NIOS Class 10 Accountancy Chapter 6 Journal

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NIOS Class 10 Accountancy Chapter 6 Journal

Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 10 Accountancy Chapter 6 Journal, NIOS Secondary Course Accountancy Solutions for All Chapters, You can practice these here.

Journal

Chapter: 6

Intext Questions 6.1

I. Complete the sentences stating the meaning of journal

(i) Journal is a book of accounts in which ____________________.

Ans: All transactions are recorded in chronological order.

(ii) Narration is the ___________________________.

Ans: Explanation of journal entry.

(iii) Ledger folio column is used ________________________.

Ans: To record page number of ledger on which journal entry is posted.

II. Following statements about journal are incorrect, correct them:

(i) Only cash transactions are recorded in the journal.

Ans: All transactions are recorded in journal.

(ii) There is no other name for this journal.

Ans: Journal is also known as Day Book.

(iii) Every businessman big or small maintains one journal book.

Ans: Small businesses maintain one journal while big businesses maintain different special journals.

Intext Questions 6.2

Given below are some transactions. Write the names and types of accounts affected in the given debit and credit columns.

		Dr.		Cr.
Transaction	Name of A/c	Type of A/c	Name of A/c	Type of A/c
(i) Purchased goods and paid by cheque.
(ii) Paid salary.
(iii) Cash received from Apoorva, a debtor.
(iv) Goods sold to Maya.
(v) Cash withdrawn for personal use.

Ans:

		Dr.		Cr.
Transaction	Name of A/c	Type of A/c	Name of A/c	Type of A/c
(i) Purchased goods and paid by cheque.	Purchase	Expense	Bank	Asset
(ii) Paid salary.	Salary	Expenses	Cash	Asset
(iii) Cash received from Apoorva, a debtor.	Cash	Asset	Apporva	Asset
(iv) Goods sold to Maya.	Maya	Asset	Sales	Revenue
(v) Cash withdrawn for personal use.	Drawing	Capital	Cash	Asset

Intext Questions 6.3

Multiple Choice Questions

(i) Purpose of preparing Journal is

(a) To provide a date wise record of all the business transactions.

(b) To know Profit or Loss of business.

(d) To ascertain cash availability on a particular date.

Ans: (a) To provide a date wise record of all the business transactions.

(ii) Compound Journal entry is an entry which

(a) Contains more than one debit.

(b) Contains more than one credit.

(d) Does not contain more than one debit or credit.

Ans: (c) Contains more than one debit or credit or both.

(iii) Journal is also known as

(a) Book of secondary entry.

(b) Book of Primary entry.

(d) None of the above.

Ans: (b) Book of Primary entry.

(iv) Journal can be classified as

(a) Special Journal.

(b) Journal Proper.

(d) None of the above.

Ans: (c) Special Journal and Journal Proper.

(v) Narration of Journal entry is written in the column of

(a) Date.

(b) Particulars.

(d) Cr amount.

Ans: (b) Particulars.

Terminal Exercise

1. What is meant by a journal?

Ans: Journal is a book of accounts in which all day to day business transactions are recorded in a chronological order i.e. in the order of occurrence. Transactions when recorded in a journal are known as ‘entries’. It is the book in which transactions are recorded for the first time. Journal is also known as ‘Book of Original Record’ or ‘Book of Primary Entry’.

2. Why is a journal called ‘book of original records’?

Ans: A journal is often referred to as a “book of original records” because it serves as a primary source of recorded transactions or events. In accounting and finance, for example, a journal is where financial transactions are initially recorded in chronological order as they occur. These records are considered original because they are the first place where transactions are documented, providing a detailed account of the organisation’s financial activities.

3. Explain various steps in the process of journalising.

Ans: Following steps are taken while preparing a journal.

(i) Identify the accounts: First of all the affected accounts of an accounting transaction are identified.

For example: ‘Goods of `5000 sold for cash is a transaction. The affected accounts are Sales A/c and Cash A/c.

(ii) Recognize the Account: Now the type of two accounts are ascertained i.e. as asset, liability, capital, expense or revenue. In the given example Cash A/c is an asset A/c and Sales A/c is a revenue A/c.

(iii) Apply the rules of Debit and Credit: You have learnt the rules of Debit and Credit. Now ascertain which account is to be debited and which is to be credited. In our example, a sales account will be credited as sales (a revenue item) is increasing and cash A/c will be debited as cash (is an asset) is also increasing.

4. Explain the meaning of compound journal entries with an example.

Ans: The journal entries which you have learnt so far affect two accounts only. There can be entries that affect more than two accounts. Such entries are called ‘Compound’ or ‘Combined’ entries. A compound entry contains more than one debit or credit or both, for example:

(i) Cash paid for rent Rs. 2,000 and for salary Rs.4,000.

(ii) The Affected accounts are Rent A/c which is to be debited and Salary A/c which is also to be debited as both are items of expense and are increasing.

(iii) Cash A/c is to be credited as Cash A/c is an asset A/c and it decreases by the total of Salary and Rent paid.

Rent A/c Dr.	2,000
Salary A/c Dr.Cash A/c	4,000	6,000
(Cash paid for rent and salary)

5. Journalise the following transactions in the books of Arun.

2012Date:	Particulars	Amount (Rs)
Apr. 1	Commenced business with cash	80,000
Apr. 3	Paid into Bank	50,000
Apr. 6	Purchased goods for cash	20,000
Apr. 9	Purchased furniture and paid for it by cheque	15,000
Apr. 14	Sold goods to Neha	18,000
Apr. 19	Purchased goods from Nirmal	24,000
Apr. 21	Withdraw cash for private use	8,000
Apr. 24	Received cheque from Neha Allowed her discount	17,600 400
Apr. 26	Paid to Nirmal by cheque She allowed discount	16,300 700
Apr. 27	Sold Goods to Maya for cash	80,000
Apr. 30	Paid Telephone bill	4,200

Ans: Journal Entry transactions in the books of Arun for the year 2012.

Date	Particulars	L.F	Debit (Rs.)	Credit (Rs.)
Apr. 1.2012	Cash A/c Dr. Capital A/c(Commenced business with cash)		80,000	80,000
Apr. 3.2012	Bank A/c Dr. Cash A/c(Cash paid in the bank)		50,000	50,000
Apr. 6.2012	Purchase A/c Dr. Cash A/c(Purchased goods for cash)		20,000	20,000
Apr. 9.2012	Furniture A/c Dr. Bank A/c(Purchased furniture and paid by cheque)		15,000	15,000
Apr. 14.2012	Neha A/c Dr. Sales A/c(Sold goods to Neha)		18,000	18,000
Apr. 19.2012	Purchased A/c Dr. Nirmal A/c(Goods purchased on credit)		24,000	24,000
Apr. 21.2012	Drawing A/c Dr. Cash A/c(Withdraw cash for personal use)		8,000	8,000
Apr. 24.2012	Bank A/c Dr.Discount A/c Dr. Neha A/c (Cheque received from Neha and discount Allowed to her)		17,600 400	18,000
Apr. 26.2012	Nirmal A/c Dr. Bank A/c Discount A/c(Paid Nirmal by cheque and she allowed discount)		17,000	16,300700
Apr. 27.2012	Sales A/c Dr. Cash A/c(Sold goods to Maya for cash)		80,000	80,000
Apr. 30.2012	Telephone Bill A/c Dr. Bank A/c (Paid telephone bill)		4,200	4,200
			334,200	334,200

6. Journalise the following transactions in the journal of Mr. Ram Kumar.

Date:	Particulars	Amount (Rs)
	Commenced business with cash	1,50,000
	Purchased goods for cash	1,00,000
	Purchased goods from Mohan on credit	26,000
	Deposited into bank	15,000
	Purchased furniture	72,000
	Goods sold for cash	7,000
	Goods sold to Kaushik on credit	5,000
	Sale of old furniture	3,500
	Received from Kamal	3,000
	Paid salary	3,100
	Paid Rent	4,200
	Paid telephone bill	1,800

Ans:

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