Commerce Exam > Commerce Notes > Accountancy Class 11 > NCERT Solution (Part - 4) - Recording of Transactions-I
NCERT Solution (Part - 4) - Recording of Transactions-I | Accountancy Class 11 - Commerce PDF Download
Page No 94:
Q16 : Journalise the following transactions, post to the ledger:
Answer :
Q 17 : Journalise the following transactions is the journal of M/s. Goel Brothers and post them to the ledger.
Answer : 
Q18 :
Give journal entries of M/s. Mohit traders; post them to the Ledger from the following transactions:
Answer:
Q19 :
Journalise the following transaction in the Books of the M/s. Bhanu Traders and Post them into the Ledger.
Answer :
Note: For transaction on December 29, 2017, it has been assumed that the rent of Rs 3,000 is paid through cheque. If instead the rent would have been paid in cash, the cash account would have shown a credit (negative) balance and that is logically not correct.
Page No 96:
Q20 : Journalise the following transaction in the Book of M/s. Beauti tradeRs Also post them in the ledger.
Answer :
Q21 : Journalise the following transaction in the books of Sanjana and post them into the ledger:
Answer :
Page No 97:
Question 22:Record journal entries for the following transactions in the books of Anudeep of Delhi:
(a) Bought goods Rs. 2,00,000 from Kanta of Delhi (CGST @ 9%, SGST @ 9%)
(b) Bought goods Rs. 1,00,000 for cash from Rajasthan (IGST @ 12%)
(c) Sold goods Rs. 1,50,000 to Sudhir of Punjab (IGST @ 18%)
(d) Paid for Railway Transport Rs. 10,000 (CGST @ 5%, SGST @ 5%)
(e) Sold goods Rs. 1,20,000 to Sidhu of Delhi (CGST @ 9%, SGST @ 9%)
(f) Bought Air-Condition for office use Rs. 60,000 (CGST @ 9%, SGST @ 9%)
(g) Sold goods Rs. 1,50,000 for cash to Sunil to Uttar Pradesh (IGST 18%)
(h) Bought Motor Cycle for business use Rs. 50,000 (CGST 14%, SGST @ 14%)
(i) Paid for Broadband services Rs. 4,000 (CGST @ 9%, SGST @ 0%)
(j) Bought goods Rs. 50,000 from Rajesh, Delhi (CGST @ 9%, SGST @ 9%)
ANSWER:
The document NCERT Solution (Part - 4) - Recording of Transactions-I | Accountancy Class 11 - Commerce is a part of the Commerce Course Accountancy Class 11.
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FAQs on NCERT Solution (Part - 4) - Recording of Transactions-I - Accountancy Class 11 - Commerce
| 1. What is the purpose of recording transactions in accounting? |  |
Ans. The purpose of recording transactions in accounting is to maintain a systematic and accurate record of all financial activities of a business. This helps in tracking the inflow and outflow of funds, analyzing financial performance, and preparing financial statements.
| 2. What are the different methods of recording transactions? | |
Ans. There are two main methods of recording transactions in accounting - the single-entry system and the double-entry system. In the single-entry system, only one aspect of a transaction is recorded, usually the cash aspect. In the double-entry system, both the debit and credit aspects of a transaction are recorded, ensuring that the accounting equation (Assets = Liabilities + Owner's Equity) remains balanced.
| 3. How are transactions recorded in the single-entry system? | |
Ans. In the single-entry system, transactions are recorded in a simple manner. Cash transactions are recorded in a cash book, while non-cash transactions like credit sales or purchases are recorded in a separate account called the personal account. This method is generally used by small businesses with simple financial transactions.
| 4. How are transactions recorded in the double-entry system? | |
Ans. In the double-entry system, each transaction is recorded by making two entries - a debit entry and a corresponding credit entry. Debit represents an increase in assets or expenses, while credit represents an increase in liabilities, owner's equity, or revenue. This method ensures that the accounting equation remains balanced.
| 5. What are the advantages of recording transactions accurately and promptly? | |
Ans. Recording transactions accurately and promptly has several advantages. It provides a clear picture of a business's financial health, helps in making informed decisions, facilitates the preparation of financial statements, and ensures compliance with legal and regulatory requirements. It also helps in identifying errors or frauds and enables effective financial analysis and management.
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