Download App

Recording of Transactions - 2 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 23 Marks
Question
What do you understand by ledger folio?
✓

Answer

Ledger folio is a page number of an account in ledger that is written in the L.F. column of a journal format. In journal entry, ledger folio number is written corresponding to the name of the account in the L.F. column. It helps in easy locating of the account in the ledger book. It reduces the time in recording and rechecking.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "3 Marks Question" from Recording of Transactions - 2→Recording of Transactions - 2 — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Explain the meaning of the following term:
Business Transaction.
→
Raja Ltd. purchased securities for ₹ 50 lakh. At the end of the year, the market value of such securities was ₹ 40 lakh. While preparing the financial statements, the company valued the securities at cost i.e. at ₹ 50 lakh. Is it a correct treatment?
→
Write up Cash Book of Bhanu Partap with Cash and Bank Columns from the following transactions:
2017
 
(₹)
March 1
Cash-in-hand
2,710
Cash at Bank
27,500
March 3
Received from Subhash
3,500
March 4
Sold goods for cash
10,000
March 7
Paid Rent by Cheque
800
March 8
Paid Sohan by cheque
3,000
March 10
Bought goods for cash
15,000
March 12
Paid cash for stationery
200
Drew from Bank for office use
8,000
March 15
Received cheque from Surendra and sent it to Bank
6,600
March 16
Paid for advertisement
750
March 18
Issued cheque in favour of Nath Brothers
4,300
March 19
Cash Sales
13,000
Paid into Bank
16,000
March 20
Received cheque from Vinod and sent it to Bank
2,400
March 22
Bought Scooter and paid for the same by cheque
18,000
March 25
Bank returned Surendra's cheque dishonoured
 
March 28
Paid salary by cheque
7,200
Paid Trade expenses
2,000
March 29
Cash sales
9,500
March 30
Paid into Bank
10,000
→
On which side the increase in the following accounts will be recorded? Also mention the nature of account:
  1. Furniture
  2. Rent Paid
  3. Commission Received
  4. Salary Paid
  5. Proprietor's Account
  6. Debtor
  7. Creditor
→
Ramesh purchased on credit goods for ₹ $5,00,000$ Less $20 \%$ Trade Discount. As per the terms, he can deduct $4\%$ Cash Discount if he pays the full amount within 15 days. What amount he will have to pay to avail the Cash Discount?
→
Determine the missing amounts on the basis of the Accounting Equation:
S.no
Assets
=
Liabilities
+
Capital
(i)
₹ 20,000
=
₹ 15,000
+
?
(ii)
?
=
₹ 5,000
+
₹ 10,000
(iii)
₹ 10,000
=
?
+
₹ 8,000
→
Explain the double entry mechanism with an illustrative example.
→
What entry (debit or credit) would you make to:
  1. Increase revenue.
  2. Decrease in expense.
  3. Record drawings.
  4. Record the fresh capital introduced by the owner.
→
Raghunath had the following transactions in an accounting year:
  1. Commenced business with cash ₹ 50,000.
  2. Paid into bank ₹ 10,000.
  3. Purchased goods for cash ₹ 20,000 and credit ₹ 30,000.
  4. Sold goods for cash ₹ 40,000 costing ₹ 30,000.
  5. Rent paid ₹ 500.
  6. Rent outstanding ₹ 100.
  7. Bought furniture ₹ 5,000 on credit.
  8. Bought refrigerator for personal use ₹ 5,000.
  9. Purchased motorcycle for cash ₹ 20,000.
Create an Accounting Equation to show the effect of the above and also show his Balance Sheet.
→
Journalise the following transactions is the journal of M/s. Goel Brothers and post them to the ledger.
2017
 
₹
Jan. 01
Started business with cash
1,65,000
Jan. 02
Opened bank account in PNB
80,000
Jan. 04
Goods purchased from Tara
22,000
Jan.05
Goods purchased for cash
30,000
Jan.08
Goods sold to Naman
12,000
Jan.10
Cash paid to Tara
22,000
Jan.15
Cash received from Naman
11,700
 
Discount allowed
300
Jan. 16
Paid wages
200
Jan. 18
Furniture purchased for office use
5,000
Jan. 20
Withdrawn from bank for personal use
4,000
Jan. 22
Issued cheque for rent
3,000
Jan. 23
Goods issued for house hold purpose
2,000
Jan. 24
Drawn cash from bank for office use
6,000
Jan. 26
Commission received
1,000
Jan. 27
Bank charges
200
Jan. 28
Cheque given for insurance premium
3,000
Jan. 29
Paid salary
7,000
Jan. 30
Cash sales
10,000
→