Journal Entries are the most basic but important thing to learn in accounting for class 11. Therefore, in this article, we will see some basic, standard as well as some advanced / difficult journal entries questions for class 11 with solutions.
Important Journal Entries questions with solutions
Your journey with commerce starts with journal entries for class 11. Here is some important journal entries for class 11 accounting with journal entry for cash sales, cash purchase, credit sales and credit purchase as well as journal entry for paid rent, paid electricity, loan taken, interest on loan paid, cash discount allowed and discount received which are important for class 11 accounting or accountancy.
Journal entry for capital introduced, cash purchase, cash sales and expenses paid
The following transactions took place in the newly commenced business of M/S Arka Hardware:
(a) Started business with cash ₹100000
(b) Purchased stock worth ₹50000 in cash
(c) Sold goods to customers for ₹80000 in cash
(d) Paid salary to employees ₹30000
(f) Paid electricity bill ₹7000 and rent ₹8000
Journalise the above transactions
Ans:
| (a) | Cash A/c.....Dr. ₹100000 To Capital A/c ₹100000 |
| (b) | Purchases A/c.....Dr. ₹50000 To Cash A/c ₹50000 |
| (c) | Cash A/c.....Dr. ₹80000 To Sales A/c ₹80000 |
| (d) | Salaries A/c.....Dr. ₹30000 To Cash A/c ₹30000 |
| (e) | Electricity A/c.....Dr. ₹7000 Rent A/c.....Dr. ₹8000 To Capital A/c ₹15000 |
Journal entry for cash deposited into bank, purchase of assets (furniture and machinery), cash received from debtors and cash paid to creditors
From the following information pass necessary journal entries:
(a) Cash deposited into bank ₹30000
(b) Sold goods to Ram ₹3000
(c) Purchased goods on credit ₹1500
(d) Purchase furniture for ₹1000 and Machinery for ₹2000
(e) Cash received from debtor ₹3000
(f) Cash paid to creditors ₹1500
(b) Sold goods to Ram ₹3000
(c) Purchased goods on credit ₹1500
(d) Purchase furniture for ₹1000 and Machinery for ₹2000
(e) Cash received from debtor ₹3000
(f) Cash paid to creditors ₹1500
Ans:
| (a) | Bank A/c.....Dr. ₹30000 To Cash A/c ₹30000 |
| (b) | Ram A/c.....Dr. ₹3000 To Sales A/c ₹3000 |
| (c) | Purchases A/c.....Dr. ₹1500 To Creditors A/c ₹1500 |
| (d) | Furniture A/c.....Dr. ₹1000 Machinery.....Dr. ₹2000 To Bank A/c ₹3000 |
| (e)* | Cash A/c.....Dr. ₹3000 To Ram A/c ₹3000 |
| (f) | Creditors A/c.....Dr. ₹1500 To Cash A/c ₹1500 |
Note: * It is assumed that the debtor is Ram from whom due cash has been received.
Journal entry for paid rent, paid electricity, loan taken, discount allowed and discount received
From the following information pass necessary journal entries:
(a) Paid rent ₹300
(b) Paid electricity ₹3000
(c) Loan taken @10% p.a. interest ₹15000
(d) Received cash from debtors ₹3500 in full settlement of ₹3580
(e) Cash paid to creditors ₹1500 after receiving a discount of ₹200
(b) Paid electricity ₹3000
(c) Loan taken @10% p.a. interest ₹15000
(d) Received cash from debtors ₹3500 in full settlement of ₹3580
(e) Cash paid to creditors ₹1500 after receiving a discount of ₹200
Ans:
| (a) | Rent A/c.....Dr. ₹300 To Cash A/c ₹300 |
| (b) | Electricity A/c.....Dr. ₹3000 To Cash A/c ₹3000 |
| (c) | Cash A/c.....Dr. ₹15000 To 10% Loan A/c ₹15000 |
| (d) | Cash A/c.....Dr. ₹3500 Discount Allowed.....Dr. ₹80 To Debtors A/c ₹3580 |
| (e) | Creditors A/c.....Dr. ₹1700 To Cash A/c ₹1500 To Discount Received A/c ₹200 |
Journal entry for bad debts, cash withdrawn from bank for office use, depreciation, paid interest on loan, cash withdrawn from bank for personal use / drawings
From the following information pass necessary journal entries:
(a) A debtor from whom ₹1000 was due became insolvent and his account is to be written off as bad
(b) Cash withdrawn from bank ₹5000
(c) Depreciate Machinery worth ₹3000 @10% for the full year
(d) Paid interest on loan ₹250
(e) Cash withdrawn from bank for pursonal use ₹200
(b) Cash withdrawn from bank ₹5000
(c) Depreciate Machinery worth ₹3000 @10% for the full year
(d) Paid interest on loan ₹250
(e) Cash withdrawn from bank for pursonal use ₹200
Ans:
| (a) | Bad Debts A/c.....Dr. ₹1000 To Debtors A/c ₹1000 |
| (b) | Cash A/c.....Dr. ₹5000 To Bank A/c ₹5000 |
| (c) | Depreciation on Machinery A/c.....Dr. ₹300 To Machinery A/c ₹300 |
| (d) | Interest on Loan A/c.....Dr. ₹250 To Cash A/c ₹250 |
| (e) | Drawings A/c.....Dr. ₹200 To Bank A/c ₹200 |
Journal entry for purchase return / return inward, sales return / return outward, carriage inward, carriage outward, carriage paid for bringing machine
From the following information pass necessary journal entries:
(a) Goods returned from customers ₹2000
(b) Goods returned to suppliers ₹500
(c) Paid carriage on purchase ₹200 and carriage on sales ₹100
(d) Paid carriage for bringing machine ₹550
(b) Goods returned to suppliers ₹500
(c) Paid carriage on purchase ₹200 and carriage on sales ₹100
(d) Paid carriage for bringing machine ₹550
Ans:
| (a) | Sales Return / Return Inward A/c.....Dr. ₹2000 To Debtors A/c ₹2000 |
| (b) | Creditors A/c.....Dr. ₹500 To Purchases Return / Return Outward A/c ₹500 |
| (c)* | Carriage on Purchase A/c.....Dr. ₹200 Carriage on Sales.....Dr. ₹100 To Cash A/c ₹300 |
| (d)** | Machine A/c.....Dr. ₹550 To Cash A/c ₹550 |
Note:
- * Carriage on Purchase can be reffered to as Carriage Inward and Carriage on Sales can be reffered to as Carriage Outward.
- ** As carriage is paid for bringing machine, it is to be considered as a capital expenditure. Machine is an asset and carriage charges incurred only once to bring it. So it is a capital expenditure. Hence, we have debited the asset a/c (here, machine a/c) instead of carriage a/c while passing the journal entry for carriage for bringing machine.
Journal entry for opened a bank account, purchase typewriter / office equipment, paid instalments with interest, paid carriage for bringing goods, goods distributed as free sample, received interest from bank
From the following information pass necessary journal entries:
(a) Opened a bank account with SBI ₹30000
(b) Purchased a typewriter ₹10000
(c) Brought a Delivery Van for ₹10000 from Delhi Motor Co. Payment to be made by monthly instalments for ₹500 each together with interest @9% p.a. First instalment was paid by cheque
(d) Paid carriage for bringing the goods ₹250
(e) Goods distributed as free sample ₹100
(f) Received interest fron bank ₹500
(b) Purchased a typewriter ₹10000
(c) Brought a Delivery Van for ₹10000 from Delhi Motor Co. Payment to be made by monthly instalments for ₹500 each together with interest @9% p.a. First instalment was paid by cheque
(d) Paid carriage for bringing the goods ₹250
(e) Goods distributed as free sample ₹100
(f) Received interest fron bank ₹500
Ans:
| (a)* | Bank A/c.....Dr. ₹30000 To Capital A/c ₹30000 |
| (b) | Typewriter / Office Equipments A/c.....Dr. ₹10000 To Bank A/c ₹10000 |
| (c)** | Delhi Motor Co. A/c.....Dr. ₹500 Interest Paid.....Dr. ₹75 To Bank A/c ₹575 |
| (d) | Carriage Inward A/c.....Dr. ₹250 To Bank A/c ₹250 |
| (e)*** | Advertisements A/c.....Dr. ₹100 To Purchases A/c ₹100 |
| (f) | Bank A/c.....Dr. ₹500 To Interest from Bank A/c ₹500 |
Note:
- * As no information regarding capital introduction in cash is given, it is assumed that the capital introduced by opening a bank account.
- ** Amount of interest for one month = [₹10000 × 9%) / 12] = ₹75.
- *** Free sample is goods that distributed for advertisement purpose. Therefore, the cost of goods used as free sample is to be recorded as advertisement expenses and as goods are used from stock, purchases account is to be deducted by that cost.
DrCr Commerce Education hopes that this post has helped you to know important journal entries for class 11 as we have shown several examples of journal entry, detail journal entry questions with solutions as well as some difficult journal entries.
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