Class 11 Accountancy TS Grewal Solutions Chapter 6 - Led

Q: 5. What are Ledgers distinguishing characteristics according to Class 11 Accountancy TS Grewal Solutions?

The following are the characteristics of a ledger:Debit and Credit are the two sides of any ledger. On the left side of a ledger, debit entries appear, whereas credit entries appear on the right side.Because the transaction is tied to a specific person, asset, cost, or revenue, every transaction affects two or more ledger accounts.Keeping the ledger in order: A ledger's total debit and credit sides must always be the same. However, this isn't always the case, since the debit side may be greater than the credit side, or vice versa. On the defective side, we must record the difference between the two to balance the ledger. When the debit side exceeds the credit side, the amount is recorded on the credit side and is referred to as a debit balance.

Commerce

Class 11 Accountancy TS Grewal Solutions Chapter 6 - Led

Download Free PDF Of Class 11 Accountancy Chapter 6 Solutions

The TS Grewal Solutions Class 11 Accountancy Chapter 6 is "Ledger". The concepts of Ledger help students further in making trial balance and profit & loss accounts. Also, TS Grewal Accountancy Solutions are a comprehensive resource to introduce to commerce students. These solved practice questions are complete help for the students in their exam preparation. For Class 11 TS Grewal solutions Ledger pdf is available to simplify the practice of accounting questions. The Ledger account helps to plan a profit and loss account in order to assess the company's profit or loss.

Download TS Grewal Accountancy Solutions for Class 11 Chapter 6 - Ledger from Vedantu, which are curated by expert teachers to prepare well for your exams

Ledger Account

In accounting, a ledger is a book that contains many accounts and stores records of transactions relevant to each account. It's also known as the major book of accounts or the book of final entry. It's a book that keeps track of all debited and credited transactions.

A ledger account is a collection of all ledgers that provides information about all of an organization's accounting operations. It is considered the most significant book in accounting since it aids in the creation of a trial balance, which is used to prepare financial statements.

A ledger account's information includes both starting and ending balances, which are updated during the course of the accounting period via debits and credits.

The numerous transaction aspects, such as date, amount, particulars, and l.f., are all contained in a ledger (ledger folio). Individual transactions are recorded in a ledger account and are recognised by a transaction number or other notation.

Format for Ledgers: The ledger is divided into two T-formatted columns. Date, particulars, folio number, and amount columns appear on both sides of the debit and credit.

Example of a Ledger Account

Here are a few instances of ledger accounts.

Receivables (accounts receivable)
Accounts payable for cash depreciation
Inventory
Wages and salaries
Revenue
Debt
The value of a company's stockholders' equity
Expenses for the office
Posting of Ledgers

Ledger posting is the process of moving entries from a journal to the appropriate ledger accounts. The entries are initially entered in journals and then moved to their relevant ledger accounts in this process.

What is a Journal?

A journal is a sub-accounting book that keeps track of monetary transactions in accordance with accounting rules. These transactions are documented in chronological sequence and provide information on the accounts that each transaction affects. It's the initial stage in the accounting procedure.

What Is the Difference Between a Ledger and a Journal?

The following are the primary distinctions between Journal and Ledger:

A journal is a separate book of accounts that keeps track of transactions. A ledger is a primary accounting book that categorises transactions recorded in a journal.
On the day of their occurrence, the journal transactions are reported in chronological sequence. The ledger categorises the transactions in the journal by the accounts to which they are linked.
Each transaction is described in full in each journal entry. Each transaction is not described in full in the ledger accounts.
The whole outcomes of a transaction are not revealed in the journal. The ledger accounts assist in revealing the outcome of transactions for a certain account.
The journal is unable to directly assist in the preparation of the Trial Balance. The ledger aids in the preparation of the Trial Balance.
The journal plays no part in the creation of financial statements such as the Profit and Loss Account or the Balance Sheet. The balances in various ledger accounts aid in the preparation of financial statements such as the Profit and Loss Account and the Balance Sheet.
A journal does not have an opening balance and is primarily concerned with day-to-day transactions. Some ledger accounts have an opening balance, which is the prior year's closing amount.

FAQs on Class 11 Accountancy TS Grewal Solutions Chapter 6 - Led

1. What is a ledger?

A ledger is a book in accounting that has multiple accounts and records transactions pertaining to each account. It's also known as the final entry book or the principal book of accounts. It's a book in which all debited and credited transactions are recorded. A ledger account is a collection of all ledgers that contains data about an organization's accounting processes. Because it assists in the production of a trial balance, which is needed to generate financial statements, it is considered the most important book in accounting.

2. What is a journal?

A journal is a type of sub-accounting book that records monetary transactions according to accounting principles. These transactions are recorded in chronological order and provide details on the accounts that each transaction impacts. It's the very first step in the accounting process. The sections of a journal are as follows.

Transaction date is determined by when the transaction occurred.
Details of the transaction are recorded.
Page number in the ledger where the entry is made.
Debit Amount The amount that has been deducted from your account as a result of a transaction.
Credit Amount The credit amount is determined by the transaction.

3. What is the difference between a Ledger and Journal?

The key differences between Journal and Ledger are as follows:

A journal is a separate accounting book that records transactions. A ledger is a basic accounting book that organises transactions from a diary.
The journal transactions are presented in chronological order on the day they occur. The ledger classifies the transactions in the journal according to the accounts they are tied to.
Each journal entry contains a detailed description of each transaction. The ledger records do not include a complete description of each transaction.

4. Is Class 11 Accountancy TS Grewal Solutions a good book to revise from?

Students can use the ideas of the ledger to help them create trial balances and profit and loss accounts. In addition, TS Grewal Accountancy Solutions is a complete resource for commerce students to learn about. Students can use these solved practise questions to help them prepare for their exams. For Class 11 TS Grewal answers, a Ledger pdf is given to make accounting problems easier to practise. The ledger account aids in the planning of a profit and loss account so that the company's profit or loss may be assessed.

5. What are Ledgers distinguishing characteristics according to Class 11 Accountancy TS Grewal Solutions?

The following are the characteristics of a ledger:

Debit and Credit are the two sides of any ledger. On the left side of a ledger, debit entries appear, whereas credit entries appear on the right side.
Because the transaction is tied to a specific person, asset, cost, or revenue, every transaction affects two or more ledger accounts.
Keeping the ledger in order: A ledger's total debit and credit sides must always be the same. However, this isn't always the case, since the debit side may be greater than the credit side, or vice versa. On the defective side, we must record the difference between the two to balance the ledger. When the debit side exceeds the credit side, the amount is recorded on the credit side and is referred to as a debit balance.