger, balance the accounts and prepare a Trial Balance:−
|Mar-01||Shyam Sunder & Sons commenced business with cash||80,000|
|2||Purchased goods for cash||36,000|
|3||Machinery purchased for cash||4,000|
|4||Purchased goods from :|
|6||Returned goods to Raghu||4,000|
|8||Paid to Raghu, in full settlement of his account||17,500|
|10||Sold goods to Mahesh Chand & Co. for Rs. 32,000 at 5% trade discount|
|13||Received cash from Mahesh Chand & Co.||19,800|
|15||Paid cash to Dilip||14,850|
|20||Sold goods for cash||25,000|
|24||Sold goods for cash to Sudhir Ltd.||18,000|
|25||Paid for Rent||1,500|
|26||Received for Commission||2,000|
|28||Withdrew by Proprietor for his personal use||5,000|
|28||Purchased a fan for Proprietor’s house||1,200|
Question 2: Following balances appeared in the books of Ram & Shyam on January 1, 2017 :−
Assets : Cash in hand Rs. 30,000; Stock Rs. 36,000; Lal Chand Rs. 7,600; Mukesh Khanna Rs. 16,200; Furniture Rs. 8,000.
Liabilities : Ghanshyam Rs. 6,000; Vinod Rs. 8,000.
Following transactions took place during Jan. 2017 :−
|Jan. 2||Purchased Typewriter for Rs. 7,500.|
|4||Sold goods for Cash of the list price of Rs. 25,000 at 20% trade discount and 5% Cash discount.|
|6||Sold goods to Gopal Seth for Rs. 10,000.|
|8||Gopal Seth returned goods for Rs. 1,500.|
|12||Purchased goods from Arun Rs. 12,000; and from Varun Rs. 15,000.|
|13||Settled Arun’s account in full after deducting 5% for cash discount.|
|14||Paid cash to Ghanshyam in full settlement of his account.|
|16||Received Rs. 7,500 from Lal Chand in full settlement of his account.|
|17||Purchased a Scooter for office use Rs. 18,000.|
|20||Sold goods for cash Rs. 20,000.|
|22||Received from Gopal Seth Rs. 4,850 and discount allowed Rs. 150.|
|27||Paid for Wages Rs. 7,000 and Salaries Rs. 3,000.|
|28||Withdrew goods for Rs. 2,000 and Cash Rs. 1,500 for private use.|
|29||Paid for Life Insurance Premium of the Proprietor Rs. 1,600.|
Journalise the above transactions, post them into Ledger, balance them and prepare a Trial Balance.
|Journal Entries in the Books of Ram & Shyam|
Question 3: Prepare Journal Entries of the following postings :-
Question 4: Enter the following transactions in a Double Column Cash Book and Journal Proper and post them into Ledger:-
Solution 4: Cash Book
Point in mind (DK Goel Solutions Class 11 Chapter 13) :-
- Identify in the Ledger the account to be debited.
- Enter the date of the transaction in the ‘Date’ column on the debit side of the account.
- Write the name of the account which has been credited in the respective entry in the ‘Particulars’ column on the debit side of the amount as ‘To (name of account credited)’.
- Record the page number of the Journal where the entry exists in the Journal folio (J,F.) column.
- Enter the relevant amount in the ‘Amount’ column on the debit side.
Question 5: Record the following transaction in the Purchases Book of Modern Furniture House, New Delhi assuming CGST @ 6% and SGST @ 6% and post it into Ledger:
Question 6: Record the following transaction in the Sales Book of Karunakaran & Sons, Chennai (Tamilnadu) assuming CGST @ 90% and SGST @ 9% and post them into Ledger :-
Question 7: Enter the following transactions in Return Outward Book of Modern Furniture House, Udaipur (Rajasthan) assuming CGST @ 6% and SGST @ 6% and post it into Ledger:-
|Nov. 7||Returned to Sachdeva Furniture Store, Ahmedabad (Gujarat) :|
|5 Chairs @ Rs. 2,000 each|
|1 Table for Rs. 15,000|
|Less: 10% Trade Discount|
|22||Returned 8 Chairs to India Furniture House, Jodhpur (Rajasthan) @ Rs. 1,500 each, being not of specified quality.|
|24||Returned one Dining Table to Arora & Co., Jaipur (Rajasthan) being not according to sample Rs. 50,000.|
|28||Allowance claimed from Delhi Furniture Shop, Ahmedabad (Gujarat) on account of mistake in the invoice Rs. 16,000.|
Question 8: Enter the following transactions in Return Inward Book of M/s Kanitkar & Co. of Mumbai (Maharashtra) assuming CGST @ 2.5% and SGST @ 2.5% and post it into Ledger:
|Jan. 5||Goods returned to us by Giriraj & Co., Pune (Maharashtra) worth Rs. 40,000, less 10% trade discount.|
|10||Shah Brothers, Jaipur (Rajasthan) returned goods, being not according to sample Rs. 30,000.|
|16||Allowance claimed by Jai Singh & Co., Mathura (U.P) on account of a mistake in the invoice Rs. 10,000.|
|20||Good returned by Gopalsons, Mumbai being defective Rs. 20,000.|
Question 9: Enter the following transactions in proper Subsidiary Books and post them into Ledger:−
|Mar-02||Purchased from Navrang Traders for Rs. 8,300|
|3||Sold goods to Rohan for Rs. 3,200|
|5||Bought of Ruchi Traders for Rs. 12,100|
|8||Rohan returns the goods for Rs. 60|
|10||Purchased goods from Jaipur Stores of the list price of Rs. 15,400 less 5% Trade Discount|
|12||Sold goods to Arun Traders for Rs. 18,000 less 15% Trade Discount|
|12||Bought of Amit Traders for Rs. 10,000|
|16||Purchased Machinery from Kirloskar Ltd. Rs. 20,000|
|18||Returned goods to Jaipur Stores for Rs. 800 less 5% Trade Discount.|
|19||Arun Traders returned goods for Rs. 3,000, less 15% Trade Discount|
|20||Sales to Kalpna & Co. for Rs. 14,700|
|22||Purchased goods from Navrang Traders Rs. 25,000|
|25||Returns outward to Navrang Traders for Rs. 1,200|
|26||Sales to Rupa Traders for Rs. 10,000 less 10% Trade Discount|
|29||Returns inward from Kalpana & Co. for Rs. 2,000|
Enter the following transactions in subsidiary books, post them into Ledger and prepare a Trial Balance:
The following balances existed in Sunil Bros. books on April 1, 2017:
Assets : Cash in hand Rs. 27,500; Bank Balance Rs. 40,000; Debtors : Ashok Rs. 18,000, Bahadur Rs. 25,000, Charu Rs. 30,000; Stock Rs. 1,60,000 and Furniture Rs. 40,000.
Liabilities : Creditors : Dinesh Rs. 20,000 and Ekta Rs. 15,000.
Point of Knowledge (DK Goel Solutions Class 11 Chapter 13) :-
Journal Folio (J.F.) Column in the ledger records Page No. of the journal from which the posting to the Ledger has taken place. Purpose of posting J.F. number is that it provides a ready reference for tracing the page of journal from where the entry has been posted.
Question 12: Enter the following transactions in proper Subsidiary Books, post them into Ledger Accounts, balance the accounts and prepare a Trial Balance :
|Jan. 1||Assets :||Cash in hand Rs. 20,000; Debtors : Sri Gopal Rs. 15,000, Poonam & Co. Rs. 30,000; Stock Rs. 1,75,000, Machinery Rs. 1,20,000; Furniture Rs. 40,000.|
|Liabilities:||Bank Overdraft Rs. 33,000; Creditors : Niranjan Lal Rs. 24,000, Bombay Trading Co. Rs. 16,000.|
|Jan. 2||Purchased from Manohar Lal & Sons goods of the list price of Rs. 20,000 at 10% trade discount.|
|5||Returned to Manohar Lal & sons goods of the list price of Rs. 2,000.|
|10||Issued a Cheque to Manohar Lal & Sons in full settlement of their account.|
|12||Sold to Sri Gopal, goods worth Rs. 25,000.|
|15||Received Cash Rs. 10,000 and a Cheque for Rs. 8,000 from Sir Gopal. The Cheque was immediately sent to bank.|
|16||Withdrew for personal use : Cash Rs. 5,000 and goods Rs. 3,000.|
|17||Accepted a bill for 45 days drawn by Niranjan Lal for the amount due to him.|
|18||Acceptance received from Poonam & Co. for the amount due from them payable after 30 days.|
|19||Sold to Raghubir Brothers, goods valued Rs. 16,000.|
|20||Cash purchases Rs. 15,000.|
|22||Withdrew from bank fo office use Rs. 10,000.|
|23||Purchased from Bombay Trading Co., goods valued Rs. 24,000.|
|24||Sri Gopal returned goods worth Rs. 2,000.|
|25||Received from Raghubir Brothers Rs. 10,000.|
|27||Accepted a bill for Rs. 25,000 for 1 month drawn by Bombay Trading Co.|
|27||Paid Rent by Cheque Rs. 2,800.|
|Received Commission in Cash Rs. 800.|
|31||Paid salaries Rs. 5,000.|
A ledger is a particular book that highlights all the financial transactions related to a specific account. Ledger allows the accountants to list all the transactions accurately in a chronological order, which helps them calculate the overview of the transactions much easier. Ledger gives a clear view of the current status of assets and liabilities of an organization and helps in preparing the ideal trial balances.
A Ledger brings a bunch of formats depending upon the purposes, such as journals, subsidiary books, and cash books. Typically, a ledger is divided into two sections – the debit part and the credit part. All the information of transactions is recorded on a debit and credit basis, which assists in preparing the financial statements of a business.
The benefits of Ledger are as follows –
● Ledger incredibly assists in designing a trial balance, which helps firms to analyze the consistency and comparability of the accounts.
● The ledger reflects the complete financial condition of a company. This helps the accountants to create the balance sheets of the company much conveniently.
● Ledger balances help businesses understand the benefits and loss of financial decisions and help them to plan strategically.
Posting in Ledger is the procedure of transferring the transaction details from the journal to the ledger accounts of a company.
Here are the rules of posting in the ledger –
● All the financial transactions surrounding a similar account must be added in one place.
● The word ‘To’ must be added to the account on the debit side, and the word ‘By’ must be added to the account on the credit side.
● In a Journal entry, if an account gets debited, the details must be entered on the debit side of the ledger. Similarly, when an account gets credited, the posting in Ledger must be made on the credit side.
J.F or the Journal Folio number in the ledger defines the page number of the journal from which the posting to the ledger has been performed. The J.F number helps to get a quick reference and helps in the traceability of the transaction on the journal.