Ledger Account - Ledger

Business transactions are recorded:

When total of debit side of an account exceeds the total of its credit side, the account is said to have:

The process of transferring the accounts from the Journal to the ledger is called:

Trial Balance shows:

Ledger Account is prepared from:

Give a specimen of an account.

What are the two sides of an account called?

Which account should be debited, if wages are paid for installation of a machine?

Name the category of accounts that are balanced.

What is the meaning of Ledger?

Write a short note on 'balancing an account'. Explain by balancing a Cash Account.

What is a Ledger?

What is a Trial Balance?

What is an Account?

What do you mean by posting?

On 1st April, 2019, the following were Ledger balances of M/s. Ram & Co., Delhi:
Cash in Hand ₹ 300; Cash at Bank ₹ 7,000; Bills Payable ₹ 1,000; Zahir (Dr.) ₹ 800; Stock ₹ 4,000; Gobind (Cr.) ₹ 2,000; Sharma (Dr.) ₹ 1,500; Rahul (Cr.) ₹ 900; Capital ₹ 9,700.
Transactions during the month of April, 2019 were:

2019		₹
April 2	Bought goods from Gobind, Delhi	900
April 3	Sold goods to Sharma, Kanpur	1,000
April 5	Bought goods from Rahul, Delhi	1,200
April 8	Sold goods to Zahir, Kolkata	500
April 15	Paid Gobind by cheque on account*	1,500
April 18	Received from Sharma a cheque of	2,000
	Allowed him discount*	50
April 20	Sold goods to Sharma, Kanpur	800
April 20	Paid rent by cheque	200
April 25	Sold goods to Zahir, Kolkata	1,000
April 30	Paid salaries in cash*	300

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Post the above transactions to the Ledger and prepare the Trial Balance on 30th April, 2019.

On 1st April, 2019, Mohit, Delhi started business with a capital of ₹ 50,000. He made the following transactions during the month of April:

2019		₹
April 3	Purchased goods from Rita, Delhi on credit for	20,000
April 4	Cash paid to Rita	10,000
April 6	Goods sold to Rohit, Chandigarh	25,000
April 8	Received cash from Rohit	20,000
April 12	Goods purchased from Rita	12,000
April 18	Cash paid to Rita	20,000
April 25	Goods sold to Rohit, Chandigarh	10,000
April 30	Received cash from Rohit	6,000

You are required to journalise the above transactions and show the respective Ledger accounts.

Following balances appeared in the books of Ashok, Delhi on 1st April, 2019:
Assets: Cash ₹ 50,000; Stock ₹ 30,000; Debtors−Ram ₹ 50,000; Machinery ₹ 60,000.
Liabilities: Creditor−Rajesh ₹ 30,000.
The following transactions took place in April, 2019:

2019		₹
April 4	Sold goods for cash	7,000
April 6	Goods returned by Ram, Delhi	1,000
April 10	Purchased goods from Rajesh, Jaipur (Rajasthan) of list price ₹ 10,000 for	9,000
April 15	Bought goods of list price of ₹ 15,000 from Rakesh, Kolkata less 10% trade discount and 5% cash discount and paid 40% of amount immediately.
April 20	Paid to Rajesh in full settlement of his account*	38,600
April 25	Paid for the life insurance premium of the proprietor*	500
April 30	Received commission (Including CGST and SGST @ 6% each)	2,000

CGST and SGST @ 6% each is levied on intra-state transactions and IGST is levied @ 12% on inter-state transactions. Transactions marked with (*) are not subject to levy of GST.
Pass Journal entries for the above transaction, post them into the Ledger and prepare the Trial Balance on 30th April, 2019.

Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:

2019		₹
Jan 1	Started business with cash	1,00,000
Jan 3	Bought goods on credit from Gupta & Co., Delhi	20,000
Jan 5	Cash sales	5,000
Jan 8	Cash purchases	8,000
Jan 10	Sold goods to Ahmed & Co., Lucknow	10,000
Jan 11	Deposited cash in bank	50,000
Jan 13	Purchased a computer for office	20,000
Jan 15	Took a loan from Mehboob	70,000
Jan 16	Goods returned by Ahmed & Co.	2,000
Jan 17	Purchased furniture from Mehfil Mart, Kolkata	10,000
Jan 18	Paid interest to Mehboob	2,000
Jan 19	Received claim from Ahmed & Co. for defects in goods supplied to them. Claim was accepted and rebate was allowed	1,000
Jan 22	Paid rent by cheque	2,000
Jan 24	Withdrew from bank	20,000
Jan 25	Sales of goods at counter after allowing trade discount of 10%	10,000
Jan 26	Goods purchased from Gupta & Co., Delhi were destroyed by accident	10,000
Jan 27	Advertisement expenses paid through bank	5,000
Jan 28	Ahmed & Co. settled their account by cheque	7,000
Jan 29	Paid the due amount to Gupta & Co. by cheque after availing discount of ₹ 800
Jan 31	Sold old newspapers	500

Journalise the following transactions in the books of Shri Manoj, Kolkata and prepare Ledger Accounts.
Opening Debit Balances:
Cash in Hand ₹ 15,000; Cash at Bank ₹ 55,000; Stock ₹ 28,000; Debtors ₹ 25,000 (Sunil ₹ 5,000; Abhay ₹ 10,000 and Alok ​₹ 10,000); Fixed Assets: Computer and Printer ₹ 50,000; Furniture ₹ 10,000; Delivery Van ₹ 25,000.
Opening Credit Balances:
Bank Loan ₹ 90,000; Salaries Outstanding ₹ 15,000; Creditors ₹ 20,000; Bills Payable ₹ 10,000; Capital ₹ 73,000.
Transactions for the month of April, 2019 were:

1. Purchased goods from M/s Prabhat Electricals, Delhi ₹ 10,000 less 10% Trade Discount.

Cheque was issued immediately and availed 2% Cash Discount on purchase price.

2. Cheque was received from Abhay for the balance allowing him discount of 2%*.
3. Cheque was received from Alok for the balance due*.
4. Sunil was unable to pay the full dues and offered to pay 75%, which was accepted. Cheque was duly received*.
5. Gave goods costing ₹ 1,000 as charity. These goods were purchased in Kolkata.
6. In a competition held by the RWA where the shop is located an electric iron costing ₹ 500 was given as an award. It had been purchased from Prabhat Electricals, Delhi.
7. A debt of ₹ 10,000 that was written off as bad debt in the past was received*.
8. Salaries amounting to ₹ 15,000 provided in the books for the month of March, 2019 were paid through cheque*.
9. Sales for the month were: Cash Sales ₹ 15,00,000 (Intra-state) and Credit Sales ₹ 3,00,000 (Inter-state).
10. Purchases for the month were: Cash Purchases ₹ 1,00,000 (Intra-state) and Credit

Purchases (Inter-state) ₹ 9,00,000.

Cheques Received from Debtors ₹ 2,00,000; Deposited Cash ₹ 15,00,000.

11. Paid to creditors through cheques ₹ 8,90,000*.
12. Bank Loan repaid during the month ₹ 20,000*.

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).