TS Grewal Class 11 Accountancy Solutions Chapter 3 – Accounting Procedures – Rules of Debit and Credit 2023-24

TS Grewal Class 11 Accountancy Solutions Chapter 3 – Accounting Procedures: Rules of Debit and Credit, is a useful guide in the field of Accountancy and will enhance its knowledge too.

All the important points are mentioned in the TS Grewal Class 11 Accountancy Solution, so it will be beneficial from an exam point of view. This article covers the topics from Chapter 3.

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TS Grewal Class 11 Accountancy Solutions Chapter 3 – Accounting Procedures

Detailed TS Grewal Class 11 Accountancy Solutions Chapter 3  – Accounting Procedures

At the beginning of Chapter 3, TS Grewal Class 11 Accountancy Solutions is teaching the students about the fundamental steps in the accounting process. The topic, “Recording the transactions – Journal and Ledger” is important from an exam point of view. Journal and Ledger keep the track of all the debits and credits in a transaction. 

The concept of a Double Accounting System is explained in the TS Grewal Class 11 Accountancy Solutions. It explained the Double Accounting System is explained as a track of two aspects of each transaction, which is explained with details and precision, thanks to TS Grewal. All the rules of credit and debt and how are they applied for both capital and liability is also explained.

Students will find a detailed explanation of entries of credit and debit for decreasing expenses, increasing revenue, recording all the drawings, as well as the fresh capital introduced by the owner.

The concept of Analysis using the entries of debit and credit might be a little tricky for some students to comprehend, but TS Grewal Class 11 Accountancy Solutions has framed the concept in such a way that is easy for them to understand. Apart from that, TS Grewal has made sure to explain to the students about Journal and Ledger by using different examples of customers. 

Students will also find a detailed explanation of the concept, sources, and vouchers, in the TS Grewal Class 11 Accountancy Solutions. 

Class 11 Accountancy TS Grewal Sample Questions

Sample question 1:

Classify the following terms, mentioned below, into liabilities, revenues, assets, capital, and expenses:

• Outstanding expenses
• Capital
• Goodwill
• Accrued income
• Advanced income
• Furniture and fixtures
• Carriage outwards
• Carriage inwards
• Discount received
• Bills payable
• Wages
• Purchases
• Plant and machinery
• Sales
• Bank loan
• Rent

Answer:

Liabilities	Revenues	Assets	Capital	Expenses
Bank loan	Discount received	Plant and machinery	Capital	Carriage outwards
Bills payable	Bank loan	Goodwill		Carriage inwards
Outstanding expenses		Accrued income		Wages
Advanced income		Furniture and fixtures		Purchases
				Rent

Sample question 2:

Classify the following terms, mentioned below, into nominal, personal, and real accounts:

1. Bad debts
2. Freight
3. Drawings
4. Goodwill
5. Land
6. Building
7. Creditors

Answer:

Nominal	Personal	Real
Freight	Drawings	Goodwill
Bad debts	Creditors	Land
		Building

Determine the side where an increase in the following accounts will be recorded, as well as mention the nature of the account.

• Furniture A/C
• Mohan (Proprietor)
• Salary A/C
• Purchases A/C
• Sales A/C
• Interest paid A/C
• Sohan (Creditor)
• Ram (Debtor)

Answer:

Name of the Accounts	Consequence of increase	Modern approach	Traditional approach
Furniture A/C	Debit	Assets	Real Account
Mohan (Proprietor)	Credit	Capital	Personal Account
Expense	Debit	Expense	Nominal Account
Purchases A/C	Debit	Expense	Nominal Account
Sales A/C	Credit	Revenue	Nominal Account
Interest paid A/C	Debit	Expense	Nominal Account
Sohan (Creditor)	Credit	Liabilities	Personal Account
Ram (Debtor)	Debit	Assets	Personal Account

For further queries regarding the CBSE TS Grewal Class 11 Accountancy Solutions Chapter 3 – Accounting Procedures – Rules of Debit and Credit, you can ask in the comment section. 

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