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Journal Entry Solutions for TS Grewal Class 11 Accountancy (Chapter 5)

Journal Entry Solutions for TS Grewal Class 11 Accountancy (Chapter 5)

Q: 1. What are journal entries in Class 11 Accountancy?

Journal entries are systematic records of financial transactions in chronological order. Each entry records which account is debited, which is credited, the amount, and a short narration. They are the first step in the double-entry accounting process and ensure that every transaction is correctly classified according to the Golden Rules of Accounting.

Q: 3. What are the three Golden Rules of Accounting?

The Golden Rules are:Personal Account: Debit the receiver, Credit the giverReal Account: Debit what comes in, Credit what goes outNominal Account: Debit all expenses/losses, Credit all incomes/gainsThese rules help determine which account to debit and which to credit in different transactions.

Q: 4. How can I quickly identify which account to debit or credit in a journal entry?

You can identify which account to debit or credit by:Determining the type of account (Personal, Real, or Nominal)Applying the respective Golden RuleAnalyzing whether the transaction increases or decreases assets, liabilities, equity, income, or expensesConsistent practice and using accounting equation formats can also enhance accuracy.

Q: 5. What is the difference between a Cash Book and a Journal Entry?

Cash Book records only cash and bank transactions in chronological order, acting as both a journal and a ledger for cash deals. Journal Entries include all types of financial transactions (not just cash) and are the first step in recording before posting to respective ledgers.

Q: 7. Why is mastering journal entries important in Accountancy?

Mastering journal entries is crucial because:They form the foundation for all subsequent accounting recordsAccurate entries prevent classification mistakes and support error-free ledgersThey are essential for exam questions, practical problems, and real-world applicationsGood journal practice leads to confidence in advanced accounting topics.

Q: 8. What are common mistakes students make while writing journal entries?

Common mistakes include:Reversing debit and credit accountsOmitting or writing incorrect narrationsMissing the entry dateIncorrect classification of accounts (Personal, Real, Nominal)Use tables and revision notes to avoid these frequent errors.

Q: 9. How do I practice for Class 11 journal entry questions effectively?

Practice by:Solving a variety of practical problems from TS Grewal and Vedantu resourcesRevising theory behind each type of account and golden ruleAttempting quizzes and mock tests available onlineWriting each step and narration clearly during practice sessionsConsistent revision of solved examples boosts conceptual clarity and speed.

Q: 10. Where can I download the latest Class 11 Accountancy syllabus and solutions?

You can download the latest CBSE official syllabus 2025–26 and detailed TS Grewal Accountancy Class 11 Solutions from trusted educational platforms such as Vedantu or directly from the official CBSE website. Always use syllabus-aligned resources for best preparation.

How to Solve Journal Entry Questions in Class 11 Accountancy

Chapter 5 of Class 11 Accounts in TS Grewal focuses on the Accounting Equation, a crucial concept for understanding how financial transactions impact a business. This guide provides Class 11 Accounts Chapter 5 TS Grewal Solutions to help students understand and practice the topic thoroughly.

What is The Accounting Equation?

The accounting equation is the foundation of accounting and is expressed as:

Assets = Liabilities + Capital

This equation ensures that every transaction maintains the balance between the resources of a business (assets), its obligations (liabilities), and the owner’s investment (capital).

Chapter 5 Class 11 Accounts TS Grewal Solutions - Rules and Practical Applications

Rules for Debit and Credit

Personal Account: Debit the receiver, Credit the giver.
Real Account: Debit what comes in, Credit what goes out.
Nominal Account: Debit all expenses/losses, Credit all incomes/gains.

Effect of Transactions on the Accounting Equation
Every financial transaction affects at least two accounts, ensuring the equation remains balanced.
Practical Examples with Solutions
Below are step-by-step solutions to practical problems from Chapter 5 Class 11 Accounts TS Grewal Solutions.

Class 11 Accounts TS Grewal Solutions Chapter 5 Practical Problems

Question 1: What will be the effect of the following transactions on the Accounting Equation?

Started business with cash ₹80,000.
Purchased goods for ₹30,000 on credit from M/s Gupta Traders.
Deposited ₹10,000 in the bank.
Paid ₹5,000 to M/s Gupta Traders in cash.
Sold goods for ₹20,000 (cost price ₹12,000) on credit to M/s Sharma.

Question 2: Show the effect of the following transactions in the Accounting Equation:

Commenced business with cash ₹60,000 and furniture worth ₹20,000.
Purchased machinery for ₹25,000 by cheque.
Purchased goods worth ₹18,000, half in cash and half on credit.
Sold goods for ₹30,000 (cost price ₹20,000), received cash.
Paid rent ₹2,500 and salary ₹5,000 in cash.

Question 3: Prepare an accounting equation for the following transactions:

Started business with ₹1,00,000 in cash.
Purchased furniture worth ₹15,000 and paid via cheque.
Bought goods worth ₹50,000, out of which ₹20,000 was paid in cash and the remaining on credit.
Sold goods for ₹40,000 (cost price ₹25,000), received cash.
Paid ₹5,000 as wages and ₹3,000 as electricity expenses in cash.

These are the types of questions solved in Chapter 5 Class 11 Accounts TS Grewal Solutions, helping students master the concept.

Class 11 Accounts TS Grewal Chapter 5 Solutions

Practice Problem 1 Solution

S.No	Transactions	Cash (₹)	Bank (₹)	Stock (₹)	Creditors (₹)	Capital (₹)
1	Started business with cash ₹80,000	80,000	0	0	0	80,000
2	Purchased goods for ₹30,000 on credit	80,000	0	30,000	30,000	80,000
3	Deposited ₹10,000 in the bank	70,000	10,000	30,000	30,000	80,000
4	Paid ₹5,000 to creditors	65,000	10,000	30,000	25,000	80,000
5	Sold goods for ₹20,000 (cost ₹12,000) on credit	65,000	10,000	18,000	25,000	92,000

Practice Problem 2 Solution

S. No.	Transactions	Cash (₹)	Bank (₹)	Stock (₹)	Creditors (₹)	Capital (₹)
1	Commenced business with cash ₹60,000 and furniture ₹20,000	60000	0	0	0	80000
2	Purchased machinery for ₹25,000 by cheque	60000	-25000	0	0	80000
3	Purchased goods worth ₹18,000, half in cash, half on credit	51000	-25000	18000	9000	80000
4	Sold goods for ₹30,000 (cost ₹20,000), received cash	81000	-25000	8000	9000	91000
5	Paid rent ₹2,500 and salary ₹5,000 in cash	73500	-25000	8000	9000	91000

Practice Problem 3 Solution

S.No	Transactions	Cash (₹)	Bank (₹)	Stock (₹)	Creditors (₹)	Capital (₹)
1	Started business with ₹1,00,000 in cash	1,00,000	0	0	0	1,00,000
2	Purchased furniture for ₹15,000 via cheque	1,00,000	-15,000	0	0	1,00,000
3	Bought goods worth ₹50,000 (₹20,000 cash, ₹30,000 credit)	80,000	-15,000	50,000	30,000	1,00,000
4	Sold goods for ₹40,000 (cost ₹25,000), received cash	1,20,000	-15,000	25,000	30,000	1,15,000
5	Paid ₹5,000 wages and ₹3,000 electricity expenses in cash	1,12,000	-15,000	25,000	30,000	1,15,000

Step-By-Step Approach to Chapter 5 Class 11 Accounts TS Grewal Solutions

To make solving problems easier, focus on:

Analyzing the transaction.
Applying the accounting equation.
Recording the changes to assets, liabilities, and capital.

Key Points of TS Grewal Solutions for Class 11 Accounts

This chapter focuses on building a strong foundation in accounting principles. Class 11 Accounts TS Grewal Chapter 5 Solutions are designed to help students:

Understand the dual aspect of transactions.
Learn how to maintain the balance in the accounting equation.
Solve real-life financial problems with ease.

Conclusion

Chapter 5 of TS Grewal for Class 11 focuses on the accounting equation, a vital concept for financial accounting. With consistent practice of Class 11 Accounts Chapter 5 TS Grewal Solutions, students can confidently solve practical problems and excel in their exams.

FAQs on Journal Entry Solutions for TS Grewal Class 11 Accountancy (Chapter 5)

1. What are journal entries in Class 11 Accountancy?

Journal entries are systematic records of financial transactions in chronological order. Each entry records which account is debited, which is credited, the amount, and a short narration. They are the first step in the double-entry accounting process and ensure that every transaction is correctly classified according to the Golden Rules of Accounting.

2. What is the journal entry for commencing business with cash?

To record the commencement of business with cash, the journal entry is:

Cash A/c Dr.
To Capital A/c
(Being business started with cash amount)

Cash account is debited because it increases assets, and Capital account is credited as it shows owner's investment.

3. What are the three Golden Rules of Accounting?

The Golden Rules are:

Personal Account: Debit the receiver, Credit the giver
Real Account: Debit what comes in, Credit what goes out
Nominal Account: Debit all expenses/losses, Credit all incomes/gains

These rules help determine which account to debit and which to credit in different transactions.

4. How can I quickly identify which account to debit or credit in a journal entry?

You can identify which account to debit or credit by:

Determining the type of account (Personal, Real, or Nominal)
Applying the respective Golden Rule
Analyzing whether the transaction increases or decreases assets, liabilities, equity, income, or expenses

Consistent practice and using accounting equation formats can also enhance accuracy.

5. What is the difference between a Cash Book and a Journal Entry?

Cash Book records only cash and bank transactions in chronological order, acting as both a journal and a ledger for cash deals. Journal Entries include all types of financial transactions (not just cash) and are the first step in recording before posting to respective ledgers.

6. How do I write narrations in journal entries?

A narration is a brief explanation of the transaction, written in brackets after the journal entry. Example:

Purchases A/c Dr.
To Cash A/c
(Goods purchased for cash)

Always include a narration to clarify the nature of the transaction for future reference.

7. Why is mastering journal entries important in Accountancy?

Mastering journal entries is crucial because:

They form the foundation for all subsequent accounting records
Accurate entries prevent classification mistakes and support error-free ledgers
They are essential for exam questions, practical problems, and real-world applications

Good journal practice leads to confidence in advanced accounting topics.

8. What are common mistakes students make while writing journal entries?

Common mistakes include:

Reversing debit and credit accounts
Omitting or writing incorrect narrations
Missing the entry date
Incorrect classification of accounts (Personal, Real, Nominal)

Use tables and revision notes to avoid these frequent errors.

9. How do I practice for Class 11 journal entry questions effectively?

Practice by:

Solving a variety of practical problems from TS Grewal and Vedantu resources
Revising theory behind each type of account and golden rule
Attempting quizzes and mock tests available online
Writing each step and narration clearly during practice sessions

Consistent revision of solved examples boosts conceptual clarity and speed.

10. Where can I download the latest Class 11 Accountancy syllabus and solutions?

You can download the latest CBSE official syllabus 2025–26 and detailed TS Grewal Accountancy Class 11 Solutions from trusted educational platforms such as Vedantu or directly from the official CBSE website. Always use syllabus-aligned resources for best preparation.

11. What is the journal entry for purchasing goods on credit?

The journal entry for purchasing goods on credit is:

Purchases A/c Dr.
To Creditor's A/c
(Being goods purchased on credit)

This increases the Purchases account (debit) and the Creditors account (credit).

12. Are TS Grewal solutions by Vedantu updated for the latest (2025–26) syllabus?

Yes, Vedantu provides TS Grewal Class 11 Accountancy solutions that are fully updated for the 2025–26 CBSE and ISC official syllabus. All answers are verified by experienced commerce faculty and aligned with the latest board guidelines.