Journal Entry | Class 11 | Book of Original Journal Entry | Old Question Solved | NEB Preparation

Welcome to Everest Online Academy! In this video, we solve "Journal Entries" from the Book of Original Entry , an essential topic in the Class 11 Accounts syllabus under the chapter Subsidiary Books and Financial Statements . Understanding how to prepare journal entries is crucial for scoring well in exams like NEB. Whether you're struggling with recording transactions, identifying accounts, or solving past exam questions, this video will guide you step-by-step with clear explanations, solved examples, and practical tips. ✅ What You’ll Learn in This Video: Introduction to Journal Entries : What is a Journal Entry? Definition: A record of financial transactions in the Book of Original Entry , showing the debit and credit sides of each transaction. Purpose: To systematically document business transactions before posting them into ledgers. Importance of Journal Entries: Forms the foundation of accounting. Frequently tested in NEB exams under the Accounts section. Key Concepts : Rules of Debit and Credit : Personal Accounts: Debit the receiver, Credit the giver. Real Accounts: Debit what comes in, Credit what goes out. Nominal Accounts: Debit all expenses/losses, Credit all incomes/gains. Steps to Prepare Journal Entries : Identify the accounts involved in the transaction. Apply the rules of debit and credit. Record the transaction in the journal format. Format of Journal Entry : ``` Date Particulars L.F. Debit (Rs.) Credit (Rs.) Copy 1 Date Particulars L.F. Debit (Rs.) Credit (Rs.) Solved Examples : Example Problem 1 (Model Set Question) : Record the following transaction in the journal: April 1: Started business with cash Rs. 500,000. Solution: Step 1: Identify the accounts: Cash Account (Asset) and Capital Account (Equity). Step 2: Apply the rules: Debit Cash (comes in), Credit Capital (owner's contribution). Step 3: Record the entry: ``` Date Particulars L.F. Debit (Rs.) Credit (Rs.) April 1 Cash A/c Dr. 500,000 To Capital A/c 500,000 (Being business started with cash) Copy 1 Example Problem 2 (Past Exam Question) : Record the following transaction in the journal: April 5: Purchased goods worth Rs. 20,000 on credit from Mr. Sharma. Solution: Step 1: Identify the accounts: Purchases Account (Expense) and Mr. Sharma's Account (Liability). Step 2: Apply the rules: Debit Purchases (expense), Credit Mr. Sharma (creditor). Step 3: Record the entry: ``` Date Particulars L.F. Debit (Rs.) Credit (Rs.) April 5 Purchases A/c Dr. 20,000 To Mr. Sharma A/c 20,000 (Being goods purchased on credit from Mr. Sharma) Copy 1 Example Problem 3 (SEE Past Question) : Record the following transaction in the journal: April 10: Paid rent Rs. 5,000 by check. Solution: Step 1: Identify the accounts: Rent Account (Expense) and Bank Account (Asset). Step 2: Apply the rules: Debit Rent (expense), Credit Bank (payment made). Step 3: Record the entry: ``` Date Particulars L.F. Debit (Rs.) Credit (Rs.) April 10 Rent A/c Dr. 5,000 To Bank A/c 5,000 (Being rent paid by check) ``` Old NEB Questions Solved : Example Problem 1 (NEB Past Question) : Record the following transaction in the journal: May 1: Goods worth Rs. 10,000 sold to Ms. Thapa on credit. Solution: Step 1: Identify the accounts: Ms. Thapa's Account (Asset) and Sales Account (Income). Step 2: Apply the rules: Debit Ms. Thapa (receiver), Credit Sales (income). Step 3: Record the entry: ``` Date Particulars L.F. Debit (Rs.) Credit (Rs.) May 1 Ms. Thapa A/c Dr. 10,000 To Sales A/c 10,000 (Being goods sold on credit to Ms. Thapa) Copy 1 Example Problem 2 (NEB Past Question) : Record the following transaction in the journal: May 5: Withdrew cash Rs. 2,000 for personal use. Solution: Step 1: Identify the accounts: Drawings Account (Expense) and Cash Account (Asset). Step 2: Apply the rules: Debit Drawings (expense), Credit Cash (goes out). Step 3: Record the entry: ``` Date Particulars L.F. Debit (Rs.) Credit (Rs.) May 5 Drawings A/c Dr. 2,000 To Cash A/c 2,000 (Being cash withdrawn for personal use) ``` journal entries class 11, book of original entry, neb old questions solved, accounts preparation 2024, everest online academy, nepali students guide, neb exam tips, mastering accounts, accounts past papers, accounts solutions, accounts guide, accounts strategies, accounts practice, accounts doubt clearing, accounts discussion, accounts interactive, accounts learning, journal entry explained, journal entry solved examples, journal entry workbook solutions, journal entry self-study guide, journal entry mock tests, journal entry sample papers, debits and credits, rules of accounting, subsidiary books, financial statements #Class11Accounts #JournalEntries #NEBExamPreparation #EverestOnlineAcademy #StudyWithMe #EducationInNepal #OnlineLearning #StudySmart #AccountsBasics #LearnAccounts #MasterAccounts #ExamPrep2024 #JournalEntryExplained #AccountingTips #FinancialStatements