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NCERT Solutions For Class 11 Accountancy

NCERT Solutions Class 11 Accountancy

NCERT Solutions for Class 11 Accounting is provided herewith detailed concept, which includes all questions from Slot Terbaik Syllabus. Class 11 is a completely 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 get 100% accurate knowledge of the subject. All the solutions are designed under the guidance of CBSE.

Many activities require accountancy that may require years of training and experience to fully understand. A proper study of accountancy will help the learners in Slot Online almost every field in the future. Accounting information is essential for the management and decision-making of the body of an organization. Good knowledge of accounts will guide you to make your career better and brighter in the field of business.

With the help of NCERT Solutions students can practice different types of questions given in the book which can be asked in the exam. These solutions help them to build a strong foundation for their higher studies. NCERT Solutions for Class 11 Accountancy improves the reasoning skills of the students. Students can easily download a free PDF of NCERT Solutions for Class 11 Accounts.

Here is the list of Chapters in Class 11 Accountancy NCERT Solutions Free PDF

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Chapter 1 : Introduction to Accounting 
Chapter 2 : Theory Base of Accounting 
Chapter 3 : Recording of Transactions – 1 
Chapter 4 : Recording of Transactions – 2 
Chapter 5 : Bank Reconciliation statement
Chapter 6 : Trial Balance and Rectification of Errors 
Chapter 7 : Depreciation, Provisions and Reserves 
Chapter 8 : Bills of Exchange
Chapter 9 : Financial Statements – 1
Chapter 10 : Financial Statements – 2 
Chapter 11 : Accounts of Incomplete Records
Chapter 12 : Applications of Computers in Accounting 
Chapter 13 : Computerised Accounting System
1) NCERT Solutions for Class 11 Accountancy Chapter 1 Introduction to Accounting

Accounting is defined as the systematic process of identifying, recording, classifying, summarizing, interpreting, and communicating information about financial transactions, such as owners, governments, investors, creditors, etc. Download NCERT Solutions for Class 11 Accountancy Chapter 1 free pdf.

The list of topics of 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’-

  • Existence means a reality that has a definite individual existence.
  • The cost incurred by a business in the process of earning revenue is known as an expenditure.
  • Expenditure is the expenditure of money or liability for any benefit, service or asset received.
  • Discount is the reduction in the cost of goods sold.
  • Documentary evidence in support of the transaction is known as Voucher.
  • Debtors are individuals or other entities who lend money to an enterprise for the purchase of goods and services.
  • Creditors are those persons or entities to whom an amount has to be paid by the enterprise for providing goods and services to the enterprise.
2) NCERT Solutions for Class 11 Accountancy Chapter 2 Theory Base of Accounting

The principal base of accounting consists of the principles, concepts, rules, and guidelines developed over sometime to bring about uniformity and consistency in the process of accounting and to increase its usefulness to the various users of accounting information. Students can easily download a free PDF of NCERT Solutions Class 11 Accountancy Chapter 2.

The list of topics in 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.
  • The amount invested by the owner in the firm is known as capital.
  • Liabilities are obligations or debts that an enterprise has to repay at some in the future.
  • Assets = Liabilities + Capital
  • Good and Service Tax (GST) is a destination-based tax on the consumption of goods and services.
3) NCERT Solutions for Class 11 Accountancy Chapter 3 Recording of Transaction – I

Analyzing each transaction for its effects on the accounts, recording the transaction information in a journal, and transferring the journal information to the appropriate accounts are basic steps in the transaction recording process. Students can easily download the free PDF of NCERT Solutions Class 11 Accountancy Chapter 3.

A list of subjects from Chapter ‘Recording of Transactions – 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’-

  • The receipt is used when a customer gives cash to the business firm. It is an acknowledgment of payment or cash received by the firm.
  • A check is an order in writing, drawn on a specified banker and payable on demand.
  • A debit note is prepared when a buyer returns goods to a seller or when a return of a purchase transaction is recorded in the books of accounts. It is prepared by the buyer of the goods.
  • A credit note is prepared when a seller receives goods from a buyer or when a sales return transaction is entered in the books of accounts. It is prepared by the seller of the goods.
  • Under real accounts, all accounts relating to assets (except debtors) are included. These may be tangible in the form of machinery, furniture, buildings, cash, etc., and maybe intangible in the form of goodwill, trademarks, patent rights, etc.
  • Nominal accounts include all accounts relating to expenses, losses and income, and profits. 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 as debits on the left and all cash payments are recorded as credits on the right. Students can easily download a free PDF of NCERT Solutions Class 11 Accountancy Chapter 4.

List of topics from Chapter ‘Recording Transaction – II’ are 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 the seller at the time of sale of goods on credit. It includes details like goods sold, the party to whom the goods have been sold, sale amount, date, etc.
  • A cash memo is prepared by the seller at the time of the sale of goods for cash. It includes details like goods sold, quantity, the amount received, date, etc.
  • Pay-in-slips are used to deposit cash or checks in a bank. It consists of a counterfoil that is returned to the depositor under 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 the 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 reconciling an entity’s bank account with its financial records. Students can easily download a free PDF of NCERT Solutions Class 11 Accountancy Chapter 5.

The list of topics in 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 favorable balance, hence (+) item. If the given balance is written off as nothing (i.e. debit or credit), it is considered favorable.
  • Direct deposit by the customer Rs. 2,500 increase passbook balance plus items.
  • The passbook balance minus items are reduced by the payment made by the bank towards the insurance premium.
  • If the sum of (+) items is greater than the sum of (-) items then the difference between the two totals is always a favorable equilibrium.
  • Whereas if the sum of (+) items is less than the sum of (-) items, then the difference between the two totals is overdraft.
6) NCERT Solutions for Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors

There are some errors in the preparation of accounts: Incorrect sum of debit amount and credit amount in the trial balance. Commission errors include errors due to the wrong balance of an account, wrong posting, wrong carry forward, wrong totals, etc. Students can easily download a free PDF of NCERT Solutions for Class 11 Accounts Chapter 6.

The 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 personal account means that the individual is indebted to the firm whereas credit balance of personal account indicates that the individual is a creditor of the firm.
  • The real account (which includes cash and all other asset account/c) will usually show a debit balance.
  • Nominal Account (Account of Income and Expenditure) is transferred to the Business and Profit and Loss Account of the firm at the end of the accounting period.
  • The debit balance of any account means assets or expenses while credit balance means liabilities, capital, or earned income.
7) NCERT Solutions for Class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves

Depreciation is that part of the total assets that have been consumed by the company in a given period. A reserve is the appropriation of profits for a specific purpose. The most common reserve is a capital reserve, where money is set aside to purchase real estate. Students can easily download a free PDF of NCERT Solutions Class 11 Accountancy Chapter 7.

A list of subjects from the chapter ‘Depreciation, Provisions and Reserves’ is given below-

  • Depreciation
  • 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
  • Provisions
  • Reserves
  • Secret Reserve

Some important points from the chapter ‘Depreciation, Provisions and Reserves’-

  • The straight-line method is also known as the ‘original cost method’.
  • Under the straight-line method, depreciation is charged to the original cost of the asset at a fixed percentage over its entire 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
  • That part of profits that are not paid to the owner or shareholders, and are kept in reserve for operations or other demands, is known as a revenue reserve.
  • The reserve which is kept not for any particular thing but to enhance the financial position of a company is known as general reserve.
8) NCERT Solutions for Class 11 Accountancy Chapter 8 Bill of Exchange

A bill of exchange is a binding agreement by one party to pay a certain amount in cash to another party on a predetermined date or demand. It is mainly used in international trade. Students can easily download a free PDF of NCERT Solutions Class 11 Accountancy Chapter 8.

The list of subjects of the chapter ‘Bills 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’-

  • A drawer is a person who draws or writes a bill of exchange. A drawer is a person who has sold goods on credit or given credit to the person on whom a bill of exchange is drawn.
  • The payee is the person on whom the bill of exchange is drawn up for acceptance. A recipient is a person who buys goods on credit or has been given credit by the drawer.
  • The payee is the person who receives the payment from the payee. Usually, the drawer and the recipient are the same people.
  • Bill sent for collection is a process when the bill is sent to the bank with instructions to keep it till maturity and collects its amount from the acceptor on the maturity date.
  • When the payer (or acceptor) of the bill fails to pay the bill on the maturity date, it is called dishonor of the bill.
  • To obtain proof of dishonor of a bill, it is re-sent to the recipient through a legally authorized person called a notary public. It charges a small fee for providing this service known as ‘noting of bills’.
  • When the payee pays the bill before its due date, it is called ‘retirement of the bill’.
9) NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statement – I

The combination of three major reports on a business is known as the financial statement. This will include the cash flow statement, income statement, and balance sheet of the business. Students can easily download a free PDF of NCERT Solutions Class 11 Accountancy Chapter 9.

The list of subjects of 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 express a company’s business activities and financial performance. Financial statements are often audited by government agencies, accountants, firms, etc. Students can easily download a free PDF of NCERT Solutions for Class 11 Accountant Chapter 10.

The list of subjects of the chapter ‘Financial Statement-II’ is given below-

  • Needs for Adjustment
  • Closing Stock
  • Outstanding Expenses
  • Prepaid Expenses
  • Accrued Income
  • Income Received in Advance
  • Depreciation
  • 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’-

  • It is quite common for a business enterprise to account for certain unpaid expenses in the normal course of business operations at the end of an accounting year.
  • Bad debt refers to the amount that the firm has not been able to recover from its debtors.
  • The manager of the business is paid a commission on the company’s net profit.
  • Sometimes the owner may like to know the profit made by the business after providing interest on the capital.
11) NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts of Incomplete Records

The characteristic of incomplete records is that it is a systematic way of recording transactions. And generally, records of cash transactions and personal accounts are maintained properly and there is no information regarding revenue or profit, expenses, and losses, assets, and liabilities. Students can easily download the free PDF of NCERT Solutions Class 11 Accountancy Chapter 11.

The list of subjects of 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

In Accountancy computer is widely used for administration and office purpose. It is used to provide accurate and reliable information relating to firms and financial activities through advanced computerized accounting systems. Students can easily download a free PDF of NCERT Solutions for Class 11 Accounts Chapter 12.

The list of topics in 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’-

  • Computer hardware consists of physical components such as a keyboard, mouse, monitor, processor, etc. These are electronic and electro-mechanical components.
  • A sequence of instructions written in the appropriate language is fed into the computer to solve a particular problem with the help of a computer. Such a set of instructions is called ‘program’ and a set of programs is called ‘software’.
  • People are individuals who use hardware and software to develop, maintain and use the information system that resides in the computer memory.
  • Process means a series of operations in a certain sequence or manner to achieve the desired result.
  • The way a particular computer system is connected to others (eg through telephone lines, microwave transmission- satellite links, 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 servers, or accessed remotely via the Internet. Students can easily download a free PDF of NCERT Solutions Class 11 Accountancy Chapter 13.

The list of topics in the chapter ‘Computerized 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’– 

  • Apart from the high cost of computer systems, huge funds are required to acquire specialized staff trained to ensure efficient and effective use of computerized systems.
  • The risk of system crash due to hardware failure and subsequent loss of duration is a serious limitation of this system.
  • Employee Conflict – Whenever the accounting system is computerized, there is considerable resistance from existing employees due to the fear that they will be less important to the organization.
  • Disruption – When an organization adopts this method, there is a significant loss of work and time in the accounting process.

Benefits of Solving Class 11 Accountancy NCERT Solutions

  • NCERT Solutions provides step by step explanation of every question given in the textbooks. It is one of the most valuable aids to the students in their homework and exams as well.
  • Solving these NCERT solutions will help the students to clear all their doubts.
  • These NCERT solutions are designed as per the syllabus of the subject concerned and thus, provide proper guidance along with the entire learning process.
  • NCERT solutions help in clearing difficult concepts as these NCERT solutions are prepared using proper explanations.
  • To score maximum marks in the exam, students need to practice these NCERT solutions as it consists of different types of questions for practice purpose. This will help the students to solve the wrong questions easily.
  • While studying in CBSE board schools, students always get confused while selecting the right study material. Hence, the best option is NCERT Solutions as it covers the entire CBSE syllabus for Class 11 Accountancy.
  • NCERT solutions give valuable education and also help students to upgrade their skills.

Why prefer Study tutee for Class 11 Accountancy NCERT Solutions?

Sometimes students get stuck on a particular question. These solutions which we are providing here at Study tutee develop an interest in the students towards their studies. These solutions have been prepared by a group of experts so that every student can understand the concept in a simple way without any complexity. Here, we offer you the most reliable solutions.

Here, at Study tutee, we provide you with the most accurate and easiest ways to solve various questions. Moreover, these solutions help the students to develop their reasoning and logical skills. All the study material here is completely based on the latest pattern and syllabus which is prescribed by the CBSE board. The study material provided in Study tutee completely covers all the basic principles of Class 11 Accounting with exercises and solutions.

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