"Timeout expired" error, when executing view in SQL Server 2008

Question

I've written a query in SQL Server 2008. The query takes about 4 minutes to execute.
I need this query as a View. So, I've created a view with this query and when I try to execute the view creation script, it shows the following error:

Timeout Expired.
The timeout period elapsed prior to completion of the operation or the server is not responding.

The query is:

SELECT t.jrnno,
       (SELECT SUM(t1.amount)
          FROM dbo.T_sh AS t1
         WHERE (t1.b_or_s = '1') AND (t1.jrnno = t.jrnno)) AS buy,
       (SELECT SUM(t2.amount)
          FROM dbo.T_sh AS t2
         WHERE (t2.b_or_s = '2') AND (t2.jrnno = t.jrnno)) AS sale, 
       SUM(t.amount) AS Total, 
       SUM(t.h_crg) AS Howla, 
       SUM(t.l_crg) AS Laga, 
       SUM(t.taxamt) AS Tax, 
       SUM(t.commsn) AS Commission
  FROM dbo.T_sh AS t
 WHERE (t.tran_type = 'S')  
   AND (t.jrnno NOT IN (SELECT DISTINCT jrnno
                          FROM dbo.T_ledger))
GROUP BY t.jrnno

T_sh and T_ledger both tables have about 100K rows. What could be the possible reason and how can I overcome this?

Update:

select 
   t.jrnno, 
   SUM(CASE WHEN t.b_or_s = 1 THEN t.amount ELSE NULL END) buy,
   SUM(CASE WHEN t.b_or_s = 2 THEN t.amount ELSE NULL END) sale,
   SUM(t.amount) AS Total, 
   SUM(t.h_crg) AS Howla, 
   SUM(t.l_crg) AS Laga, 
   SUM(t.taxamt) AS Tax, 
   SUM(t.commsn) AS Commission
FROM 
   dbo.t_sh t
WHERE  
   t.tran_type = 'S'
   AND NOT EXISTS(SELECT 1 FROM  dbo.T_ledger x where x.jrnno = t.jrnno)
group by 
   t.jrnno

It solved my problem. Thanks everyone for your quick response.

Answer 1

Try this query:

select 
t.jrno, 
SUM(CASE WHEN t1.b_or_s = 1 THEN t.amount ELSE NULL END) buy,
SUM(CASE WHEN t1.b_or_s = 2 THEN t.amount ELSE NULL END) sale,
SUM(t.amount) AS Total, 
SUM(t.h_crg) AS Howla, 
SUM(t.l_crg) AS Laga, 
SUM(t.taxamt) AS Tax, 
SUM(t.commsn) AS Commission
FROM dbo.t_sh t
WHERE  t.tran_type = 'S'
AND NOT EXISTS(SELECT 1 FROM  dbo.T_ledger x x.jrno = t.jrno)