CLASS 11 COMMERCE Chapter chapter 2: CBSE Basic Accounting Terms CLASS 11 Learning Notes

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navyagoyal2111

1 Apr 2023

School

Kendriya Vishwavidyalaya

Department

Accounting

Course

CLASS 11 COMMERCE

Professor

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Document Summary

Terms: transaction any financial event that brings change in financial position of a business. Example: ram purchased goods for rs. 10,000 from shyam: account- record of transactions. Debit side [ dr. ] credit side [ cr. : capital- amount invested by the owner in his/her business. Person 1,2,3,4 are shareholders of the company which means they have invested their money in the business or company: drawings- money withdrawn by owner needs for his/her personal expenses. Example paying electricity bills, fees etc: libilities- amount payable by the business. Example loan, credit purchase of goods etc. Amount which can be paid within 12 months. Amount which has to be paid after 12 months. For example- loan taken from bank can be paid back within 5 years: assets- personal resources which are directly or indirectly benefiting the business. Assets which benefit us in day to day business over a short period of time.

Related Questions

PLEASE ANSWER ALL OF THESE QUESTIONSâ

Posting Journal Entries to General Ledger Accounts

Journalize and post business transactions for the following account:

General Ledger

101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses

January 2005

Jan 1	Rex invested $5,000 in the business, Memorandum 10.
Jan 3	Rex transferred furniture valued at $2,000 to the business, Memorandum 11.
Jan 10	Issued check No. 501 for $400 for grooming supplies.
Jan 15	Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201.
Jan 17	Paid Pets, Inc. $500; check No. 105.
Jan 20	Rex withdrew $1,000 cash from business; check No. 59.
Jan 29	Salary paid to employee: $300 via check No. 60.
Jan 30	Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130

Guidelines:

In your working paper, open an account in the general ledger for each of these accounts.

Record the January transactions on page 1 of the general journal.

Post each journal entry to the appropriate account.

Prove the ledger account by preparing a trial balance.

Cash in Bank
Debit	Credit
$5,000.00


Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit





Rexâs Capital
Debit	Credit
	$5, 000.00





Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit

General Journal
Date	Description	Post. Ref.	Debit	Credit
20- Jan. 1	Cash	101	$5,000.00
	Rexâs Capital	301		$5,000.00

General Ledger

Account Name: Cash Account No.101

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20- Jan. 1		J1	$5,000.00		$5,000.00

Account Name: Account No.102

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.120

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.130

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.140

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.205

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Rexâs Capital Account No.301

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20-- Jan. 1		J1		5000		5000

Account Name: Account No.305

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.402

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.410

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.505

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Trial Balance

Account Number	Account Name	Trial Balance
Account Number	Account Name	Debit	Credit

blusharmadillo628

PLEASE FOLLOW THE GUIDELINESâ

Posting Journal Entries to General Ledger Accounts

Jan 1	Rex invested $5,000 in the business, Memorandum 10.
Jan 3	Rex transferred furniture valued at $2,000 to the business, Memorandum 11.
Jan 10	Issued check No. 501 for $400 for grooming supplies.
Jan 15	Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201.
Jan 17	Paid Pets, Inc. $500; check No. 105.
Jan 20	Rex withdrew $1,000 cash from business; check No. 59.
Jan 29	Salary paid to employee: $300 via check No. 60.
Jan 30	Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130

Guidelines:

In your working paper, open an account in the general ledger for each of these accounts.

Record the January transactions on page 1 of the general journal.

Post each journal entry to the appropriate account.

Prove the ledger account by preparing a trial balance.

Cash in Bank
Debit	Credit
$5,000.00


Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit





Rexâs Capital
Debit	Credit
	$5, 000.00





Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit

General Journal
Date	Description	Post. Ref.	Debit	Credit
20- Jan. 1	Cash	101	$5,000.00
	Rexâs Capital	301		$5,000.00

General Ledger

Account Name: Cash Account No.101

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20- Jan. 1		J1	$5,000.00		$5,000.00

Account Name: Account No.102

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.120

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.130

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.140

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.205

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Rexâs Capital Account No.301

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20-- Jan. 1		J1		5000		5000

Account Name: Account No.305

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.402

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.410

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.505

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Trial Balance

Account Number	Account Name	Trial Balance
Account Number	Account Name	Debit	Credit

fuchsiamuskrat244

The transactions below relate to S ASH for the month ended 30 June 2021. Required: Analyse the above transactions in tabular form as follows: QUESTION TWO [35] Bongani Magwaza has been in business in his hometown of Ixopo since 1 April 2014. He decided to use 31 March as the financial year end for his business Bonga’s General Dealers. The following information was obtained from the accounting records of Bonga’s on the last day of the current financial year, 31 March 2019: Date Transactions Amount 2021 R Jun 01 S Ash deposited capital into the business bank account 80 000 05 The business obtained a loan from LTC Bank 15 000 07 Acquired a vehicle and settled the purchase price by cheque 25 000 08 Bought cleaning material from AD Suppliers on credit 500 10 Invoiced Dekker Hotel for cleaning services rendered 1 000 12 Received a cheque from Dekker Hotel and deposited it in the bank account 500 14 Paid Salaries by cheque 1 500 16 An advert was published in the daily news. This is payable in 30 days 250 25 S Ash transferred his personal equipment into the business 10 000 30 Stationery on hand 1 000 A/C.DEBIT A/C.CREDIT A = E + L

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CLASS 11 COMMERCE Chapter chapter 2: CBSE Basic Accounting Terms CLASS 11 Learning Notes

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