Question 1

Q.No.1 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionClassify the following into Personal, Real and Nominal Accounts:(i) Land; (ii) Investments; (iii) Building; (iv) Interest Received; (v) Salary; (vi) Loan; (vii) Bank Overdraft; (viii) Debtors; (ix) Creditors; (x) Purchases Return; (xi) Bad Debts; (xii) Capital; (xiii) Drawings; (xiv) Depreciation; (xv) Motor Vehicles; (xvi) Freight; (xvii) Wages; (xviii) Goodwill; (xix) Returns Inward; (xx) Repairs.SolutionNote: Under the traditional classification, the accounts of the proprietor (Capita

Question 2

Q.No.2 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionClassify the following into Asset, Liability, Capital, Revenue or Expense Accounts:(i) Plant and Machinery; (ii) Bank Loan; (iii) Sales; (iv) Rent Paid; (v) Discount Received; (vi) Carriage Inwards; (vii) Carriage Outwards; (viii) Purchases; (ix) Bills Payable; (x) Wages; (xi) Advance Income; (xii) Accrued Income; (xiii) Goodwill; (xiv) Furniture and Fixtures; (xv) Outstanding Expenses; (xvi) Additional Capital; (xvii) Rent Received.SolutionAccountAnswer1. Plant and MachineryAsset2. Bank

Question 3

Q.No.3 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn which side will the increase in the following accounts be recorded? Also, mention the nature of the account:(i) Furniture A/c; (ii) Bharat (Proprietor); (iii) Salary A/c; (iv) Purchases A/c; (v) Sales A/c; (vi) Interest Paid A/c; (vii) Dev (Creditor); (viii) Pawan (Debtor).SolutionAccountAnswer1. Furniture A/cDebit (Asset)2. Bharat (Proprietor)Credit (Capital)3. Salary A/cDebit (Expense)4. Purchases A/cDebit (Expense)5. Sales A/cCredit (Revenue)6. Interest Paid A/cDebit (Expense)7. De

Question 4

Q.No.4 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn which side will the decrease in the following accounts be recorded under Modern classification? Also, mention the nature of the account:(i) Cash; (ii) Bank Overdraft; (iii) Outstanding Salary Paid; (iv) Outstanding Rent; (v) Prepaid Insurance; (vi) Sunil, Proprietor of the Business.SolutionAccountAnswer1. CashCredit (Asset)2. Bank OverdraftDebit (Liability)3. Outstanding Salary (paid)Debit (Liability)4. Outstanding RentDebit (Liability)5. Prepaid InsuranceCredit (Asset)6. Sunil, Propr

Question 5

Q.No.5 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionFollowing is the list of various accounts. State which are Asset, Liability, Capital, Revenue or Expense Accounts:(i) Machinery; (ii) Bank; (iii) Sales; (iv) Purchases; (v) Unsold Stock; (vi) Bank Overdraft; (vii) Harman (Customer); (viii) Cash; (ix) Interest Received; (x) Somesh (Proprietor).SolutionAccountAnswer1. MachineryAsset2. BankAsset3. SalesRevenue4. PurchasesExpense5. Unsold StockAsset6. Bank OverdraftLiability7. Harman (Customer)Asset8. CashAsset9. Interest ReceivedRevenue10.

Question 6

Q.No.6 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionState which of the following accounts will show debit balance and which will show credit balance:(i) Carriage; (ii) Machinery; (iii) Sales; (iv) Cash; (v) Anita (Customer); (vi) Sales Returns; (vii) Purchases; (viii) Bad Debts; (ix) Discount Allowed; (x) Rent; (xi) Commission Received; (xii) Capital; (xiii) Repairs; (xiv) Purchases Return.SolutionAccountAnswer1. CarriageDebit2. MachineryDebit3. SalesCredit4. CashDebit5. Anita (Customer)Debit6. Sales ReturnsDebit7. PurchasesDebit8. Bad De

Question 7

Q.No.7 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionFrom the following transactions, state the nature of account and state which account will be debited and which account will be credited:TransactionAmount (₹)(i) Kabir started business with cash2,00,000(ii) He purchased furniture for business1,00,000(iii) Purchased goods from Anshul30,000(iv) Paid to his creditor, Anshul10,000(v) Paid salary5,000(vi) Paid rent2,500(vii) Received interest500SolutionNote: Amounts are taken exactly as given in the question; cash and payments are taken to be

Question 8

Q.No.8 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionAnalyse the following transactions, state the nature of accounts and state which account will be debited and which account will be credited:S.N.ParticularsAmount (₹)1Purchased furniture for cash from Raj Furniture House75,0002Purchased goods for cash55,0003Sold goods for cash to Pal35,0004Sold goods to Om60,0005Deposited cash in bank for opening an account70,0006Received a cheque from Om20,0007Deposited Om's cheque the next day20,0008Borrowed from Sohan1,00,0009Paid interest on loan10,00

Question 9

Q.No.9 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions:DateParticularsAmount (₹)2022 April 1Kamal started business with cash50,000April 3Kamal introduced additional capital by cheque1,00,000April 5Bought goods from M/s G & S20,000April 10Paid Cartage5,000April 15Cash withdrawn by owner for personal use2,000April 18Sold goods for cash5,000April 20Paid salaries15,000April 22Bank charges paid500April 24Paid for Telephone Bill600April 28Purchased Furniture5,000SolutionNote: Cash is used for payments where no

Question 10

Q.No.10 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions in the books of Alok Enterprises:DateParticularsAmount (₹)2022 Jan 1Alok started business by depositing cheque from his savings account5,00,000Jan 3Purchased goods against cheque50,000Jan 6Goods taken by proprietor for personal use costing4,000Jan 10Sold goods to Komal (cost: ₹ 6,000)9,000Jan 14Travelling Bill of Dev, employee500Jan 18Purchased Machinery, paid by cheque40,000Jan 20Cash Sales25,000Jan 22Deposited Cash in Bank20,000Jan 25Komal returned

Question 11

Q.No.11 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionEnter the following transactions in the Journal of Tarun:DateParticularsAmount (₹)2024 Feb 1Tarun commenced business with cash2,00,000Feb 1Opened a Bank Account and deposited1,00,000Feb 5Purchased goods from Raman for cash10,000Feb 7Sold goods to Naresh40,000Feb 8Sold goods to Raj4,500Feb 9Advance given to Rajan, an employee5,000Feb 10Purchased goods from Firoz50,000Feb 12Paid to creditor Firoz on account10,000Feb 15Naresh paid by cheque in settlement of his dues39,000Feb 16Dues from Raj

Question 12

Q.No.12 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions in the books of Dhruv:DateParticularsAmount (₹)2022 March 1Commenced business with cash ₹ 1,00,000 and cheque ₹ 7,00,000March 3Purchased goods from Narayan25,000March 5Sold goods to Rama in cash70,000March 7Deposited cash to open a current account with Bank1,00,000March 9Goods lost in fire costing6,000March 12Paid cash to Shyam ₹ 2,150; Discount allowed by him ₹ 50March 15Rebate received from Narayan because of poor quality of goods1,500March 17Goods

Question 13

Q.No.13 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions in the books of Gaurav:DateParticularsAmount (₹)2021 Dec 1Gaurav started business introducing capital in cash ₹ 2,00,000 and cheque ₹ 4,00,000Dec 4Purchased goods in cash25,000Dec 6Sold goods against cheque15,000Dec 7Withdrawn for household expenses25,000Dec 9Advance given to M/s Lakshay Machines by cheque for purchase of machine25,000Dec 12Furniture purchased from Furniture Mart against cheque1,00,000Dec 15Paid to Kamal on account10,000Dec 18Loan ta

Question 14

Q.No.14 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions in the books of Ruma:DateParticularsAmount (₹)2022 June 1Started business with cash80,000June 5Purchased goods from Rahul50,000June 7Sold goods against cheque60,000June 8Sold goods to Rakesh10,000June 11Paid Salaries25,000June 13Paid electricity bill in cash3,000June 15Paid to Rahul ₹ 28,000 by cheque, received discount ₹ 2,000June 18Dues from Rakesh were not recoverableJune 25Goods lost in fire costing3,000June 28Insurance claim received2,500Solutio

Question 15

Q.No.16 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions in the books of Mohan, Delhi:(i) Raj of Alwar, Rajasthan, who owed Mohan ₹ 25,000, became insolvent. Mohan received 60 paise in a rupee as full and final settlement.(ii) Mohan owes to his landlord ₹ 10,000 as rent.(iii) Charge depreciation of 10% on furniture of ₹ 50,000.(iv) Salaries due to employees: ₹ 20,000.(v) Sold to Sunil goods in cash of ₹ 10,000 less 10% trade discount and received a net of ₹ 8,500.(vi) Provide interest on capital of ₹ 1,00,

Question 16

Q.No.17 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions in the books of Vijay Furniture, Delhi:(i) Sold goods costing ₹ 1,50,000 to Asha at a profit of 20% on sales less 10% Trade Discount. Paid cartage of ₹ 1,250 to be charged from Asha.(ii) Goods sold to Arvind costing ₹ 75,000 at a Trade Discount of 10% and paid cartage of ₹ 750 (not to be charged from customer).(iii) Received ₹ 1,000 from Anil, which were written off as bad debts in previous year.(iv) Purchased a machinery on credit for ₹ 75,000 from

Question 17

Q.No.18 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionFollowing transactions of Ramesh, Delhi for April, 2022 are given below. Journalise them:DateParticularsAmount (₹)2022 April 1Ramesh started business with cash10,00,000April 2Opened current account with Bank by issuing cheque from personal account7,00,000April 3Bought goods for cash50,000April 13Sold goods to Krishna, Panipat (Haryana)15,000April 20Bought goods from Atul, Karnal22,500April 24Received cheque from Krishna ₹ 14,500; allowed him discount ₹ 500April 28Paid cash to Shyam ₹ 21,

Question 18

Q.No.19 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions of Satish, Noida (UP):DateParticularsAmount (₹)2022 Jan 1Started business with cash1,00,000Jan 2Opened Bank Account by cheque from Savings Account9,00,000Jan 3Bought goods from M/s S. Singh & Co., Delhi2,00,000Jan 4Introduced additional capital by cheque50,000Jan 4Purchased computers against cheque from Computer Mart, Noida1,50,000Jan 6Paid for courier charges1,500Jan 8Sold goods for cash40,000Jan 9Sold goods to M/s Sharda & Co., Delhi1,00,000Jan 15I

Question 19

Q.No.20 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionRecord the following transactions in the Journal of Ashoka Furniture Traders, Ludhiana (Punjab):DateParticularsAmount (₹)2022 Jan 1Started business with cash50,000Jan 2Opened a Current Account by personal cheque3,50,000Jan 10Purchased machinery against cheque1,00,000Jan 15Paid wages for installation of machinery2,000Jan 20Purchased timber from Singh & Co., Ludhiana (Punjab) at the list price of ₹ 20,000 less 10% trade discountJan 25Out of the above, timber used for furnishing the office5

Question 20

Q.No.21 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions:(a) Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his official receiver. He owed a debt of ₹ 10,000.(b) Received cash for a bad debt written off last year ₹ 5,000.(c) Rent due to landlord ₹ 8,000.(d) Depreciation on office furniture ₹ 1,000.(e) Salaries due to staff ₹ 10,000.(f) Paid income tax ₹ 30,000.(g) Received commission ₹ 5,000, half of which is in advance.(h) Bank levied bank charges ₹ 500.(i)

Account	Answer
1. Land	Real Account
2. Investments	Real Account
3. Building	Real Account
4. Interest Received	Nominal Account
5. Salary	Nominal Account
6. Loan	Personal Account
7. Bank Overdraft	Personal Account
8. Debtors	Personal Account
9. Creditors	Personal Account
10. Purchases Return	Nominal Account
11. Bad Debts	Nominal Account
12. Capital	Personal Account
13. Drawings	Personal Account
14. Depreciation	Nominal Account
15. Motor Vehicles	Real Account
16. Freight	Nominal Account
17. Wages	Nominal Account
18. Goodwill	Real Account
19. Returns Inward	Nominal Account
20. Repairs	Nominal Account

T.S. Grewal ISC Class 11 Accountancy Solutions Chapter 7 - Journal

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Q.No.1 | Chapter 7 – Journal | T.S. Grewal ISC Class 11 Solution

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