Commerce Exam > Commerce Notes > Ledger (Part - 3)
Ledger (Part - 3) - Commerce PDF Download
Page No 13.62:
Question 10:
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 ₹ 27,500; Bank Balance ₹ 40,000;
Debtors : Ashok ₹ 18,000, Bahadur ₹ 25,000, Charu ₹ 30,000; Stock ₹ 1,60,000 and Furniture ₹ 40,000.
Liabilities : Creditors : Dinesh ₹ 20,000 and Ekta ₹ 15,000.
| 2017 | ||
| April 1 | Cash Sales ₹ 18,000. | |
| 2 | Deposited into Bank ₹ 20,000. | |
| 3 | Purchased from Dinesh : | |
300 metres Cotton @ ₹ 60 per metre | ||
200 metres Silk @ ₹ 100 per metre | ||
| 5 | Cheque issued to Dinesh for ₹ 25,000. | |
| 6 | Accepted a bill at one month for ₹ 15,000 drawn by Dinesh. | |
| 8 | Sold to Ashok : | |
400 metres Cotton @ ₹ 80 per metre | ||
250 metres Silk @ ₹ 140 per metre | ||
| 10 | Returned by Ashok 50 metres Silk. | |
| 12 | Received Cash ₹ 8,000 and a Cheque for ₹ 40,000 from Ashok. Cheque was immediately sent to Bank. | |
| 13 | Received a B/R from Bahadur for ₹ 20,000 at one month. | |
| 15 | Accepted a bill at two months drawn by Ekta for the amount due to her. | |
| 16 | Purchased a Computer for office use from Shiva Ltd. for ₹ 45,000 on Credit. | |
| 18 | Cash purchases ₹ 10,000. | |
| 19 | Received full payment from Charu by cheque, sent it to Bank. Discount allowed 2%. | |
| 20 | Issued a cheque to Dinesh in full payment of his account after deducting 1% discount. | |
| 22 | Settled the account of Shiva Ltd. by a cheque. | |
| 24 | Proprietor took away goods worth ₹ 5,000 and Cash ₹ 6,000. | |
| 25 | Purchased from Ganesh 200 metres Cotton @ ₹ 70 per metre subject to trade discount of 5%. | |
| 27 | Paid Rent ₹ 3,000 and Salaries ₹ 8,000. | |
| 30 | Interest allowed by bank ₹ 600. |
ANSWER:
Page No 13.63:
Question 11:
Record the following transactions of M/s Mahipal Bros. in Proper Subsidiary Books, post them into the Ledger and take out a Trial Balance:
| 2017 | ||
| Jan. 1 | Commenced business with Cash ₹ 2,00,000. | |
| 2 | Deposited into U.T.I Bank ₹ 1,75,000. | |
| 4 | Purchased goods from Dilip for ₹ 40,000. Trade Discount 20%. | |
| 6 | Gave a cheque to Dilip for ₹ 16,800 and discount allowed by him ₹ 200. | |
| 8 | Goods bought from Nilesh for Cash ₹ 14,000. | |
| 10 | Accepted a bill at 2 months for ₹ 15,000 drawn by Dilip. | |
| 11 | Bought goods from Suresh ₹ 75,000. | |
| 13 | Paid to Suresh a Cheque for ₹ 58,800 after receiving discount of 2%. | |
| 15 | Cash sales made to Jyoti Parshad ₹ 8,000. | |
| 16 | Sold goods to Mohinder for ₹ 20,000. | |
| 17 | Goods returned by Mohinder for ₹ 1,500. | |
| 18 | Received from Mohinder ₹ 7,900 after allowing a discount of 1.25%. | |
| 20 | Goods sold to Banerjee ₹ 50,000. | |
| 21 | Deposited into Bank ₹ 20,000. | |
| 25 | Goods taken for personal use ₹ 2,000. | |
| 25 | Purchased furniture ₹ 40,000 and Typewriter ₹ 10,000 for office use. | |
| Payment for both the items is made by Cheque. | ||
| 25 | Sold goods to Anubhav ₹ 30,000. | |
| 27 | Goods returned by Anubhav ₹ 5,000. | |
| 27 | Received full payment from Banerjee by Cheque, sent it to Bank, Discount allowed 2%. | |
| 28 | Acceptance received from Anubhav at 30 days for the amount due from him. | |
| 28 | Paid for stationery ₹ 400 and for Postage ₹ 200. | |
| 31 | Rent of proprietor's house paid by Cheque ₹ 2,500. |
ANSWER:
Page No 13.63:
Question 12:
Enter the following transactions in proper Subsidiary Books, post them into Ledger Accounts, balance the accounts and prepare a Trial Balance:
| 2017 | ||
| Jan. 1 | Assets : | Cash in hand ₹ 20,000; Debtors : Sri Gopal ₹ 15,000, Poonam & Co. ₹ 30,000; Stock ₹ 1,75,000, Machinery ₹ 1,20,000; Furniture ₹ 40,000. |
| Liabilities: | Bank Overdraft ₹ 33,000; Creditors : Niranjan Lal ₹ 24,000, Bombay Trading Co. ₹ 16,000. | |
| Jan. 2 | Purchased from Manohar Lal & Sons goods of the list price of ₹ 20,000 at 10% trade discount. | |
| 5 | Returned to Manohar Lal & sons goods of the list price of ₹ 2,000. | |
| 10 | Issued a Cheque to Manohar Lal & Sons in full settlement of their account. | |
| 12 | Sold to Sri Gopal, goods worth ₹ 25,000. | |
| 15 | Received Cash ₹ 10,000 and a Cheque for ₹ 8,000 from Sir Gopal. The Cheque was immediately sent to bank. | |
| 16 | Withdrew for personal use : Cash ₹ 5,000 and goods ₹ 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 ₹ 16,000. | |
| 20 | Cash purchases ₹ 15,000. | |
| 22 | Withdrew from bank fo office use ₹ 10,000. | |
| 23 | Purchased from Bombay Trading Co., goods valued ₹ 24,000. | |
| 24 | Sri Gopal returned goods worth ₹ 2,000. | |
| 25 | Received from Raghubir Brothers ₹ 10,000. | |
| 27 | Accepted a bill for ₹ 25,000 for 1 month drawn by Bombay Trading Co. | |
| 27 | Paid Rent by Cheque ₹ 2,800. | |
| Received Commission in Cash ₹ 800. | ||
| 31 | Paid salaries ₹ 5,000. |
ANSWER:
Note: Answer of Journal proper as per solution (Rs 6,51,600) is different from answer provided by the book (Rs 4,82,000)
FAQs on Ledger (Part - 3) - Commerce
| 1. What is a ledger in commerce? |  |
Ans. A ledger in commerce refers to a book or computerized record that contains all the financial transactions of a business. It includes details such as sales, purchases, expenses, and payments. The ledger provides a complete overview of a company's financial activities and helps in tracking and managing its financial position.
| 2. How is a ledger different from a journal in commerce? | |
Ans. While both a ledger and a journal are used in commerce to record financial transactions, there are some key differences between them. A journal is the first step in the bookkeeping process where transactions are initially recorded in chronological order. On the other hand, a ledger is a collection of accounts that summarizes and categorizes these transactions. The ledger provides a more organized and systematic view of a company's financial activities compared to the journal.
| 3. What are the different types of ledgers used in commerce? | |
Ans. In commerce, there are various types of ledgers used depending on the nature and size of the business. Some common types of ledgers include the general ledger, subsidiary ledger, sales ledger, purchase ledger, and cash ledger. The general ledger contains all the financial transactions of a company, while subsidiary ledgers focus on specific categories such as accounts receivable or accounts payable. The sales ledger records all sales transactions, the purchase ledger records all purchase transactions, and the cash ledger tracks cash inflows and outflows.
| 4. How does a ledger help in financial analysis? | |
Ans. A ledger plays a crucial role in financial analysis as it provides detailed information about a company's financial transactions. By analyzing the ledger, financial analysts can identify trends, patterns, and anomalies in the company's financial activities. They can track the company's revenue and expenses, assess its profitability, and evaluate the efficiency of its operations. The ledger also helps in preparing financial statements such as the balance sheet and income statement, which are essential for assessing the financial health of a business.
| 5. What are the advantages of using a computerized ledger in commerce? | |
Ans. Computerized ledgers offer several advantages over traditional paper-based ledgers in commerce. Firstly, they are more efficient and time-saving as transactions can be recorded and updated automatically. Secondly, computerized ledgers minimize the risk of errors and inconsistencies compared to manual entries. Thirdly, they provide easier access to financial data and can generate comprehensive reports and analysis with a few clicks. Lastly, computerized ledgers can be easily backed up and secured, ensuring the safety of financial information.
About this Document
1.3K Views
4.81/5
Rating
Sep 09, 2025
Last updated
Related Exams
Document Description: Ledger (Part - 3) for Commerce 2025 is part of Commerce preparation. The notes and questions for Ledger (Part - 3) have been prepared according to the Commerce exam syllabus. Information about Ledger (Part - 3) covers topics like and Ledger (Part - 3) Example, for Commerce 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Ledger (Part - 3).
Description
Full syllabus notes, lecture & questions for Ledger (Part - 3) - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus | Best notes, free PDF download
Information about Ledger (Part - 3)
In this doc you can find the meaning of Ledger (Part - 3) defined & explained in the simplest way possible.
Besides explaining types of Ledger (Part - 3) theory,
EduRev gives you an ample number of questions to practice Ledger (Part - 3) tests, examples and also practice Commerce tests.
Related Searches
Important questions
,shortcuts and tricks
,past year papers
,Viva Questions
,MCQs
,Extra Questions
,mock tests for examination
,practice quizzes
,video lectures
,Ledger (Part - 3) - Commerce
,Objective type Questions
,Sample Paper
,Previous Year Questions with Solutions
,Semester Notes
,Summary
,Free
,Exam
,study material
,Ledger (Part - 3) - Commerce
,Ledger (Part - 3) - Commerce
,ppt
;
Additional Information about Ledger (Part - 3) for Commerce Preparation
Ledger (Part - 3) Free PDF Download
The Ledger (Part - 3) is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Ledger (Part - 3) now and kickstart your journey towards success in the Commerce exam.
Importance of Ledger (Part - 3)
The importance of Ledger (Part - 3) cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Ledger (Part - 3) Notes
Ledger (Part - 3) Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Ledger (Part - 3).
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Ledger (Part - 3) Notes on EduRev are your ultimate resource for success.
Ledger (Part - 3) Commerce Questions
The "Ledger (Part - 3) Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Ledger (Part - 3) on the App
Students of Commerce can study Ledger (Part - 3) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Ledger (Part - 3),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Ledger (Part - 3) is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup on EduRev and stay on top of your study goals
10M+ students crushing their study goals daily