Balbharati solutions for Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board chapter 4 - Ledger [Latest edition]

Answer in one sentence only
What is Ledger?

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What is Ledger Posting?

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When does an account show a nil balance?

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What is Folio?

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Where is the statement form of ledger A/c is used in actual practice?

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Why Proprietor’s Capital account is a liability for the business?

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Why does cash account never shows a credit balance?

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What is Trial Balance?

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Principal Book of accounts.

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Transferring a journal entry to the appropriate accounts in the ledger.

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Page number of the Ledger to which an entry is posted.

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The process of extracting the balance and inserting it on lesser side of an account.

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 A debit balance to personal Accounts.

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A credit balance to bank Account.

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An account to be debited for goods damaged by fire.

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A Trial Balance in which only net balances of all ledger accounts are transferred.

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In case of a credit transaction one of the account must be a …………….account

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‘c/d’ indicates _______ balance

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__________ Column of ledger is used for writing page number of Journal.

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Debtors Account shows ___________ balance.

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_________ is the process of deriving the difference between totals of the debit and credit side of each ledger a/c.

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Total of Purchase book is _________ to Purchase Account.

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Real account always shows ____________ balance.

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_____________ is prepared to test arithmetical accuracy of Books of Accounts.

State whether the following statements are ‘True or False’ with reasons.
Ledger is a book of original entry.

State whether the following statements are ‘True or False’ with reasons.
The process of recording a transaction in the Journal is called Posting.

State whether the following statements are ‘True or False’ with reasons.
A cash withdrawal from the business by the trader should be credited to Drawings A/c.

State whether the following statements are ‘True or False’ with reasons.
Balances of Nominal Accounts are carried forward to the next year.

State whether the following statements are ‘True or False’ with reasons.
When debit side of an account is greater then the credit side, the account shows debit balance.

State whether the following statements are ‘True or False’ with reasons.
The name of an account written on top of each account is called ‘Head of Account'.

State whether the following statement is ‘True or False’ with reasons.

Agreement of Trial Balance always proves accounting accuracy.

State whether the following statements are ‘True or False’ with reasons.
Trial balance is based on the double entry principle that for every debit there is equal amount of corresponding credit.

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________ balance on Nominal Account shows expenses or loss.

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Cash account always shows ______ balance

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The right hand side of an account is called ___________ side.

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Creditors shows _________  balance

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___________ accounts are closed by transferring its balances to Profit and Loss Account.

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‘b/d’ means __________.

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Rent paid for the residential quarter will be debited to ____________  account.

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Sold goods of Rs. 24,000 at 20% profit on cost, the purchase price of the goods is ___________.

Complete the following table:

Complete the following table:

Complete the following table:

Complete the following table:

Complete the following table:

Put ‘4’ mark for the nature of balance for the following.

Give Journal entries of the following posting from the ledger account:

Prepare necessary Ledger Accounts from the following Subsidiary Books.

From the following transactions prepare necessary Ledger Accounts in the Books of Vinay and balance the same.
2019 Jan.

1 Started business with Cash ₹ 10,000

6 Bought goods from Vikas ₹ 3,000

9 Sold goods to Bhushan ₹ 2,400

12 Paid to Vikas on account ₹ 1,600

19 Received on account from Bhushan ₹ 1,000

25 Cash Purchases ₹ 3,600

30 Cash Sales ₹ 5,000

31 Paid Wages ₹ 400

Journalise the following transactions and prepare Cash A/c only:

2019 July

1 Hardik started the business with Cash ₹ 15,000 and Machinery ₹ 20,000.

4 Purchased goods for ₹ 9,000 less 10% Cash Discount.

9 Sold goods to Amar ₹ 3,000.

12 Distributed goods worth ₹ 700 as free samples.

14 Bought Stationery for ₹ 550 for office use.

18 Received ₹ 950 from Dhanashree, a customer, whose account was earlier written off as a bad debt.

21 Abhiram invoiced us goods worth ₹ 3,000.

24 Settled Abhiram’s account, he allowed 5% cash discount.

27 Exchanged goods worth ₹ 2,500 against Furniture of the same amount.

29 Withdrawn cash from ATM ₹ 5,000 for office use and ₹ 3,000 for personal use.

Prepare Aparna’s account in the books of Suparna.
2019 Jan.

1 Balance due from Aparna ₹ 60,000

4 Sold goods to Aparna ₹ 15,000 at 10% Trade Discount.

7 Goods returned by Aparna ₹ 1,500 (Gross)

11 Received crossed cheque from Aparna ₹ 50,000

17 Invoiced goods to Aparna ₹ 12,000

25 Sold goods to Aparna in cash ₹ 6,000

30 Received cash from Aparna ₹ 33,000 in full settlement of her account.

Prepare Cash A/c, Bank A/c, Purchases A/c, Sales A/c, and Capital A/c and balance the same in the books of Madanlal.

2019 Aug.

1 Started business with a bank balance of ₹ 40,000.

2 Purchased goods from Aseem worth ₹ 15,000 less 10% Trade Discount.

3 Sold goods to Arun for ₹ 8,000 in cash.

4 Paid Rent ₹ 3,000 and Electricity bill ₹ 500.

5 Purchased 100 Shares of Perfect Technologies for ₹ 55 per share and paid Brokerage ₹ 250 by transfer through net banking.

6 Withdrawal of goods for personal use ₹ 500.

7 Sold goods for cash ₹ 5,000 less 10% Cash Discount.

8 Deposited cash into Bank ₹ 2,000.

9 Paid ₹ 3,000 for daughter’s tuition fees by Debit Card.

10 Purchased a Table for ₹ 2,000.

19 Received ₹ 1,500 by selling the scrap.

27 Paid cash into a bank in excess of ₹ 2,000

Journalise the following transactions; post them into Ledger for February 2019

1 Sunil Started business with a stock of goods ₹ 20,000 and Cash ₹ 1,70,000 out of which ₹ 50,000 borrowed from his friend Kedar @ 10 p.a.

5 Placed an order for goods worth ₹ 7,000 with Mohan for which an advance of ₹ 5,500 was paid.

9 Purchased Stationery for office use ₹ 4,500

12 Goods distributed as free samples ₹ 2,000

17 Paid Freight ₹ 400 on behalf of Mr. Dev.

24 Received Goods from Mohan as per our order dated 5th Feb and settled his account.

27 Bought goods from Shekhar on two months credit for ₹ 7,000 at 20% Trade Discount with instructions to send them to Sagar.

28 Sent to Sagar Outward Invoice for goods supplied by Shekhar, at list price less 10% Trade Discount.

Journalise the following transactions and Prepare ledger accounts in the books of Sanjeev:

2019 June

1 Cash Received from Raju ₹ 10,000 for commission.

3 Intra-state sale to Rakesh ₹ 3,000 and SGST @2.5% and CGST @2.5% applicable.

5 Received full amount from Rakesh.

8 Intra-state purchases from Mangesh ₹ 2,000 and SGST @2.5% and CGST @2.5% applicable.

11 Paid the necessary amount to Mangesh.

18 Paid Rent ₹ 2,500

24 Paid mobile bill ₹ 1,000 out of which ₹ 700 for office use and for ₹ 300 for personal use.