NCERT Solutions Class 11 Accountancy
NCERT Solutions for Class 11 Accountancy is provided here with wide range of concept, which includes all the questions of CBSE Board Syllabus. Class 11 is a whole new experience for the students with a whole bunch of new subjects. Class 11 Accountancy NCERT Solutions are designed by our well trained and subject experts, who have years of experience, which will help you to gain 100% accurate knowledge of the subject. All the solutions are designed under the guidance of CBSE.
Accountancy is required for many activities which may require years of training and experience to fully comprehend. Proper study of accountancy will help the learners in almost every field in the future. The accounting information is essential for the management and the decision making of the body of an organization. A great knowledge of accounts will guide you to make your career better and brighter in the business field.
With the help of NCERT Solutions, students can practice the different types of questions given in the book which can be asked in the exams. These solutions help them to make a strong base for their higher studies. NCERT Solutions for Class 11 Accountancy improves the logical skills of the students. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy.
A list of chapters provided here in Class 11 Accountancy NCERT Solutions free PDF
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1) NCERT Solutions for Class 11 Accountancy Chapter 1 Introduction to Accounting
Accounting is defined as the systematic process of identifying, recording, classifying, summarising, interpreting and communicating information about financial transactions to the users of the accounting information such as the owners, government, investors, creditors, etc. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 1.
A list of topics from the chapter ‘Introduction to Accounting’ is given below-
- Meaning of Accounting
- Accounting as a Source of Information
- Objectives of Accounting
- Role of Accounting
- Basic Terms in Accounting
Some important points from the chapter ‘Introduction to Accounting’-
- Entity means a reality that has a definite individual existence.
- Costs incurred by a business in the process of earning revenue are known as expenses.
- Spending money or incurring a liability for some benefits, service or property received is called Expenditure.
- Discount is the deduction in the price of the goods sold.
- The documentary evidence in support of a transaction is known as Voucher.
- Debtors are persons or other entities who owe to an enterprise an amount for buying goods and services on credit.
- Creditors are the persons or entities who have to be paid by an enterprise an amount for providing the enterprise goods and services on credit.
2) NCERT Solutions for Class 11 Accountancy Chapter 2 Theory Base of Accounting
The theory base of accounting includes principles, concepts, rules and guidelines developed over a period of time to bring uniformity and consistency to the process of accounting and enhance its utility to different users of accounting information. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 2.
A list of topics from the chapter ‘Theory Base of Accounting’ is given below-
- Generally Accepted Accounting Principles (GAAP)
- Basic Accounting Concepts
- System of Accounting
- Basis of Accounting
- Accounting Standards
Some important points from the chapter ‘Theory Base of Accounting’-
- Assets are economic resources of an enterprise that can be usefully expressed in monetary terms.
- Amount invested by the owner in the firm is known as Capital.
- Liabilities are obligations or debts that an enterprise has to pay at some time in the future.
- Assets = Liabilities + Capitals
- Good and Service Tax (GST) is a destination based tax on consumption of goods and services.
3) NCERT Solutions for Class 11 Accountancy Chapter 3 Recording of Transaction – I
Analyze each transaction for its effects on the accounts, enter the transaction information in a journal and transfer the journal information to the appropriate accounts in the ledger are the basic steps in the recording process of transaction. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 3.
A list of topics from the chapter ‘Recording of Transaction – I’ is given below-
- Business Transactions and Source Document
- Accounting Equation
- Using Debit and Credit
- Books of Original Entry
- The Ledger
- Posting from Journal
Some important points from the chapter ‘Recording of Transaction I’-
- Receipt is used when a customer gives cash to the business firm. It is an acknowledgement of payment or cash received by the firm.
- A cheque is an order in writing, drawn upon a specified banker and payable on demand.
- Debit Note is prepared when a buyer returns goods to the seller or when a purchased return transaction is entered in the books of accounts. It is prepared by the buyer of the goods.
- Credit Note is prepared when a seller receives goods from the buyer or when a sales return transaction is entered in the books of accounts. It is prepared by the seller of the goods.
- Under the Real Accounts, all accounts related to assets are included (except Debtors). These can be tangible as machinery, furniture, building, cash, etc. and intangible as goodwill, trade mark, patents rights, etc.
- Nominal Accounts includes all the accounts related to expenses, losses & incomes and gains. For example – salary, rent, commission received, etc.
4) NCERT Solutions for Class 11 Accountancy Chapter 4 Recording Transaction – II
All transactions in the cash book have two sides- debit and credit. All cash receipts are recorded on the left-hand side as a debit and all cash payments are recorded by date on the right-hand side as a credit. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 4.
A list of topics from the chapter ‘Recording Transaction II’ is given below-
- Cash Book
- Purchases Return (Journal) Book
- Purchases Return (Journal) Book
- Sales (Journal) Book
- Sales Return (Journal) Book
- Journal Proper
- Balancing the Accounts
Some important points from the chapter ‘Recording Transaction II’-
- An invoice is prepared by seller at the time of sale of goods on credit. It contains details such as the goods sold, the party to whom goods are sold, sales amount, date, etc.
- Cash Memo is prepared by the seller at the time of sale of goods on cash. It contains details such as goods sold, quantity, amount received, date, etc.
- Pay-in-Slip is used to deposit cash or cheque into a bank. It has a counterfoil which is returned to the depositor with the signature of the authorized person.
- Debit Voucher is prepared for all cash payments made by the business firm such as payment of rent, payment of salary, payment for purchase of goods, etc.
5) NCERT Solutions for Class 11 Accountancy Chapter 5 Bank Reconciliation Statement
A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 5.
A list of topics from the chapter ‘Bank Reconciliation Statement’ is given below-
- Need for Reconciliation
- Preparation of Bank Reconciliation Statement
Some important points from the chapter ‘Bank Reconciliation Statement’–
- Balance as per cash book means favourable balance, hence (+) Item. If nothing (i.e. Debit or Credit) is written the Balance given, it is treated as favourable.
- Direct deposit by a customer Rs. 2,500 Increase the Pass Book Balance plus item.
- Payment made by the bank for insurance premium decreases the Pass Book Balance Minus Item.
- If (+) items total is more than (-) items total then the difference in the two totals is always a favourable balance.
- Whereas if (+) items total is less than the (–) items total then the difference in the two totals is overdraft.
6) NCERT Solutions for Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors
Some of the errors in the preparation of accounts are : wrong totaling of the debit amounts and the credit amounts in the Trial Balance. Errors of commission include errors on account of wrong balancing of an account, wrong posting, wrong carry forwards, wrong totaling, etc. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 6.
A list of topics from the chapter ‘Trial Balance and Rectification of Error’ is given below-
- Meaning of Trial Balance
- Objectives of Preparing the Trial Balance
- Preparation of Trial Balance
- Significance of Agreement of Trial Balance
- Searching of Errors
- Rectification of Errors
Some important points from the chapter ‘Trial Balance and Rectification of Error’-
- Debit Balance of a Personal A/c means the person is a debtor of the firm whereas Credit Balance of a Personal A/c indicates that the person is a creditor of the firm.
- Real A/c (which includes Cash and all other Assets A/c) will usually show Debit Balances.
- Nominal A/c (A/c of Income and Expenses) are transferred to Trading and profit and Loss A/c of the firm at the end of the Accounting Period.
- Debit Balance of any A/c means an Asset or an Expense whereas Credit Balance means a liability, Capital or Income earned.
7) NCERT Solutions for Class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves
Depreciation is the share of the total asset which has been consumed by the company over a certain period of given time. A reserve is an appropriation of profits for a specific purpose. The most common reserve is a capital reserve, where funds are set aside to purchase fixed assets. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 7.
A list of topics from the chapter ‘Depreciation, Provisions and Reserves’ is given below-
- Depreciation and Other Similar terms
- Causes of Depreciation
- Need for Depreciation
- Factors Affecting the Amount of Depreciation
- Methods of Calculating Depreciation Amount
- Methods of Recording Depreciation
- Disposal of Asset
- Effect of any Addition or Extension to the Existing Asset
- Secret Reserve
Some important points from the chapter ‘Depreciation, Provisions and Reserves’-
- Straight line method is also known as ‘original cost method’.
- Under the straight-line method, depreciation is charged at a fixed percentage on the original cost of the asset, throughout its estimated life.
- The annual amount of depreciation can be easily calculated by the following formula: Annual Depreciation = Original Cost – Estimated scrap value/Estimated life in Years
- The share of the profits which is not paid to the owner or shareholders, and is kept reserved for operations or other demands, is known as a Revenue Reserve
- Reserve which is kept for nothing specific, but for growing the financial status of a company is known as a General Reserve.
8) NCERT Solutions for Class 11 Accountancy Chapter 8 Bill of Exchange
A binding agreement by one party to pay a fixed amount of cash to another party as of a predetermined date or on demand is called a bill of exchange. It is primarily used in international trade. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 8.
A list of topics from the chapter ‘Bill of Exchange’ is given below-
- Meaning of Bill of Exchange
- Promissory Note
- Advantages of Bill of Exchange
- Maturity of Bill
- Discounting of Bill
- Endorsement of Bill
- Accounting Treatment
- Dishonour of a Bill
- Renewal of the Bill
- Retiring of the Bill
- Bills Receivable and Bills Payable Books
- Accommodation of Bills
Some important points from the chapter ‘Bill of Exchange’-
- Drawer is the person who makes or writes the bill of exchange. Drawer is a person who has sold goods on credit or granted credit to the person on whom the bill of exchange is drawn.
- Drawee is the person on whom the bill of exchange is drawn for acceptance. Drawee is the person who purchases goods on credit or to whom credit has been granted by drawer.
- Payee is the person who receives the payment from the drawee. Usually the Drawer and the Payee are the same person.
- Bill sent for collection is a process when the bill is sent to the bank with instruction to keep the bill till maturity and collect its amount from the acceptor on the date of maturity.
- When the drawee (or acceptor) of the bill fails to make payment of the bill on the date of maturity, it is called Dishonour of Bill.
- To obtain the proof of dishonour of a bill, it is re-sent to the drawee through legally authorized persons called Notary Public. It charges a small fee for providing this service known as ‘Noting of Bill’.
- When the drawee makes the payment of the bill before its due date it is called ‘Retirement of a Bill’.
9) NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statement – I
The combination of the three major reports on a business is known as a Financial Statement. It will contain the cash flow statement, the income statement and the balance sheet of the business. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 9.
A list of topics from the chapter ‘Financial Statement – I’ is given below-
- Stakeholders and their Information Requirements
- Distinction between Capital and Revenue
- Financial Statements
- Trading and Profit and Loss Account
- Operating Profit (EBIT)
- Balance Sheet
- Opening Entry
Some important points from the chapter ‘Financial Statement I’-
- Gross Profit = Net Sales – Cost of Goods Sold
- Cost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses – Closing Stock
- Operating Profit = Net Sales – Operating Cost
- Operating Profit = Gross Profit – (Office and Administrative Expenses + Selling and Distribution Exp.)
- Operating Cost = Cost of Goods Sold + Office and Administrative Expenses + Selling and Distribution Exp.
- Net Profit = Operating Profit + Non-Operating Income – Non-Operating Expenses.
- Adjusted Purchases = Purchases + Opening Stock – Closing Stock
10) NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statement – II
Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 10.
A list of topics from the chapter ‘Financial Statement – II’ is given below-
- Needs for Adjustment
- Closing Stock
- Outstanding Expenses
- Prepaid Expenses
- Accrued Income
- Income Received in Advance
- Bad Debts
- Provision for Bad and Doubtful Debts
- Provision for Discount on Debtors
- Manager’s Commission
- Interest on Capital
Some important points from the chapter ‘Financial Statement II’-
- Outstanding expenses are quite common for a business enterprise to have some unpaid expenses in the normal course of business operation at the end of an accounting year.
- Bad debts refer to the amount that the firm has not been able to realize from its debtors.
- The manager of the business is something given the commission on the net profit of the company.
- Sometimes the proprietor may like to know the profit made by the business after providing for interest on capital.
11) NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts of Incomplete Records
The features of incomplete records are that it is an unsystematic method of recording transactions. And generally, records for cash transactions and personal accounts are properly maintained and there is no information regarding revenue or gains, expenses and losses, assets and liabilities. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 11.
A list of topics from the chapter ‘Accounts of Incomplete Records’ is given below-
- Meaning of Incomplete Records
- Reason of Incompleteness and its Limitation
- Ascertainment of Profit or Loss
- Preparing Trading Profit and Loss Account and the Balance Sheet
Some important points from the chapter ‘Accounts of Incomplete Records’-
- Profits = Closing Capital – Opening Capital
- Losses = Opening Capital – Closing Capital
- Capital = Total Assets – Total Liabilities
- Net income = Income – Expenses
12) NCERT Solutions for Class 11 Accountancy Chapter 12 Applications of Computers in Accounting
Computers in Accountancy are used broadly for administration and office purpose. It is used to provide accurate and reliable information related to firms’ and financial activities through advanced computerised accounting systems. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 12.
A list of topics from the chapter ‘Applications of Computers in Accounting’ is given below-
- Meaning of Elements of Computer System
- Capabilities of Computer System
- Limitations of a Computer System
- Components of Computer
- Evolution of Computerized Accounting System
- Management Information System and Accounting Information System
Some important points from the chapter ‘Applications of Computers in Accounting’-
- Hardware of computers consists of physical components such as keyboard, mouse, monitor, processor etc. These are electronic and electro-mechanical components.
- In order to solve a particular problem with the help of computers, a sequence of instructions written in proper language will have to be fed into the computers. A set of such instructions is called a ‘Program’ and the set of programs is called ‘Software’.
- People are basically those individuals who use hardware and software to develop, maintain and use the information system residing in the computer memory.
- The Procedure means a series of operations in a certain order or manner to achieve desired results.
- The manner in which a particular computer system is connected to others (say through telephone lines, microwave transmission- satellite link etc.) is called the Element of Connectivity.
13) NCERT Solutions for Class 11 Accountancy Chapter 13 Computerised Accounting System
Computerized accounting systems are software programs that are stored on a company’s computer, network server, or remotely accessed via the Internet. Students can easily download free pdf of NCERT Solutions for Class 11 Accountancy Chapter 13.
A list of topics from the chapter ‘Computerised Accounting System’ is given below-
- Concepts of Computerized Accounting System
- Comparison between Manual and Computerized Accounting
- Advantages of Computerized Accounting System
- Limitations of Computerized Accounting System
- Sourcing of Accounting Software
- Generic Considerations before Sourcing an Accounting Software
Some important points from the chapter ‘Computerised Accounting System’–
- Besides the high cost of computer systems, huge money is required to get the trained specialised staff to ensure efficient and effective use of computerised systems.
- The danger of system crashing due to hardware failure and the subsequent loss of word is a serious limitation of this system.
- Staff Opposition – Whenever the Accounting System is computerised, there is a significant degree of resistance from the existing staff because of the fear that they shall be less important to the organisation.
- Disruption – The accounting process suffer a significant loss of work and time when an organisation switches over to this system.
Advantages of Solving Class 11 Accountancy NCERT Solutions
- NCERT Solutions provide a step-by-step explanation to every question given in the textbooks. It is one of the most valuable aids to students in their home assignments and exams as well.
- Solving these NCERT Solutions will help students clearing all their doubts.
- These NCERT Solutions are prepared as per the syllabus of the respective subject and thus, provide proper guidance with a thorough learning process.
- NCERT Solutions help in clearing the tough concepts as these NCERT Solutions are designed using proper explanations.
- To score optimum marks in the examination, the students need to practice these NCERT Solutions as it contains a variety of questions for practice purpose. This will help students to have an easy hand at the Erroneous Questions as well.
- While studying in CBSE Board Schools, students always get confused while choosing the right study material. Therefore, the best option is NCERT Solutions as it covers the whole CBSE Syllabus for Class 11 Accountancy.
- NCERT Solutions give significant learning and also helps students to upgrade their skills.
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A lot of times students get stuck to a particular question. These solutions that we are providing here, at EDUGROSS, develop an interest in the students towards their studies. These solutions are designed by a group of experts so that every student can understand the concept in a simple way without further complications. Here, we provide you with the most reliable solutions.
Here, at EDUGROSS, we provide you with the most accurate and easiest methods to solve various questions. Moreover, these solutions help students to develop their reasoning and logical skills. All study material here is completely based on the latest pattern and syllabus that is prescribed by the CBSE Board. All the basics of Class 11 Accountancy with exercises and solutions are thoroughly covered in the study material that is provided at EDUGROSS.
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