case study on journal entries class 11

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Case Study Questions Class 11 Accountancy With Answers

Students should practice Case Study Questions for Class 11 Accountancy with Answers before appearing in Class 11 Accountancy Board exams. We have provided below the class 11 Accountancy Case Study questions based on each chapter in your NCERT Book for Class 11 Accountancy. These chapter-wise questions have been prepared by teachers based on the latest examination pattern and syllabus issued by CBSE, NCERT KVS. The following Case Study questions and answers will be really useful to understand the type of questions that can be asked in exams

Class 11 Accountancy Case Study Questions and Answers

Practicing by going through the past year and Case Study questions for CBSE Class 11 Accountancy is very important to prepare for the Grade 11 Accountancy exams. We have provided below the best collection of questions which can come in your exams.

Chapter Wise Important Questions for Class 11 Accountancy with Answers

Class 11 Accountancy Part 1 Chapter 1 Introduction to Accounting Chapter 2 Theory Base of Accounting Chapter 3 Recording of Transactions – I Chapter 4 Recording of Transactions – II Chapter 5 Bank Reconciliation Statement Chapter 6 Trial Balance and Rectification of Errors Chapter 7 Depreciation, Provisions and Reserves Chapter 8 Bill of Exchange

Class 11 Accountancy Part 2 Chapter 9 Financial Statements – I Chapter 10 Financial Statements – II Chapter 11 Accounts from Incomplete Records Chapter 12 Applications of Computers in Accounting Chapter 13 Computerised Accounting System

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Journal Entries Question for class 11 with solution- chapter 8

T.s grewal solution for class-11 chapter-8 journal.

journal entry class 11 Journal entries in accounting serve as the primary method for recording financial transactions. These entries are made in a chronological order and include details about the accounts affected, the monetary values, and the date of the transaction. They adhere to the double-entry accounting system, ensuring that debits equal credits to maintain the fundamental accounting equation: Assets = Liabilities + Equity. Journal entries play a critical role in financial record-keeping, tracking business activities, and preparing financial statements

what is a journal?

journal is a primary book of account in which transactions are first recorded in a chronological order.

what is a journalising?

journalising is a process of recording a transaction in a journal.

terms or expressions used for journal.

• book of original entry:  journal is called a book of original entry  (also called book of prime entry)  because a transaction is first recorded or written in this book and thereafter transferred, i.e posted into the ledger account 
• journal entry : an process in the journal is called a journal entry 
• journalising;  the process of recording a transaction in a journal is known as journalising. 
• posting:  the process of recording a transaction in a journal is called posting 

characteristics or features of a journal. 

• day, to day transaction are recorded in a journal in a chronological order, i.e in the order or sequence they are entered
• it is a book of original entry in which transactions are written before they are posted in the ledger accounts. 
• it records both aspects of a transaction, i.e debit and credit using double entry system of book keeping. 
• journal is a records which shows complete details of a transaction in one entry, 
• journalising is a process of recording a transaction in the journal and the form in which it is recorded is knows as a journal entry. 

advantages of a journal. 

• provides accounting data in chronological order;  transaction in the journal are recorded as they take place. thus, it makes available the accounting record in chronological order as well as datewise, 
• possibility of error reduces:  possibility of errors is reduced as the amounts to be debited and credited are written side by side and the two can be compared to verify that are equal.
• explanations of the transaction;  along with the entry in the journal narration is written explaining the entry for understanding the entry later. 
• ledger posting of transaction;  journal is the base for posting of transaction into ledger accounts, 

limitations of journal.

• unsuitable for large volume of transaction;  recording all transactions in the journal is suitable only when the volume of transactions is less. in the cases where volume of transaction is large, this limitation can be overcome by sub dividing .the journal into special journals such as cash book. 
• not a simple system of recording;  recording transaction in a journal involves identification of accounts to be debited and credited and applying rules, of debit and credit, the process requires analytical and technical knowledge for correct accounting 
• cash balance is not revealed:  recording of all transaction in journal means cash balance can be knows after posting of cash transaction in cash account , which is a lengthy process. however , this limitation can be overcomes, by maintaining special, journal for cash transaction, i.e cash book, 
• not a substitute of ledger;  information relating to a particular. person or heads is known after posting of transaction in the ledger, accounts, journal is , thus, not a substitute of ledger, 

journal entry class 11 format of a journal

 journal is divided into five columns. these are; date particulars, ledger folio, debit amount credit amount, the format of a journal is as follows, 

(L.F , stands for ledger folio)

• date:  in this column, the transaction date is written, 
• particulars :   due to dual aspact concept, each transaction has two aspects and both the aspect of transaction are recorded , i.e the name of the two accounts affected by the transaction, the name of the account to be debited is written first followed by the word, Dr written close to the right-hand marign line , while the mane of the account to be credited preceeded is written in the next line by the word, to a little to the right, 
• narration:  A brief description of the transaction is also written after the entry, 
• ledger folio,:  in this column the number of ledger page is written to which the debit and credit aspect of the transaction is posted , for  example ,  the proprietor invests further capital of a/m 50,000 and capital account is maintained at ledger 

journal entry class 11 steps in journalising

• step :  ascertain the accounts that are affected by a transaction
• step :  ascertain the nature of the accounts affected .  
• step:   ascertain the account to be debited and credited by applying the rule of debit and credit  

Rules of debit and credit

journal entry class 11

what should be kept in mind while making general entry ?

• Date: Always record the date of the transaction. Accurate dating is essential for tracking financial transactions and for audit and tax purposes.
• Description: Provide a clear and concise description of the transaction. This description should explain the nature of the transaction, what accounts are involved, and any relevant details.
• Debit and Credit: Every journal entry should include at least one debit and one credit. Debits and credits must be equal, maintaining the accounting equation (Assets = Liabilities + Equity).
• Accounts: Specify the accounts that are being debited and credited. For example, if you’re recording a sale, debit Accounts Receivable and credit Sales.
• Amounts: Include the specific monetary amounts for both the debit and credit sides of the entry.
• Reference: If there is a reference number or document related to the transaction (like an invoice or receipt), note it in the journal entry for future reference.
• Consistency: Be consistent with the accounting system you’re using. This means following the same rules and procedures for debits and credits.
• Accuracy: Double-check your entries for accuracy. Mistakes in journal entries can lead to significant errors in financial statements.

journal entry class 11 Question and Answer

Question: 1 you are required to give  (a) journal entries,   (b) nature of account (whether assets, liability, capital, expenses or revenue),  direction of change (increase or decrease ), and (d) appropriate rule for recording the change for the following transaction ,

• nitin invested rup;50,000 cash and rup; 500,000 by cheque to start a business.
• he deposited goods for rup: 5,000 out of cash in the bank 
• purchases goods for rup: 5,000 against cash
• purchased a building and paid rup:2,50,000 by cheque 
• purchased goods from m/s. hari &.co for rup; 100,000
• sold goods for cash rup: 50,000
• sold goods on credit to m/s . ramesh & co. rup; 25,000
• m/s ramehs & co. returned goods of rup;5000 being defective,
• goods returned by m/s ramesh & co. returned to m/s hari & co. at cost price i.e rup 4000
• paid salary to staff by cheque rup; 15,000
• paid rent for the residence of nitin rup: 10,000 by cheque 
• paid electricity charges for the month rup;1,000 in cash 
• paid telephone charges rup: 500 in cash 
• bought office furniture for rup; 25,000 against cheque 
• paid m/s hari & co, on account rup: 50,000 by cheque 
• received from m/s ramesh & co. rup: by cheque
• placed order for goods with m/s abhi & sons of rup: 200,000: paid them rup; 20,000 by cheque as advance, balance to be paid on delivery of goods, 
• received order for goods from m/s , ajay & co. of rup; 300,000 along with a cheque for rup: 30,000 as advance , balance to be received against delivery of goods. 
• paid rup: 1,000 for stationery. 
• nitin withdrew rup: 10,000 for household expenses out of cash 

Question:2 transaction of ramesh for april are given below: journalise them

journal entry class 11 simple and compound journal entries

• simple journal entry:  simple journal entry is an entry in which only two accounts are affected, i.e one account is debited and another is credited with an equal amount ,
• compound journal entry:  compound journal entry is an entry is which two or more accounts are debited and one or more accounts are credited or vice versa. for example, salary of a,/m 15,000 and telephone expanses of a/m 5000 were paid in cash 

Question 3 : ( compound journal entries 🙂 record the following transaction in journal

Question:4 Business Starts with Capital Investmen (Describe the accounting process when a business owner invests INR 50,000 of their own money into the business as capital. Provide a journal entry with debits and credits.)

Question:5 Purchasing Goods on Credit and Payment (Explain the accounting entries involved in purchasing goods worth INR 10,000 on credit and subsequently making a cash payment of INR 10,000 to the supplier.)

Note: where we have written account, you can also write particulars, both have the same meaning.

Question: 6 Recording Employee Salaries and Deductions (Describe the journal entries for paying employee salaries of INR 20,000, including INR 2,000 in tax deductions. Provide separate entries for salary payment and tax deduction.)

Question:7 Selling Goods on Credit and Receiving Payments

Question:8 Depreciation of Equipment ( Discuss the concept of depreciation and provide a journal entry for recording the depreciation expense of equipment worth INR 4,000.)

Journal entries in accounting are essential records of financial transactions. They help maintain an accurate and systematic account of a company’s financial activities. Each entry involves at least two accounts, with one debited and the other credited. Journal entries play a crucial role in preparing financial statements and ensuring compliance with accounting principles. They provide a comprehensive view of a company’s financial health, making them a fundamental tool for both bookkeeping and financial analysis.

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Class 11 Accountancy Case Studies Questions

Table of Contents

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CBSE introduced case-based questions in class 11 accountancy question papers last year to enhance and develop analytical and reasoning skills among students. Class 11 Accountancy Case Studies Questions are given in CBSE model question papers too. Last year sample case-based questions were released by the CBSE and immediately an air of confusion was created among all. This concept was uncharted territory for both students and teachers.

A hypothetical text was provided on the basis of which the student was required to solve the given case-based question asked by CBSE in the accountancy class 11 exam. Initially, the case-based questions appeared to be tedious for both the students and the teachers as they were unprepared to deal with the new pattern of questions but now a lot more clarity is there that has made the question paper quite student-friendly.

Case Study Questions in class 11 (Accountancy)

Case-based questions in Accountancy are considered to be quite challenging by the class 11 students. The questions need to be well prepared and adequately practiced before attempting the class 11 accountancy exam. The accountancy class 11 syllabus is a well-integrated program that facilitates the students to comprehend and learn the basic accounting theories/principles. The subject is the base of major accounting fundamentals that are studied in depth at an advanced level in class 12. For students appearing for grade 11 exams from the Commerce stream, Accountancy is a prime subject. Accountancy is considered to be the most difficult of all other core subjects in the class 11 commerce stream.

The subject is consuming and the case studies are termed to be troublesome for they do require conceptual clarity. To ace this CBSE exam, students need to put in the extra effort. Among all the core subjects of the Commerce stream i.e accountancy, economics and business studies, it’s accountancy that renders a tough time for the students because of its complex theories and principles. It is an arduous task to score well in the 11-grade accountancy examination without adequate practice and knowledge. Many students who opt for the commerce stream after their 10-grade exams target chartered accountancy as a career option, so the subject is of paramount importance for them.

Accountancy syllabus of class 11 CBSE

The entire Accountancy course is divided into 2 parts:

• Part A, Financial Accounting _ I
• Part B, Financial Accounting _ II

Most of the case study questions are centered around the exercises of NCERT textbooks. It is recommended to read the textbooks religiously. There are 2 prescribed textbooks for class 11 Accountancy that have been published by NCERT. But Accountancy has an extensive curriculum and students need to go through other reference books too. Adhering only to NCERT textbooks will not be adequate to achieve proficiency in this subject.

CBSE Class – 11

Accountancy (Code No. 055) Syllabus

Case Study Passage (Accountancy class 11)

In these questions, the students would go through a paragraph with a hypothetical situation, based on which critical reasoning type questions will have to be answered by them. It is important for the students to inspect the passage carefully before trying to attempt the questions. In the coming examination cycle (2022-23), case-based questions will carry a weightage of around 15 to 20%. These questions can be centered on any chapter from the NCERT textbook for accountancy, class 11. Students need to brace well for the case-based questions prior to appearing for their accountancy examination as these questions require a thorough understanding of the key concepts in their syllabus. CBSE aims to increase the weightage of such questions in the years to come.

Kind of case-based Questions in Accountancy

Accountancy is a subject that deals with trade and commerce. The subject records allocate and outline the transactions of a business. The subject is for sure demanding thus requiring a greater effort from the students in order to strive for a perfect score. It is believed to be demanding but at the same time, it is scoring.

The case-based questions asked in the CBSE accountancy question paper for class 11 are of two types:

• Objective- Such questions are asked in the MCQ format
• Subjective- The questions would be answered briefly only but these questions are the ones that would require detailed analysis and application of some fundamental accountancy theories.

How To Prepare For Case-based Questions in Accountancy Grade 11

Students need to prepare well for the case-based questions before appearing for their class 11 Accountancy exams. Here are some tips which will help the student to solve the case-based questions at ease:

• Go through the provided text carefully
• Analyze the situation provided as part of the question asked
• Focus on following correct formats in your responses, accountancy is one subject where apart from the concepts students need to be careful about the formats.
• Brush up well on the theory portion of accountancy, this is the key to scoring a perfect score.
• Practice rigorously
• Provide to-the-point responses

Students need to solidify their concepts in order to ace the accountancy class 11 exam. Case studies can be easily solved if your key fundamentals are crystal clear. These simple points if kept in mind will definitely help the students to fetch good marks in case study questions in class 11 Accountancy .

Case study question examples in accountancy

Here are some given case study questions for CBSE class 11 Accountancy. If you wish to get more case study questions and other study material, download the myCBSEguide app now. You can also access it through our student dashboard.

Accountancy Case Study 1

Read the hypothetical text given and answer the following questions:

Sachin and Dravid are partners in firm sharing profits and losses in the ratio of 3:2. Their balance sheet is given below:

Balance Sheet as on 31.03.2017

On 01.04.2017, they admit Ashwin as a new partner into partnership on the following terms a) He brings in 40,000 as capital and 18,000 towards goodwill for 1/4th share in future profits b) Depreciate furniture by 10% and buildings are revalued at 45,000

• c) PDD is increased to 3,500
• d) Prepaid insurance * 2,000.

Prepare: i) Revaluation Account

. ii) Partners’ Capital Accounts

iii) New Balance

Accountancy Case Study 2

Ram and Shyam are two friends who both have just attended their first class of accountancy. The friends were intrigued by the different branches of accounting and their widespread application. Ram personally liked the branch of accounting in which fund flow statement and budgetary control is used and that branch helps in planning and controlling of operations. As the concept of accounting was further explored, they began discussing the different users of accounting. Ram said that he finds it interesting that even the employees demand information relating to business. Shyam said he finds more interesting the fact that even competitors want information on the relative strengths and weaknesses of the enterprise and for making comparisons, Shyam further said that even accounting helps owners to compare one year’s costs, expenses, and sales with those of other years. However, they were quite shocked by the fact that the management-worker relations were not taken into consideration in the accounting. Meanwhile, Ram and Shyam had an argument at the end of the discussion. Ram was saying that accounting is an art whereas Shyam was saying that accounting is a science. Their teacher came in and said something to them which made them stop the argument.

Q1. What might their teacher have said to solve their argument?

• Ram, please understand, Shetty is correct in this situation

(b) Shyam, please understand, Ram is correct In this situation.

(c) Both are correct

(d) None is correct

Q2. Shyam talked about which type of users of accounting?

(a) Internal users

(b) External users

(c) Both (a) and (b)

(d) None of these.

Q3. Which limitation of accounting is being talked about by them?

(a) Influenced by personal judgment

(b) Omission of qualitative information.

(c) Incomplete information

(d) Based on historical costs

Q4. Which advantage of accounting is being talked about by Shyam in the last part of the first para?

(a) Provides information regarding profit and loss

(b) Provides completes and systematic record

(c) Enables comparative study

(d) Evidence in legal matters

Q5. Which branch of accounting is liked by Ram?

(a) Financial accounting

(b) Cost accounting

(c) Management accounting

(d) Tax accounting

Accountancy Case Study 3

Read the following case study and answer questions

Sam and Jay started with Cash 10,000 and Machinery 1,00,000. They decided to set up a production line for PPE kits for. the protection from Covid 19 virus. As their demand rose, they decided to buy one more piece of machinery. For the same, they took bank overdraft and purchased the machinery. The quality of the company’s product was extremely high and therefore, it could develop a reputation for itself in the market and business was flourishing. After 1.5 years, their old machinery turned obsolete so they decided to sell the same. They sold it and got some cash proceeds. To further increase the brand presence among the concerned stakeholders, they decided to run advertisements from the cash proceeds of machinery sold. As more and more customers demanded their product, they decided to launch a discount for bulk purchases. The discount was not to be recorded in the books of accounts. This campaign was successful and they earned a lot of profits from the same.

Q1. Which type of discount is being discussed in the last part of the passage?

(a) Trade discount

(b) Cash discount

(d) Can’t be determine

Q2. Which asset is discussed in the line, “The quality of the company’s product was very high and therefore, it could develop a reputation for itself in the market and business was flourishing”?

(a) Tangible

(b) Intangible

(c) Current.

(d) Both (a) and (c)

Q3. Which type of liability is discussed in the passage?

(a) Non-current

(b) Current

(d) Can’t be determined

Q4. What was the capital initially invested?

(b) 1,00,000

(c) 1,10,000

Q5. The passage involves capital receipts (apart from initial capital invested).

Advantages of case study questions in Accountancy

The entire class 11 Accountancy syllabus is divided into 2 textbooks that are prescribed by NCERT. The examiner can ask case study questions from any chapter or concept. Students are expected to prepare themselves thoroughly. They ought to practice class 11 Accountancy case-based questions from the various options available to them, so as to ace the subject.

• Uplift the analytical skills of students
• Provide a well-rounded understanding of the concepts
• Enhance intellectual capabilities in students
• Help students to retain knowledge in their long-term memory
• The questions would help to discard the concept of rote learning
• Case studies encourage practical learning.

“Procrastination is the thief of time”

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Accountancy CBSE Class 11 Final Project Sample

This is a sample project for the CBSE Class 11 Accountancy. I did this last year for my class 11. Prepared Summary of Transactions, Journal Entries, Ledger Accounts, Trial Balance, Trading and Profict and Loss Account, Balance Sheet for an imaginary company. Story of the Project is given at the beginning.

This is just for sample. Anyone can use it for reference.

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12 thoughts on “ Accountancy CBSE Class 11 Final Project Sample ”

Thank you so much for ur help… it helped me very much ….

Can you also upload the ratios for this

Ratios in 12th project .. didn’t do in 11th

Loved the way of your doing. Helped me alot. Thanks for having this message easy project.

Sorry,having this easy project I mean

Can you please upload bar diagram and pie chart for all the indirect expenses and both the direct and indirect expenses pie chart and bar diagram

Hey , may I ask were Meghna Unni’s a/c is in the financial statement

Petty cash book please

whatever available with me is posted here. Nothing more is there.

Hi can you please tell me how did you calculate the value of closing stock?

I have posted my 11th std project for reference, i am doing my degree in another stream now. totally out of touch with Accountancy. I am unable to clarify any doubt regarding this now. Sorry

i need journal ledger with gst

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Journal Entries questions for Practice

Table of Contents

Question 1.

Pass Journal entries in the Journal of M/s Rakesh Kumar:  April 1, 2021, Commenced business with cash ₹5,80,000. April 4, 2021, Goods purchased for cash₹1,20,000. April 6, 2021, Goods sold for cash ₹1,80,000. April 10, 2021, Goods purchased on credit ₹90,000 from M/s Mukul. April 12, 2021, Furniture purchased ₹13,000. April 15, 2021, Goods sold on credit to Dinesh Kumar ₹1,60,000. April 20, 2021, Cash paid to M/s Mukul ₹45,000 April 23, 2021, Cash received from Dinesh Kumar ₹80,000. April 25, 2021, Amount withdrawn by the proprietor ₹14,000 for his personal use. April 28, 2021, Salary paid  ₹15,000. April 29, 2021, Wages paid ₹10,000. April 30, 2021, Rent paid ₹5,000.

Golden Rules Of Accounting

Question 2.

Pass Journal entries in the Journal of M/s Suresh Kumar:  May 1, 2021, Started business with cash ₹8,00,000. May 2, 2021, Furniture purchased ₹10,000. May 4, 2021, Goods purchased for cash₹2,50,000. May 5, 2021, Machinery purchased ₹50,000. May 6, 2021, Goods sold for cash ₹2,00,000. May 10, 2021, Goods purchased on credit ₹2,90,000 from M/s Sanjay. May 15, 2021, Goods sold on credit to Kumar ₹3,40,000. May 20, 2021, Cash paid to M/s Sanjay ₹1,90,000 May 22, 2021, Goods sold for cash ₹1,90,000. May 23, 2021, Cash received from Kumar ₹2,80,000. May 25, 2021, Cash Deposited into the bank ₹50,000. May 27, 2021, Carriage paid ₹8,000. May 28, 2021, Salary paid  ₹20,000. May 29, 2021, Wages paid ₹15,000. May 30, 2021, Rent paid ₹12,000. 30 transactions with their Journal Entries, Ledger, Trial balance and Final Accounts- Project

Question 3.

Pass Journal entries in the Journal of M/s DK:  May 1, 2021, Started business with cash ₹10,00,000. May 2, 2021, Furniture purchased ₹50,000. May 2, 2021, Computer purchased ₹50,000. May 4, 2021, Goods purchased for cash₹3,50,000. May 5, 2021, Machinery purchased ₹1,50,000. May 6, 2021, Goods sold for cash ₹3,90,000. May 8, 2021, Goods purchased for cash₹1,50,000. May 10, 2021, Goods purchased on credit ₹3,90,000 from M/s Sanjay. May 15, 2021, Goods sold on credit to Kumar ₹3,60,000. May 20, 2021, Cash paid to M/s Sanjay ₹2,90,000 May 22, 2021, Goods sold for cash ₹2,10,000. May 23, 2021, Cash received from Kumar ₹2,80,000. May 25, 2021, Cash withdrawn from bank for office use ₹50,000. May 6, 2021, Goods sold for cash ₹2,00,000. May 30, 2021, Fire Insurance Premium paid ₹12,000. May 27, 2021, Carriage paid ₹8,000. May 28, 2021, Salary paid  ₹20,000. May 29, 2021, Wages paid ₹15,000. May 30, 2021, Rent paid ₹12,000. May 31, 2021, Cash withdrawn from bank for personal use by proprietor ₹50,000.

Accounting journal entries practice

Question 4..

Pass Journal entries in the Journal of M/s DK:  May 1, 2021, Started business with cash ₹10,00,000. May 2, 2021, Furniture purchased ₹50,000. May 2, 2021, Computer purchased ₹50,000. May 4, 2021, Goods purchased ₹3,50,000. May 10, 2021, Goods purchased on credit ₹3,90,000 from M/s Deepak. May 15, 2021, Goods sold on credit to Dinkar ₹2,20,000. May 22, 2021, Goods returned to M/s Deepak ₹90,000. May 25, 2021, Cash paid to M/s Deepak ₹3,00,000 May 26, 2021, Goods return from Dinkar ₹20,000. May 30, 2021, Cash received from Dinkar ₹2,00,000. May 31, 2021, Salary paid  ₹18,000. May 30, 2021, Rent paid ₹8,000.

Question 5.

Enter the following transactions in the Journal of Rachit :- 

April 1, 2021 , Rachit started a business with cash ₹90,000 and Machinery ₹40,000.

April 4, 2021 , Goods purchased for cash ₹40,000.

April 5, 2021 , Goods purchased on credit from –

 Jay & Company ₹60,000.

Vijay & Company ₹50,000.

April 10, 2021 , Furniture Purchased for cash ₹20,000.

April 12, 2021 , Goods sold for Cash ₹70,000

April 15, 2021 , Goods sold on Credit to sanjoy₹95,000

April  16, 2021 , Rent paid ₹5,000

April  20, 2021 , Cash paid to Jay & Company ₹45,000.

April  25, 2021 , Cash Received from sanjoy ₹65,000.

April  30, 2021 , Salary paid ₹15,000, Wages paid ₹10,000. Journal Entries questions for Practice

Question 6.

July 1 Sanjay started business with cash ₹5,00,000 and Machinery ₹1,00,000. July 3. Goods purchased for cash ₹ 80,000. July 6 Goods Sold for cash ₹1,20,000. July 10  Goods purchased  on credit form:    Kumar ₹60,000 Ajay ₹ 40,000. July 15  Goods Sold on credit to:    Rakesh ₹90,000 Vijay ₹ 80,000. July 16  Cash paid to: Kumar ₹60,000   Ajay ₹ 40,000. July 19 Cash received from:    Rakesh ₹90,000   Vijay₹ 80,000. July 31   Rent paid ₹4,000   Wages paid ₹ 6,000   Salary paid ₹10,000. Journal Entries questions for Practice

Question 7. 2021

July 1 R.Chaher started business with cash ₹4,00,000  Machinery ₹2,00,000 and Furniture ₹80,000.

July 3. Goods purchased for cash₹1,90,000. July 6 Goods Sold for cash ₹2,50,000. July 10  Goods purchased  on credit form: S.Kumar ₹90,000 R.Ajay ₹ 50,000.

July 15  Goods Sold on credit to: V.Rakesh ₹95,000   D.Vijay ₹ 80,000.

July 16  Cash paid to:   S.kumar ₹60,000 R.Ajay ₹ 40,000.

July 19 Cash received from:    V.Rakesh ₹95,000   D.Vijay ₹ 80,000.

July 31   Rent paid ₹12,000   Wages paid ₹ 8,000   Salary paid ₹20,000.

Question 8. Enter the following transactions in the Journal of Rachit 2021 

September 1, M/s Rachit started business with cash ₹ 4,00,000 and machinery ₹ 1,50,000.

September 4, Goods purchased for cash ₹80,000 at 20% trade discount.

September 7, Machinery Purchased for cash₹ 50,000 at 20% trade discount .

September 10, Goods sold for Cash ₹ 1,20,000 at 30% trade discount.

September 13, Goods purchased from Dinesh ₹80,000 at 25% trade discount.

September 15, Goods Sold to Mohit ₹1,80,000 at 25% trade discount.

September 20, Carriage paid on purchase of goods ₹5,000

September 25, Goods Purchased on credit From-

  Dinesh ₹ 35,000

  Suresh ₹ 25,000 Trade discount @20%.

September 26 Goods Sold on credit to-

  Sanjay ₹1,00,000

  Vijay ₹80,000 Trade discount @30%.

September 28 Salary paid ₹ 25,000, Rent paid ₹ 16,000. Journal Entries questions for Practice

Question 9.

Enter the following transactions in the Journal of Kapil: 2021

September 1 Mr.Kapil Started business with cash ₹5,00,000.

September 5 Goods purchased ₹ 2,00,000 at 25% trade discount.

September 8Furniture Purchased for cash ₹ 50,000 at 20% trade discount.

September 11 Goods sold for Cash ₹ 3,00,000 at 45% trade discount.

September 14 Goods purchased from Dinesh ₹ 1,20,000 at 25% trade discount.

September 15 Goods Sold to Mahi ₹1,50,000 at 40% trade discount.

September 21 Wages  paid ₹ 15,000

September 26 Goods Purchased on credit From- Raji ₹ 40,000

September 27 Computer Purchased for Personal use ₹ 30,000.

September 27 Goods Sold on credit to- Poorva ₹80,000

September 28 Salary paid ₹ 12,000.

September 30 Cash withdrawn for personal use ₹ 20,000 Journal Entries questions for Practice

Question 10.

Enter the following transactions in the Journal of Mohit:

1. Goods Purchased for cash ₹ 5,00,000 at 20% trade discount. 2. Goods Sold for cash ₹   4,00,000 at 25% trade discount. 3. Goods Purchased On credit from Rakesh ₹ 3,00,000. 4. Goods Sold On credit to Dinesh ₹   4,50,000. 5. Goods given in charity ₹   8,000. 6. Goods given as Free sample ₹ 5,000. 7. Goods withdrawn for personal use ₹  1 8,000. 8. Goods Destroyed by fire ₹ 20,000. Journal Entries questions for Practice

Question 11.

Enter the following transactions in the Journal of Rohit:

1. Goods Purchased for cash ₹ 5,00,000 at 20% trade discount and 5% cash discount. 2. Goods Sold for cash ₹ 4,00,000 at 25% trade discount and 10% cash discount. 3. Goods Purchased for cash ₹ 3,00,000 at 20% trade discount and 8% cash discount. 4. Goods Sold for cash ₹ 8,00,000 at 25% trade discount and 6% cash discount. Journal Entries questions for Practice

Question 12.

Enter the following transactions in the Journal of CHARU:

1. Goods Purchased on credit from Sagar ₹ 5,00,000 at 20% trade discount. 2. Goods Sold on Credit to Dinesh ₹ 4,00,000 at 25% trade discount. 3. Goods Purchased for cash ₹ 3,00,000 at 20% trade discount and 8% cash discount. 4. Goods Sold for cash ₹ 8,00,000 at 25% trade discount and 6% cash discount. 5. Cash paid to Sagar in full settlement ₹ 3,80,000. 6. Cash received from Dinesh in full settlement ₹ 2,90,000.

Question 13.

Enter the following transactions in the Journal of Jay Kumar:

Mr.Jay Kumar started business with cash ₹ 3,00,000 2. Goods purchased for cash ₹ 60,000 3. Goods sold for cash₹ 90,000 4. Goods purchased from Ram ₹ 48,000 5. Machinery purchased ₹ 30,000 and Installation charges paid ₹ 10,000 6. Goods sold to Deepak ₹ 40,000 7. Wages paid ₹ 4,000 8. Rent paid ₹ 6,000 9. Goods return to Ram ₹ 10,000 10. Commission received ₹ 5,000 11. Goods return from Deepak ₹ 8,000 12. Cash paid to Ram in his account 13. Cash received from Deepak in his account 14. Salary paid to Nayak ₹ 10,000 15. Cash Deposited in Bank ₹ 25,000 16. Furniture purchased ₹ 20,000 17. Depreciation Charged on Machinery ₹ 4,000 18. Cash Withdrawn from the bank for office use ₹ 10,000 19. Cash Withdrawn for personal use ₹ 8,000 20. Repairs paid for furniture ₹ 1,000 Journal Entries questions for Practice

Question 14.

1. Goods Purchased on credit from Tara ₹ 5,00,000 at 20% trade discount and 10% cash discount, 50% amount immediately paid in cash. 2. Goods Purchased on credit from Nana ₹ 4,00,000 at 25% trade discount and 10% cash discount, 60% amount immediately paid in cash. 3. Goods sold on credit to Sanjay ₹ 8,00,000 at 20% trade discount and 10% cash discount, 50% amount immediately received by cheque and cheque deposited in bank same day. 4. Goods sold on credit to Rajesh ₹ 4,00,000 at 25% trade discount and 8% cash discount, 40% amount immediately received in cash. 5. Goods sold on credit to Brajesh ₹ 6,00,000 at 40% trade discount and 5% cash discount, 40% amount immediately received by cheque. Journal Entries questions for Practice

Question 15.

Enter the following transactions in the Journal of Naresh:

1. Goods Purchased on credit from Meera ₹ 5,00,000 at 20% trade discount and 10% cash discount, 50% amount immediately paid by cheque. 2. Goods Purchased on credit from Heera₹ 4,00,000 at 25% trade discount and 10% cash discount, 60% amount immediately paid in cash. 3. Goods withdrawn for personal use ₹ 15,000. 4. Goods given in charity ₹ 10,000. 5. Goods distributed as free samples ₹ 12,000. 6. Goods destroyed by fire ₹ 20,000. Journal Entries questions for Practice

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CBSE Class 11 Accountancy Chapter 3 – Recording of Transactions – I Class 11 Notes

Recording of transactions – i  class 11 revision notes.

In the recording of transactions – i class 11 notes, we will begin by describing the nature of transactions and source documents. Then, we will learn the preparation of accounting vouchers. Here, we will learn the essential elements of an accounting voucher. Moreover, we will learn the application of the accounting equation to explain the effect of transactions. We will come to know that the accounting equation is also known as the Balance Sheet Equation. Furthermore, we will learn the meaning of the terms “debit” and “credit”. Also, we will learn to record transactions using the rules of debit and credit. Then, we will study the concept of the book of original entry. We will acquire knowledge that one of the books of original entry is Journal.

Moreover, we will try to understand the recording of transactions in the journal. Also, we will study the distinction between Journal and Ledger. Then, we will explain the concept of ledger and posting of journal entries to the ledger accounts. We will be able to grasp the concepts more clearly by solving illustrations.

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Subtopics under Recording Of Transactions – I:

• Business Transaction and Source Document : Here, we will describe the nature of the transaction and source documents. Also, we will explain the preparation of accounting vouchers.
• Using Debit and Credit : In this Subtopic, we will describe the terms debit and credit. Moreover, we will learn to record transactions using the rules of debit and credit.
• Books of Original Entry : In this Subtopic, we will explain the concept of the book of original entry. Also, we will learn the recording of transactions in the journal.
• Posting from Journal and Cash Book : Here, we will learn the posting of transactions from the books of original entry or Journal to Ledger. Posting from Cashbook will be studied too.

You can download CBSE Class 11 Accountancy Chapter 3 Revision Notes by clicking on the download button below

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CBSE Class 11 Accountancy Revision Notes

• CBSE Class 11 Accountancy Chapter 13 – Computerised Accounting System Class 11 Notes
• CBSE Class 11 Accountancy Chapter 12 – Applications of Computers In Accounting Class 11 Notes
• CBSE Class 11 Accountancy Chapter 2 – Theory Base of Accounting Class 11 Notes
• CBSE Class 11 Accountancy Chapter 15 – Accounting System using Database Management System Class 11 Notes
•  CBSE Class 11 Accountancy Chapter 14 – Structuring Database For Accounting Class 11 Notes
• CBSE Class 11 Accountancy Chapter 11 – Accounts from Incomplete Records Class 11 Notes
• CBSE Class 11 Accountancy Chapter 10 – Financial Statements – II Class 11 Notes
• CBSE Class 11 Accountancy Chapter 9 – Financial Statements – I Class 11 Notes
• CBSE Class 11 Accountancy Chapter 8 Notes – Bill of Exchange Class 11 Notes
• CBSE Class 11 Accountancy Chapter 7 – Depreciation, Provisions and Reserves Class 11 Notes

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• Accountancy Revision Notes for Class 11
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Revision Notes for CBSE Class 11 Accountancy - Free PDF Download

Class 11 Accountancy is a crucial subject that teaches various concepts and principles to the students. Studying this subject needs the support of complete study material. For this, students will need the notes to revise all the chapters and recall what they have studied. Download and refer to the 11th Accountancy Notes compiled by the experts for revision. Understand the concepts faster and recall them to score good marks in the exams.

If you are a Class 11 CBSE board student and looking to score well in Accountancy, then you should always refer to Basic Accounting Terms Class 11 Notes PDF available on Vedantu for free. These study materials are designed in such a way that studying these ensure the highest possible marks in the exam. These revision notes are designed as per the latest CBSE guidelines and are quite important to every student of Class 11 . These notes should be followed diligently as these build the fundamentals of Accountancy for every student at this stage. You can download the Accountancy Class 11 Notes chapter wise from Vedantu website or app through your smart device.

Detailed Overview of Class 11 Accountancy Revision Notes

Download cbse class 11 accountancy revision notes 2023-24 pdf.

Also, check CBSE Class 11 Accountancy revision notes for All chapters:

Introduction to Class 11 Accountancy:

Accountancy is a very important subject for every student of Class 11 as it deals with the basic accounting concepts. Studying this subject well helps you to strengthen your fundamentals of the subject. Through this subject, you will be able to grasp some of the very difficult concepts such as Analysis of Business Transaction, How to maintain the procedure of Bank Reconciliation Statement, Trial Balance & Rectification of Errors, Depreciation, Provision, & Reserves, how to maintain computerised accounting system.

Our well-designed CBSE Accounts Class 11 Notes PDF is structured and written by subject matter experts with many years of experience in the field of teaching. Besides, the study materials in the revision notes are precise and offer a comprehensive and easy understanding of the various topics.

CBSE Class 11 Acountacy Weightage 2023-24

What will you learn from the chapters of class 11 accountancy.

CBSE Class 11 Accountancy is comprised of a total of 15 chapters, i.e. Introduction to Accounting, Theory Base of Accounting, Recording of Transaction - I, Recording of Transaction - II, Bank Reconciliation Statement, Trial Balance and Rectification of Errors, Depreciation, Provision, and Reserves, Bill of Exchange, Financial Statements - I, Financial Statements – II, Accounts from Incomplete Records, Applications of Computers in Accounting, Computerised Accounting System, Structuring Database for Accounting, Accounting System Using Database Management System.

To every Class 11 Commerce student, Accountancy is a very significant subject as it helps you understand the need for the theory base of Accounting. It also helps you to know the Accounting Standards set by the Institute of Chartered Accountant of India (ICAI) and understand the basic Accounting concepts and their definitions. You will also learn to describe the basis and the underlying system of Accounting.

Advantages of Using Our CBSE Accountancy Class 11 Notes PDF:

Getting a stronghold of Class 11 Accountancy may not seem easy to a lot of students as students at this age tend to procrastinate a lot when it comes to studying and revising, But students need to be very disciplined if they want to score well in the final examination. And, you will have to put in hard work.

But to make it easy for you, we, at Vedantu, provide you with all the necessary materials to be an expert in Accountancy . If you are looking for a well-designed study materials and revision notes for Class 11 Accountancy , we have provided a chapter-wise revision notes for Class 11 Accountancy on our website that you can download at any time. And, the best part about these notes is these are created by the experts who have years of experience in the field of teaching. That’s why the language of the notes are quite concise and simplest so that the students don’t face any difficulties during the exam preparation.

Your fundamentals will be stronger than ever since it summarises all the important topics in one place.

You can review the entire textbook in literally no time.

Our notes are prepared by experienced teachers and subject matter experts.

You can score good marks since your fundamentals are strong.

This revision note covers all the key important points of the entire Accountancy book chapter-wise.

So, it saves a lot of precious time and effort.

The best part is you can download the revision notes for free and PDF format with the help of any smart device.

You can avoid procrastinating when it comes to revising the entire Accountancy textbook because you don’t need to go through the entire book but just the important points.

Importance of Studying Accountancy at Class 11:

Accountancy is the key step of keeping records of different financial events. Accountancy is such a subject that it is going to help you throughout your future even if you don’t become an accountant. Learning the subject very well will help you lay a very concrete foundation for other fields as well. If you are good in Accountancy, then you will be able to manage your finance-related matters efficiently. You just need to learn the basics of Accountancy thoroughly.

To learn the subject at primary level, you need to study Accountancy thoroughly at Class 11 and 12. At Class 11, you will get to learn the theory base of Accounting which will lay a strong base of the subject. You can access the revision notes for Accounts NCERT Class 11 on Vedantu from the aforementioned links.

Why Should You Choose Vedantu?

If you are looking for Class 11 revision notes for Accountancy , then you have come to the right place. Apart from well-crafted revision notes, we offer study materials, previous years’ questions papers , NCERT Solutions, sample papers at absolutely free of cost. Our subject matter experts understand that not all students learn and grasp concepts in the same manner. We aim to help students self-study, self-evaluation and learn at their own pace by providing them with online materials that they can refer to when needed.

Here are some reasons why you should always choose Vedantu over others:

We Focus on Every Kind of Students:

Our learning materials are designed in such a manner that all the students regardless of their learning capability can use these as per their requirement. All of our study materials are written in simple language so that everyone can understand these easily.

Learn Anywhere at Any Time:

Besides being easily understandable, our study materials can be accessed anytime, anywhere by anyone. All you need for this is just a smart device and the internet. With the help of these two, you can easily access our study materials anywhere at your own comfort.

Avoid Commute Time:

One of the best features of Vedantu is that it saves a lot of your commute time.  Earlier if you needed study notes from your tutor, you would travel to your tutor’s place to attend the classes. But with the help of Vedantu, you can access the study materials at the comfort of your home or wherever you are. It saves a lot of your precious time.

Get Access to our Excellent Subject Experts

Not only the study materials, but you will also be provided with the tuition classes by our experts. So, you are bound to get a better result when you get to interact with the best teachers in the industry while studying the best study materials.

Cover all the Key Points of the Chapter

Our CBSE Accounts Class 11 Notes PDF includes all of the key points of the Accounting book. In addition to that, our experts also make references from other relevant books so that it becomes easier for you to understand all the chapters easily. You can cover all of the key points of the theory base of Accounting by reading through our Accounts NCERT Class 11 PDF . You can directly look at the Accounts Class 11 Notes to focus on important points so that you are not wasting your precious time.

All Notes as Per NCERT Guidelines

The solutions provided by Vedantu strictly adhere to the NCERT guidelines . Accountancy Class 11 notes are simplified so that students find them easy to understand and can retain them easily without any difficulty. We have created notes in such a way that they will greatly benefit you during exam time. We have covered everything in detail; you won’t miss anything.

Vedantu, a leading online learning platform in India, aims to change the traditional method of teaching and learning across the country. We provide the best quality study materials to our students of all classes including NCERT Solutions , Revision Notes, Sample Papers , Previous Years Question Papers along with the solutions. If you are eager to learn, you can access all our quality study materials within a moment with the advance of technology.

Significance of CBSE Quick Revision Notes for Accountancy Class 11

There are a total of 15 chapters in the Class 11 Accountancy syllabus. All these chapters have been handpicked by the CBSE board for teaching the concepts of accountancy. These chapters need proper notes to revise and complete preparing the chapters accordingly.

The notes prepared by the subject experts will be the best bet to follow and focus on understanding the concepts, principles and formulas described in the chapters. These notes will help students to complete the revision part faster and will also guide them to recall the concepts more quickly.

The simpler format of these revision files will also help students to comprehend the accountancy concepts and principles explained in the syllabus. Hence, these notes can be used for studying before proceeding to solve the exercise questions.

The conceptual development of the students will be boosted when these notes are added to the study material. Without going through the vast syllabus, students can easily run through the Class 11 Accountancy Chapter 1 Notes and complete revising in no time.

Benefits of CBSE Accountancy Notes for Class 11

The notes have been formulated following the latest CBSE guidelines. It means the content of these notes will also guide students to keep them updated on the chapters. They can recall what they have studied faster before an exam without missing any important topic.

The notes have been formulated in separate files for all the chapters. Hence, students will easily find the chapter-wise notes on the list and download them.

Once downloaded, these notes can be referred to anytime you want. You can use them according to your exam schedules. In fact, the regular revision of Class 11 Accountancy chapters will become a lot easier when you have these notes in your hands.

Download CBSE Accountancy Notes for Class 11 PDF

Perform the Class 11 Accountancy Notes PDF Download for all the chapters and complete your study material. Save your precious study time and use these notes to revise. Focus on how the experts have simplified the concepts, fundamental principles and formulas related to the advanced topics of Class 11 Accountancy. Follow these simpler versions and recall what you have studied easily during an exam. This is how you can use these revision notes to score more in the exams. 

CBSE Class 11 Accountancy Study Materials

FAQs on Accountancy Revision Notes for Class 11

1. Are the CBSE Class 11 Accountancy Revision Notes a good study resource?

Yes. The CBSE Class 11 Accountancy Revision Notes make a very good study resource. All the essential key points from every chapter of the Class 11 Accountancy syllabus are covered in these revision notes . These notes are very helpful for a quick revision of the accountancy syllabus . The subject matter experts at Vedantu have prepared these revision notes in such a way that facilitates easy learning of the terminologies, theories, and problem-solving techniques for numerical type questions from Accountancy . You can rely on these notes if searching for the key points in the textbook seems to be a tedious job before the examination.

2. What are the important topics covered in the CBSE Class 11 Accountancy Revision Notes?

The important topics covered in the CBSE Class 11 Accountancy Revision Notes are listed below for your reference.

Theory Base of Accounting

Recording of Transactions- I

Recording of Transactions- II

Trial Balance and Rectification of Errors

Depreciation

Financial Statements- I

Financial Statements- II

Applications of Computers in Accounting

Structuring Database for Accounting

Accounting System Using Database Management System

All these topics are discussed with proper explanations and examples in these revision notes, to make it convenient for students to understand the concepts.

3. What is a trial balance in simple words?

A trial balance is apparently similar to a worksheet, which has two columns, one for accounting the debits and the other for accounting the credits. The net debit amount always has to be equal to the net credit amount. The debits and credits of a business account cover the assets, proceeds, liabilities, and expenses of the account.

The main purpose of maintaining a trial balance sheet is to ensure that there are no errors in accounting for the transactions of a business. It helps to identify if there are any errors in the double-entry accounting system of the business organization.

4. Are the CBSE Class 11 Accountancy Revision Notes difficult to learn?

No, the CBSE Class 11 Accountancy Revision Notes are not at all difficult to learn. Instead, these notes are prepared by our subject-matter experts to make the learning process easier for students. These revision notes are available in the PDF format on Vedantu and you can download the file for free from our website or mobile application. There are several solved examples of the numerical type problems of accounting in these revision notes. By following these stepwise solutions and explanations, you will be able to develop a strong understanding of all the concepts in the syllabus of Class 11 accounting .

5. What is the first chapter of accounts Class 11?

The first chapter in the class 11th accounts is called “Introduction to Accounting”. Here, a basic outline of accounting is provided. It is the process of reporting, recording and analyzing the economic data. It helps the student become aware of the fundamentals of accounting, objectives of accounting, characteristics of accounting, different branches of accounting, steps of the accounting process, advantages of accounting, limitations of accounting. In order to understand the succeeding chapters, the students have to have a strong understanding of this particular chapter. Thus, the student needs to comprehend and have a strong grip on this chapter. You can also check the Vedantu notes for a detailed explanation for Class 11 accountancy and its revision notes.

6. How can I pass my class 11 account?

To clear Class 11 Accounts, it is important for the student to follow certain suggestions.

Firstly, it is advisable that students devise and follow a certain routine where they allot equal time to every subject. They need to follow it regularly so that they are able to complete all the subjects on time without leaving anything pending.

Secondly,  it is important to read all the chapters line by line in order to attain a perfect understanding.

Once they are done with the reading of the chapters, the students need to resort to the NCERT solutions, where they get additional practise and training so that their existing knowledge is further strengthened and polished.

These practices will help the student in not just passing, but also attaining a good score in their  Class 11 Accountancy.

7. What is Accounting  Class 11?

Accounting is the process of recording, analyzing, classifying and summarising the transactions and events pertaining to the financial character and thus interpreting the results. The first chapter of the Class 11 syllabus provides the student with a basic understanding of the concepts important and relevant to the study of accounting. Thus, it is extremely important for the student to be well versed with the topics and concepts covered in the first chapter in order to have a better understanding of the chapters that succeed it. The Students can refer to the NCERT solutions by Vedantu for  Class 11 Accountancy to better comprehend the chapter as it will help them in retaining the concepts.

8. Is Class 11 Subject Accounts easy?

To make anything easier, the individual is advised to practice in the particular area where they want to strengthen their skills. This is also applicable to the students of Class 11 . In order to strengthen the spots where they feel they are weak, it is important for them to practice and attain a grip of the concepts and the topics. In order to achieve this, they have to read all the chapters and mark all the important areas that require extra attention. Apart from this, it is also advisable that they refer to the NCERT solutions and practice all the exercises so that the concepts become crystal clear to them. Thus, giving extra attention to areas where they lack will help them convert it into their strong point, making the learning process easy.

9. Are the NCERT Solutions helpful for Class 11 Accounts?

Yes, the NCERT Solutions are definitely the most helpful guidebooks for the students of Class 11 who are pursuing Accounts. These guide books help the student be thorough with the concepts through practice. The exercises that these exercises provide are immensely helpful in getting an idea of how the questions are set in the examination. All the exercises are solved and thus the learning process becomes easier. Thus, it goes without saying that with the practice of these NCERT solutions , the student can easily score more. The PDFs of NCERT Solutions are available on the Vedantu app and on the Vedantu website for free of cost.

REVISION NOTES FOR CLASS 11

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Presenting to you Class 11 CBSE Best Handwritten Notes of Accountancy of Chapter 8 – Journal .

With the increasing amount of typed material on the internet, handwritten notes and material are still closest to our heart. Therefore, after Class 10, we present to all Class 11 Students, Free Handwritten Notes.

We at Padhle have made sure this legacy continues. Listed below are handwritten notes for Class 11 covering all the points and concepts.

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Before you download the notes, here is a quick walkthrough of what happens behind the web.

How do we make these Notes?

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• Then, finally these notes are exported and sent for adding front pages and combining all of it.
• Then, at the end, the website team receives the notes, uploads them and shares with you!

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