Maharashtra Board 11th BK Important Questions Chapter 3 Journal

Balbharti Maharashtra State Board 11th Commerce Book Keeping & Accountancy Important Questions Chapter 3 Journal Important Questions and Answers.

Maharashtra State Board 11th Commerce BK Important Questions Chapter 3 Journal

1A. Answer in One Sentence:

Question 1.
What do you mean by Journalising?
Answer:
Journalisation means a process of recording two-fold effects of business transactions in the summarized form of debit and credit in the journal.

Question 2.
Which column in a journal is not filled in at the time of journalising?
Answer:
Ledger Folio column in a journal is not filled in at the time of journalising.

Question 3.
Which account is credited when Salary is paid by cheque?
Answer:
Bank Account is credited when salary is paid by cheque.

Question 4.
Why is a journal called the book of prime entry?
Answer:
Journal is called a book of prime entry because all the business transactions are recorded first in the journal in a chronological order i.e. in the order of their occurrence.

Question 5.
In which order the transactions are recorded in a journal.
Answer:
The transactions are recorded in a journal in chronological order i.e. in the order of their occurrence or taking place.

Question 6.
Which account is debited, when goods are destroyed by fire?
Answer:
When goods are destroyed by fire, the Loss by Fire Account is debited.

2. Correct the following statements and rewrite the statements.

Question 1.
Transactions can be recorded in any order in the Journal.
Answer:
Transactions must be recorded in chronological order in the Journal.

Question 2.
Trade discount is recorded in the books of accounts.
Answer:
A cash discount is recorded in the books of accounts.

Question 3.
Trade discount is calculated after cash discount while calculating discount on purchase or sales.
Answer:
Trade discount is calculated before cash discount while calculating discount on purchase or sales.

Question 4.
Trade discount is allowed for prompt payments.
Answer:
A cash discount is allowed for prompt payments.

Question 5.
The process of entering or recording the transactions in the Journal is called posting.
Answer:
The process of entering or recording the transaction in a Journal is called Journalising.

3. Do you agree or disagree with the following statements

Question 1.
Purchase of Assets should be debited to purchase A/c.
Answer:
Disagree

Question 2.
A cash discount is recorded in the books of Accounts.
Answer:
Agree

Question 3.
GST is imposed by the local body.
Answer:
Disagree

Question 4.
Capital is an asset for business organisations.
Answer:
Disagree

Question 5.
With NEFT, RTGS Transaction Cash A/c is affected.
Answer:
Disagree

Question 6.
On purchase of goods or assets output, GST A/c is credited.
Answer:
Disagree

Question 7.
5% GST Charge on luxury cars.
Answer:
Disagree

Question 8.
GST Generates income to Central Government only.
Answer:
Disagree

Question 9.
Ledger Folio column in Journal filled while passing Journal entry only.
Answer:
Disagree

Question 10.
Purchase of shares of TATA Ltd should be debited to TATA Ltd’s A/c.
Answer:
Disagree