REMEDIAL CLASS 1: INTRODUCTION , JOURNAL & LEDGER

WELCOME TO THE ACCOUNTANCY CLASS.
THIS REMEDIAL CLASS WILL COVER THE FOLLOWING TOPIC:
1. JOURNAL & LEDGER


TODAY'S TOPIC IS JOURNAL AND LEDGER

Meaning of Journal

All the business transactions are first recorded in the Journal, therefore, it is also known as the “Book of Original Entry or Book of Prime Entry”.

In this book, we record the business transactions in a chronological order that means in the order (or date) of their occurrence.

This entry is popularly referred to as Journal Entry.

Steps of Journalising

THE FOLLOWING VIDEOS ARE CLEARLY EXPLAINING THE STEPS TO JOURNALISE.
CLICK ON THE LINKS GIVEN BELOW TO WATCH THE VIDEOS.

1. VIDEO LINK FOR JOURNAL PART 1

2. VIDEO LINK FOR JOURNAL PART- 2

3. SPECIAL ENTRIES FOR TRADE DISCOUNT & CASH DISCOUNT

4.YOU TUBE LINK TO UNDERSTAND, HOW TO MAKE JOURNAL ENTRIES

LEDGERS

Posting of a transaction
Posting of a transaction is done by transferring the recorded transaction (from journal) to the concerned accounts. These accounts are collectively known as ledgers, therefore, posting of a transaction in their respective accounts is also termed as ledger posting. 
By posting all the transactions in their respective ledger accounts, we will be able to know the position of a particular account during the period as a result of net effect of various transactions.

Format of Ledger

Name of the Account
Dr.							Cr.
Date	Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)

Steps involved in posting the transaction from Journal to Ledgers

THE FOLLOWING VIDEO WILL CLEARLY EXPLAIN THE STEPS TO POST FROM JOURNAL TO THE LEDGER
CLICK ON THE LINK GIVEN BELOW TO WATCH THE VIDEO.

1. VIDEO TO LEARN POSTING FROM JOURNAL TO THE LEDGER ACCOUNTS

AFTER STUDYING THE ABOVE CONTENT SOLVE THE ASSIGNMENT #1

DO THE ASSIGNMENT # 1

Following transactions are based on compound entry, opening entry, trade discount and cash discount, as discussed in the previous class.

1.Received ₹1250 from Raman in full settlement of his account for ₹ 1300.

2. Paid ₹ 370 to Ram in full settlement of his account for ₹ 400.

3..Cheque received from Shyam ₹1120 in full settlement of ₹1200. Cheque is deposited on the same date.

4. The following balances existed in the books of Shyam traders as on 1st April, 2019. Pass the opening entry.
Assets: Cash ₹100000, Debtors ₹40000 (Amit ₹ 12000, Shyam, ₹ 17000, Kapil ₹ 11000), Furniture ₹ 20,000, Plant and machinery ₹ 70000
Liabilities: Creditors ₹ 55000, Bank Loan ₹ 30000.

5. Sold goods to Pankaj at a list price of ₹ 50000 less 20% trade discount.

6. Pankaj returned goods of the list price of ₹ 4,000.

7. Received from Pankaj the amount due from him under a cash discount of 5%.

8. Bought goods for cash of the list price ₹100000 at 20% trade discount and 5% cash discount.

9. Sold goods for cash of the list price ₹ 20000 at 10% trade discount and 3% cash discount.

10. Bought goods from Nupur for ₹ 200000 at 5% cash discount and 10% trade discount. Half the amount paid by cheque at the time of purchase.

11. Sold goods to Anuradha for ₹ 100000 on terms 10% trade discount and 5% cash discount if the payment is received within 15 days. 80% payment is received within the time frame by cheque.

12. Purchased goods costing ₹ 100000 from Sahil & Co. Paid 60% immediately by cheque to avail 5% discount.