Posting the account from journal to the ledger, the rules of journalism should be followed. Account debited in a journal should be also debited and account credited should be also credited in the ledger account. The process of preparing the ledger account can be summarized as follows:
1. Mention the name of account at the top center.
2. Post the account on its debit side if it has been debited in the journal. The first four columns on debit side record the information as follows:
3. Post the account on its credit side if it has been credited in the journal. The last four column on credit side record the information as follows:
Example 1:
The following are the transactions of Riddhi for the week of Baisakh:
Marga 1: Goods of Rs.10,000 purchased from Siddhi.
Marga 3: Withdrew cash of Rs.7000 from the bank.
Marga 5: Cash of Rs. 5000 paid to siddhi.
Marga 7: Cash sales made for Rs. 500.
Required
a) Journal entries
b) Ledger account
Journal Entries
Date | Particular | L.F | Debit Rs. | Credit Rs. |
Marga 1 | Purchase a/c.............................Dr. | 10,000 | ||
To Siddhi's a/c | 10,000 | |||
(Being goods purchased from Siddhi) | ||||
Marga 3 | Cash a/c....................................Dr. | 7000 | ||
To Bank a/c | 7000 | |||
(Being cash withdrew from bank for office use) | ||||
Marga 5 | Siddhi's a/c................................Dr. | 5000 | ||
To Cash a/c | 5000 | |||
(Being cash paid to siddhi) | ||||
Marga 7 | Cash a/c...................................Dr. | 500 | ||
To Sales a/c | 500 | |||
(Being cash sales) | ||||
Total | 22,500 | 22,500 |
As per journal entries shown above the following accounts are required to open in the ledger:
Purchase Account
Date | Particular | JF | Amount | Date | Particular | JF | Amount |
Marga 1 | To Siddhi's a/c | 10,000 | Marga 30 | By balance c/d | 10,000 | ||
10,000 | 10,000 | ||||||
Poush 1 | To balance b/d | 10,000 |
Siddhi's Account
Date | Particular | JF | Amount | Date | Particular | JF | Amount |
Marga 5 | To Cash a/c | 5000 | Marga 1 | By Purchase a/c | 5000 | ||
5000 | 5000 | ||||||
Cash Account
Date | Particular | JF | Amount | Date | Particular | JF | Amount |
Marga 3 Marga 7 | To Bank a/c To Sales a/c | 7000 500 | Marga 5 Marga 30 | By Siddhi's a/c By Balance c/d | 5000 2500 | ||
7500 | 7500 | ||||||
Poush 1 | To Balance b/d | 2500 |
Bank Account
Date | Particular | JF | Amount | Date | Particular | JF | Amount |
Marga 30 | To Balance c/d | 7000 | Marga 3 | By Cash a/c | 7000 | ||
7000 | 7000 | ||||||
Poush 1 | By Balance b/d | 7000 |
Sales Account
Date | Particular | JF | Amount | Date | Particular | JF | Amount |
Marga 30 | To Balance c/d | 500 | Marga 7 | By Cash a/c | 500 | ||
500 | 500 | ||||||
Poush 1 | By Balance b/d | 500 |
Posting the account from journal to the ledger, the rules of journalising should be followed. Account debited in a journal should be also debited and account credit also credit in the ledger account. The process of preparing the ledger account can be summarized as follows:
1. Mention the name of account at the top center.
2. Post the account on its debit side if it has been debited in the journal. The first four columns on debit side record the information as follows:
3. Post the account on its credit side if it has been credited in the journal. The last four column on credit side record the information as follows:
Journal entries
Date | Particulars | LF | Debit Rs. | Credit Rs. |
a). | Cash a/c ……………………………Dr. | 60,000 | ||
To capital a/c | 60,000 | |||
(Being business started with cash.) | ||||
b). | Bank a/c …………………Dr. | 50,000 | ||
To cash a/c | 50,000 | |||
(Being cash deposited into bank.) | ||||
c). | Purchase a/c ……………….Dr. | 10,000 | ||
To Bank a/c | 3,000 | |||
To Ramesh’s a/c | 7,000 | |||
(Being goods purchased from Ramesh and paid through cheque.) | ||||
d). | Cash a/c………………………..Dr. | 800 | ||
To sales a/c | 800 | |||
(Being cash sales made.) | ||||
e). | Salary a/c ………………………Dr. | 4,000 | ||
Rent a/c…………………………Dr. | 2,000 | |||
To cash a/c | 6,000 | |||
Being paid for salary and rent by cheque.) | ||||
f). | Cash a/c…………………………..Dr. | 2,500 | ||
To commission received a/c | 2,500 | |||
(Being commission received.) |
Dr. | Cash a/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To capital a/c | 60,000 | By bank a/c | 50,000 | ||||
To sales a/c | 800 | By salary a/c | 4,000 | ||||
To commission received a/c | 2,500 | By rent a/c | 2,000 | ||||
By balance c/d | 7,300 | ||||||
63,300 | 63,300 | ||||||
To balance b/d | 7,300 |
Dr. | Bank a/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To cash a/c | 50,000 | By purchase a/c | 3,000 | ||||
By balance c/d | 47,000 | ||||||
50,000 | 50,000 | ||||||
To balance b/d | 47,000 |
Journal entries
Date | Particulars | LF | Debit Rs. | Credit Rs. |
a). | Furniture a/c……………………………Dr. | 7,000 | ||
To banka/c | 2,000 | |||
To Fine Furniture Center's a/c | 5,000 | |||
(Being office furniture purchased through cheque and paid in part.) | ||||
b). | Casha/c …………………Dr. | 2,300 | ||
Discount a/c …………………Dr | 300 | |||
ToMr. Jatan Joshi's a/c | 2,500 | |||
(Being cash received from Mr.Jatan Joshi and alloed discount.) | ||||
c). | Purchase a/c ……………….Dr. | 700 | ||
To casha/c | 700 | |||
(Being cash purchases made.) | ||||
d). | Banka/c………………………..Dr. | 2,500 | ||
To rent receiveda/c | 2,500 | |||
(Being rent received through cheque.) | ||||
e). | Interesta/c ………………………Dr. | 600 | ||
To casha/c | 600 | |||
(Being interest paid.) |
Dr. | Cash a/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To Mr. Jatan Joshi's a/c | 60,000 | By purchase a/c | 700 | ||||
By interest a/c | 600 | ||||||
By balance c/d | 58,700 | ||||||
60,000 | 60,000 | ||||||
To balance b/d | 58,700 |
Dr. | Purchasea/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To cash a/c | 700 | By balance c/d | 700 | ||||
700 | 700 | ||||||
To balance b/d | 700 |
Journal Entries
Date | Particulars | LF | Debit Rs. | Credit Rs. |
a). | Cash a/c………………………..Dr. | 60,000 | ||
To capital a/c | 60,000 | |||
(Being business started with cash.) | ||||
b). | Purchase a/c………………………..Dr. | 7,000 | ||
To Sandesh’s a/c | 7,000 | |||
(Being goods purchased from Sandesh.) | ||||
c). | Cash a/c………………………..Dr. | 7,000 | ||
To sales a/c | 7,000 | |||
(Being cash sales made.) | ||||
d). | Bikash a/c………………………..Dr. | 2,500 | ||
To sales a/c | 2,500 | |||
(Being goods sold to Bikash.) | ||||
e). | Cash a/c ………………………..Dr. | 2,500 | ||
To Bikash’s a/c | 2,500 | |||
(Being cash received from Bikash.) |
Dr. | Cash a/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To capital a/c | 60,000 | By balance c/d | 69,500 | ||||
To sales a/c | 7,000 | ||||||
To Biksah’s a/c | 2,500 | ||||||
69,500 | 69,500 | ||||||
To balance b/d | 69,500 |
Dr. | Sales a/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To balance c/d | 9,500 | By cash a/c | 7,000 | ||||
By Bikash’s a/c | 2,500 | ||||||
9,500 | 9,500 | ||||||
By balance b/d | 9,500 |
Journal Entries
Date | Particulars | LF | Debit Rs. | Credit Rs. |
a). | Bank a/c……………………….Dr. | 1,00,000 | ||
To capital a/c | 1,00,000 | |||
(Being business started with bank balance.) | ||||
b). | Purchase a/c……………………….Dr. | 10,000 | ||
To Suvam’s a/c | 4,000 | |||
To bank a/c | 6,000 | |||
(Being goods purchased from Suvam and paid by cheque in part.) | ||||
c). | Cash a/c……………………….Dr. | 5,000 | ||
To sales a/c | 5,000 | |||
(Being cash sales made.) | ||||
d). | Interest a/c……………………….Dr. | 3,000 | ||
To cash a/c | 3,000 | |||
(Being interest paid.) | ||||
e). | Cash a/c……………………….Dr. | 1,000 | ||
To sales a/c | 1,000 | |||
(Being goods sold to Binayak on cash.) | ||||
f). | Binayak’s a/c……………………….Dr. | 500 | ||
To purchase return a/c | 500 | |||
(Being goods returned by Binayak.) |
Dr. | Cash a/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To sales a/c | 5,000 | By interest a/c | 3,000 | ||||
To sales a/c | 1,000 | By balance c/d | 3,000 | ||||
6,000 | 6,000 | ||||||
To balance b/d | 3,000 |
Dr. | Bank a/c | Cr. |
Date | Particulars | JF | Amount | Date | Particulars | JF | Amount |
To capital a/c | 1,00,000 | By purchase a/c | 6,000 | ||||
By balance c/d | 94,000 | ||||||
1,00,000 | 1,00,000 | ||||||
To balance b/d | 94,000 |
While posting the account from journal to the ledger, the rules of ______ should be followed.
balancing
closing
journalising
posting
The name of account should be mentioned at the ______.
top-center
top-right
bottom-center
top-left
What is the full form of JF?
Journal Fax
Journal Files
Journal Folio
Journal Filler
Account debited in a journal should be ______ in the ledger account.
not be posted
debited
credited
none of the options are correct
Account credited in the journal should be ______ in the ledger account.
none of the options are correct
debited
credited
not be posted
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