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Ledgers Simplified: TS Grewal Class 11 Chapter 6 Solutions

Ledgers Simplified: TS Grewal Class 11 Chapter 6 Solutions

Q: 1. What is the main purpose of preparing a Ledger in accounting, as explained in TS Grewal Class 11 Chapter 6?

The main purpose of a Ledger is to classify and summarise all financial transactions of a similar nature in one place. As detailed in the TS Grewal solutions, while a Journal records transactions chronologically, a Ledger groups them by account (e.g., Cash A/c, Sales A/c). This grouping is essential for determining the net effect on each account and for preparing the financial statements.

Q: 2. What is the correct step-by-step process for 'posting' transactions from a Journal to a Ledger account?

The correct step-by-step process for posting transactions from a Journal to a Ledger is as follows:Identify the two accounts involved in the journal entry.Locate the respective account in the Ledger.For the debited account, enter the date, the name of the other account in the particulars column (preceded by 'To'), and the amount in the debit amount column.For the credited account, enter the date, the name of the debited account in the particulars column (preceded by 'By'), and the amount in the credit amount column.Record the page number of the Journal in the L.F. column of the Ledger and vice-versa.

Q: 3. How does a Ledger differ from a Journal, and why is the Ledger called the 'Principal Book' of accounts?

A Journal is the book of original entry where transactions are recorded chronologically as they occur. A Ledger, on the other hand, is the book of final entry where transactions are classified and grouped by account. The Ledger is called the 'Principal Book' because it is the ultimate source from which the Trial Balance and, subsequently, the final financial statements are prepared. It provides a complete, summarised picture of all transactions related to a person, asset, expense, or income.

Q: 5. Why is the Ledger Folio (L.F.) column crucial in both the Journal and the Ledger, even though it doesn't contain monetary values?

The Ledger Folio (L.F.) column is a crucial cross-referencing tool. In the Journal, the L.F. column records the page number of the Ledger where the entry has been posted. In the Ledger, it records the page number of the Journal from where the entry originated. This system provides a clear audit trail, making it easy to check and verify any transaction and ensuring that no entry from the Journal is missed during posting, which is a key part of the CBSE pattern for accurate accounting.

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 Ledgers Simplified: TS Grewal Class 11 Chapter 6 Solutions

1. What is the main purpose of preparing a Ledger in accounting, as explained in TS Grewal Class 11 Chapter 6?

The main purpose of a Ledger is to classify and summarise all financial transactions of a similar nature in one place. As detailed in the TS Grewal solutions, while a Journal records transactions chronologically, a Ledger groups them by account (e.g., Cash A/c, Sales A/c). This grouping is essential for determining the net effect on each account and for preparing the financial statements.

2. What is the correct step-by-step process for 'posting' transactions from a Journal to a Ledger account?

The correct step-by-step process for posting transactions from a Journal to a Ledger is as follows:

Identify the two accounts involved in the journal entry.
Locate the respective account in the Ledger.
For the debited account, enter the date, the name of the other account in the particulars column (preceded by 'To'), and the amount in the debit amount column.
For the credited account, enter the date, the name of the debited account in the particulars column (preceded by 'By'), and the amount in the credit amount column.
Record the page number of the Journal in the L.F. column of the Ledger and vice-versa.

3. How does a Ledger differ from a Journal, and why is the Ledger called the 'Principal Book' of accounts?

A Journal is the book of original entry where transactions are recorded chronologically as they occur. A Ledger, on the other hand, is the book of final entry where transactions are classified and grouped by account. The Ledger is called the 'Principal Book' because it is the ultimate source from which the Trial Balance and, subsequently, the final financial statements are prepared. It provides a complete, summarised picture of all transactions related to a person, asset, expense, or income.

4. What are common mistakes students make when balancing a Ledger account, and how can the TS Grewal solutions help avoid them?

Common mistakes when balancing a Ledger account include incorrect totalling of debit/credit columns, calculating the balancing figure incorrectly, and placing the 'Balance c/d' on the wrong side. The TS Grewal solutions help by providing a clear, step-by-step method for balancing. They demonstrate how to:

Total both the debit and credit sides accurately.
Find the precise difference between the totals.
Write the difference (as 'By Balance c/d' or 'To Balance c/d') on the side with the lower total to make them equal.
Bring down the balance ('To Balance b/d' or 'By Balance b/d') on the correct opposite side for the next accounting period.

5. Why is the Ledger Folio (L.F.) column crucial in both the Journal and the Ledger, even though it doesn't contain monetary values?

The Ledger Folio (L.F.) column is a crucial cross-referencing tool. In the Journal, the L.F. column records the page number of the Ledger where the entry has been posted. In the Ledger, it records the page number of the Journal from where the entry originated. This system provides a clear audit trail, making it easy to check and verify any transaction and ensuring that no entry from the Journal is missed during posting, which is a key part of the CBSE pattern for accurate accounting.

6. How do the TS Grewal solutions for Chapter 6 demonstrate the process of opening and posting entries for asset, liability, and capital accounts in the Ledger?

The TS Grewal solutions for Chapter 6 demonstrate the posting process based on the golden rules of accounting:

Asset Accounts: Increases (debits) are posted to the debit side, and decreases (credits) are posted to the credit side. For example, purchasing machinery for cash would be debited in the Machinery A/c.
Liability and Capital Accounts: Increases (credits) are posted to the credit side, and decreases (debits) are posted to the debit side. For example, receiving a bank loan would be credited in the Loan A/c.

The solutions provide practical, solved examples for each account type, showing the correct format and entries.

7. How does the final balance of a Ledger account directly impact the preparation of the Trial Balance?

The final balance of a Ledger account is the foundation for preparing the Trial Balance. After balancing, all accounts will have either a debit balance or a credit balance (or a zero balance). The Trial Balance is a statement that lists all these closing balances. The total of all debit balances must equal the total of all credit balances, which verifies the arithmetical accuracy of the posting process. An error in balancing a single Ledger account will cause the Trial Balance to not match, indicating an error in the ledger.

8. What is the correct method for posting a compound journal entry into the respective Ledger accounts as per the CBSE 2025-26 syllabus?

A compound journal entry involves more than one debit or more than one credit. The correct method for posting it is to post each part of the entry individually to its respective ledger account. For example, if Salary of ₹10,000 is paid, with ₹8,000 by cheque and ₹2,000 in cash, the entry is:
Salary A/c Dr. 10,000
To Bank A/c 8,000
To Cash A/c 2,000
In the Ledger, you would debit Salary A/c with 'To Bank A/c' (₹8,000) and 'To Cash A/c' (₹2,000) on separate lines, and credit the Bank A/c and Cash A/c with 'By Salary A/c' for their respective amounts.