Page 79 - DCOM101_FINANCIAL_ACCOUNTING_I

Unit 7: Posting to Ledger and Balancing

March 15 Paid Ramautar 1,00,000 Notes

March 20 Sold Goods to Shyam 20,000
March 25 Received from Shyam 30,000
March 31 Reserved Cash from Cash Sales 2,50,000
March 31 Wages Paid 5,000
2. What are the key steps in balancing a ledger a/c?
3. State the relation between journalizing and ledger posting with suitable examples.

4. Why is ledger known as the primary book or the principal -book of accounts? Can profi t of

the business and its financial position be known without maintaining ledger?
5. What is the rule for posting the debit account from the journal into the ledger account?

6. How do we balance the following types of accounts?
(a) Assets
(b) Expense
(c) Capital

(d) Revenue
7. Following are the transactions of Dhani Ram and Sons for the month of July 2006. Make
journal entries, post them into ledger and balance the account.
2006

July 1 Commenced business with cash 60,000
” 2 Paid into bank 40,000
” 5 Purchased furniture for cash 5000
” 7 Purchased Goods and paid for them by cheque 20000
” 10 Sold Goods to Lata Gupta for cash 12000

” 12 Sold Goods to Mahavir on credit 24000
” 18 Purchased Goods from Harish 30000
” 19 Withdrew cash for domestic use 2500
” 20 Received a cheque from Mahavir on account 18900

Allowed him discount 100
” 27 Paid to Harish cash on account 16800
Discount allowed by him 200
” 31 Paid salary by cheque 1800
Paid cash for telephone bill 600
8. Enumerate the various types of ledgers which may be maintained by a business.

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