3. Recording of transaction-I-Journal and Ledger Accounts Class 11 In English-CBSE Notes
Explore NCERT Solutions for Class 11 accounts Chapter 3. Recording of transaction-I Topic Journal and Ledger with simple explanations and free ncert solution in English.
3. Recording of transaction-I-Journal and Ledger Accounts Class 11 In English-CBSE Notes
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All Topics Chapter 3. Recording of transaction-I
- 1. Preparation of Accounting Vouchers
- 2. Accounting Equation
- 3. Rules of Debit and Credit
- 4. Books of Original Entry
- 5. Journal and Ledger
Notes
3. Recording of transaction-I-Journal and Ledger Accounts Class 11 In English-CBSE Notes
3. Recording of transaction-I
Journal and Ledger
JOURNAL AND LEDGER
JOURNAL - Journal is a book of prime entry or book of original entry in which transactions are first recorded in chronological order.
FEATURES OF A JOURNAL -
- It shows complete record of transactions.
- It is a book of original entry in which transactions are first recorded.
- Day to day transactions are recorded in a journal in chronological order.
- It records both aspects of a transaction i,e. debit and credit.
ADVANTAGES OF JOURNAL -
- It helps to provide accounting data in chronological order.
- It reduces possibility of errors by recording transactions both sides debit as well as credit.
- It provides explanations of transactions along with recording in journal for better understanding of transactions.
- It hepls in ledger posting of transactions.
- It ensures arthmetical accuracy.
- Classification of all transactions become easier.
LIMITATIONS OF JOURNAL -
- It is unsuitable for large volume of transactions.
- It is not a simple system of recording of transactions.
- It is not a substitute of ledger.
- It is time consuming process.
- It does not facilitate internal control, because in journa,l transactions are recorded in chronological order.
FORMAT OF JOURNAL -
| Date | Particulars | L.F. | Dr.(amount) | Cr.(amount) |
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Journal is divided into 5 columns. These are as follows -
1. Date
2. Particulars
3. Ledger Folio
4. Debit Amount
5. Credit Amount
Example - Mr. A started business and introduced capital of rs. 5,00,000.
the transaction is recorded by passing following journnal entry :
| Date | Particulars | L.F. | Dr(amount) | Cr(amount) |
|
| Bank A/c Dr... To Capital A/c |
| 5,00,000
|
5,00,000 |
LEDGER -
- Means a book which contains, in a summerisedand and classified record of all transactions.
- Ledger is called principal book of account.
- Ledger is called book of final entry.
FEATURES OF LEDGER -
- It is prepred from journal.
- Trial balance and final accounts are prepared from ledger accounts.
- Ledger accounts shows current balances of all accounts.
- Ledger is a master record of all transactions
- It holds relevent informations at one place relating to a particular account.
UTILITY OF LEDGER -
- ledger helps to prepare a separate account for each income and expense.
- It provides complete information about a particular account.
- It helps in prepration of trial balance.
- It also helps in prepration of final accounts. I,e. trading A/c, P&L A/c and balance sheet.
FORMAT OF LEDGER ACCOUNT -
Dr. Cr.
| Date | Particulars | J.F. | Amount(Rs.) | Date | Particulars | J.F. | Amount(Rs.) |
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All Topics Chapter 3. Recording of transaction-I
3. Recording of transaction-I-Journal and Ledger Accounts Class 11 In English-CBSE Notes
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CBSE Notes for Class 11 accounts Chapter 3. Recording of transaction-I – Journal and Ledger
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