NCERT Books Class 11 Accountancy

CBSE Class 11 NCERT Books for Accountancy Free Solutions

After finishing Class 10, students of the CBSE board are given the option to choose their academic specialisation. They should go with whichever option gives them the most sense of ease. They could choose commerce as their field of study if they aren’t interested in theoretical or scientific topics or other courses. This will cover a variety of interesting mathematical calculations and topics related to banking.

The scope of commerce is quite expansive. Students can begin their studies for the Chartered Accountant designation after completing the plus-two level. Because this will be a new topic for the students, it is necessary that they have access to a book that will assist them in any way that is possible. Aspirants can rely on NCERT to come to their aid in such a precarious situation. The information presented in this chapter is clear, easily digestible, and really well described. At the end of the chapter, the students are given many examples that have been worked out and many questions that they are expected to solve on their own.

When it comes time to study for their final exams in accountancy, most students face the age-old conundrum of “which book should they turn to for the best scores?” The answer is always NCERT, so there you go. These books come extremely highly recommended by the CBSE. They cover the course in its entirety and provide in-depth thoughts and information. To achieve this goal, you should reference the NCERT Accountancy book for Class 11 if you want to have a solid understanding of the concepts and, as a result, have a decent chance of doing well on the exam.

Even the vast majority of professors recommend using an NCERT book for Class 11 Accountancy since it emphasises the essential building blocks required by the CBSE syllabus. In addition, the linked exercises are intended to help with review and extensive practice. Students can gain a deeper understanding of the concepts by downloading the PDF version of the NCERT accountancy book for class 11. Because of this, they can better understand the complex ideas underlying a wide range of topics.

NCERT Books for Class 11 Accountancy

Since students in class 11 are expected to prepare themselves for the Board examinations that will follow, this is an important class. The concepts should be clarified at an early point in the preparation process. This is a good method to go about doing the preparation. Students can download the soft copy of the NCERT book whenever it is most convenient for them from the Extramarks platform, which makes it easy for the book to be made available. Both the website and the company’s mobile application have copies of these books available for purchase. After the download, you’ll still have access to these even when you’re not connected to the internet. By consulting this book, students will find it much simpler to study for their exams, as it contains a variety of distinct topics and subtopics.

The CBSE syllabus for Accountancy is also developed to a great extent with the standard of the students in mind. It is designed to offer the students the best possible assistance regarding their board examinations. The following is a discussion of some of the specifics of the chapter:

Chapter-Wise Details of Class 11 Accountancy Book

There are thirteen chapters in this book about accountancy that NCERT published. Part 1, which contains the first eight chapters, is followed by Part 2, which contains chapters nine through thirteen. The following is a summary of the information covered in these classes:

Chapter 1: Introduction to Accounting 

The first chapter introduces the fundamental idea of accounting and its goals, characteristics, rewards, and constraints. It goes into greater detail regarding the function of accounting in various corporate settings and offers insights into the real world. Students acquire the skills necessary to analyse data in chunks through the use of classification, measurement, and summary analysis.

In addition, the chapter provides definitions for various terms associated with finance and accounting. These terms include transaction, entity, assets, liabilities, stock, revenues, capital, sales, expenses, gain, profit, and loss. Students get the opportunity to gain a deeper understanding of the computation of profit and loss via the use of flow charts and examples. The textbook reading will be simpler thanks to the fact that our NCERT class 11 accountancy book PDF includes a compilation of all the most important elements.

Chapter 2: Theory Base of Accounting 

The first stage in any field’s development is establishing a solid theoretical foundation. The theoretical parts of the subject are covered in this second chapter of the NCERT book for class 11 accountancy. These theoretical aspects include concepts, principles, rules, regulations, and recommendations. In addition to that, it provides specifics regarding the Accounting Standards specified by the ICAI. To guarantee that all accounting procedures are treated in the same manner, it is necessary to comply with these standards.

The practical benefits of students have been taken into consideration during the development of the book by NCERT. After reading this chapter, students will grasp why the theory base of accounting is required, learn the nature of generally accepted accounting principles (GAAP), and identify the purpose of basic accounting concepts.

Chapter 3: Recording of Transactions – I

In contrast to the earlier chapters, which focused on providing an overview, this one delves deep into the specifics of the accounting process. To begin, one needs to determine the monetary dealings that need to be documented, organise the relevant source papers, and enter the relevant information into the ledger’s separate accounts. Students will benefit from reading this chapter because it teaches them how to apply accounting equations to clarify the impacts of transactions, how to record transactions using debit and credit rules, and more. The idea of documenting transactions are made more straightforward in the Accountancy Class 11 NCERT PDF, making it easier for students to review the material in the textbook.  If you are a student, you can immediately and without charge, download the PDF and access our answers online.

Chapter 4: Recording of Transactions – II 

Using a ledger to record the transactions of a small firm offers many advantages. Nevertheless, as it develops and increases in size, recording each transaction in journals may become more difficult. At this point, specialised journals such as the buy book, sales book, cash book, journal proper, purchases return, and so on are utilised. This fourth chapter continues the one before it and teaches larger companies how to precisely record their high transaction volumes in specialised journals. Understanding is facilitated by including several instances presented in the table style. You are welcome to reference our NCERT Class 11 accountancy PDF, which explains all the important concepts in terminology that is clearer and more succinct. Make sure you do the activities to improve your score on the accounting test.       

Chapter 5: Bank Reconciliation Statement 

This balance reconciliation statement constitutes another key part of the accounting book. In addition to recording bank transactions in cash books, checking that these entries correspond with the company’s actual bank transactions is essential. The fifth chapter discusses the purpose and utility of a bank reconciliation statement in further depth. A business’s cash book and passbook almost never contain the same amount of money for a given bank account. Passbooks and cash books display such distinct bank balances because students learn to recognise them in this lesson. In addition, the book improves their ability to determine the proper balance on time. If the textbook appears too difficult to follow, you can try downloading some study help, such as the accounting class 11 NCERT PDF, to better understand the chapter.

Chapter 6: Trial Balance and Rectification of Errors 

This chapter is included in the accounting textbook that students use in Class 11 to primarily teach the meaning of a trial balance, as well as its importance and technique of preparation. A trial balance is nothing more than a tool that is used to verify how accurate the amounts that are debited and credited are. The totals technique, the balances method, and the totals-cum-balances method are the three primary approaches that are utilized in its formulation.

Students will gain an understanding of the purpose of preparing a trial balance, as well as the numerous categories of errors, methods for finding those errors, and the various alternatives for correcting them. It provides instructions on how to correct the problems with and without using a suspense account. The PDF version of the NCERT book for class 11 accounting includes many examples that further illustrate trial balance and error rectification principles and concepts.

Chapter 7: Depreciation, Provisions, and Reserves 

This chapter discusses the idea of depreciation and its similarities and distinctions with amortisation and depletion. The steady and irreversible loss in value of a fixed asset brought on by its use or the passage of time is referred to as depreciation. The passage of time, the onset of obsolescence, the expiration of legal rights, and the presence of aberrant elements are the key contributors to depreciation. It also covers the various points of difference between these two concepts, such as their purposes, their fundamental natures, the effects on taxable earnings, how they are shown on the balance sheet, and so on.

Chapter 8: Bill of Exchange 

When merchants in India acquire products on credit, they frequently guarantee that the bill will be paid in full and on time through the use of various instruments of credit. These are also known as bills of exchange, and they consist of an unconditional order to make the payment on the agreed-upon date that is written down. This instrument and all of its varying characteristics are governed under the Negotiable Instruments Act of 1881. Students learn about the benefits, requirements, differentiating criteria, parties involved, and other aspects of bills of exchange in the eighth chapter of the textbook. In addition to that, it details promissory notes and the characteristics that characterize them according to the law. Students will learn how to record transactions of bills of exchange in journals by reading the NCERT Class 11 PDF, which provides further explanations on crucial topics. You can better understand the topic by going through the study materials available online rather than reading the complete textbook.

Chapter 9: Financial Statements – I 

Following the instructions in the book for Part II is required of you from this point forward. This 9th chapter will lead you to the next level of accounting, which comes after journalising, posting, and balancing the books. Some of the most important aspects of accounting, including financial statements, stakeholders, operating profit, the distinction between capital and revenue, trade, profit, and loss accounts, opening entries, and balance sheets, are covered in this book. This session will teach you how to properly construct financial statements and familiarise you with the many kinds of information that stakeholders want, the distinction between revenue and capital, and other topics.          

Chapter 10: Financial Statements – II 

The majority of the time, complicated accounting procedures are a normal part of many different corporate activities. It generally occurs during the process of determining financial situations and incomes as per the accrual method of accounting. [Cause and effect] The method considers expenses that have been incurred and revenue that has been earned to determine whether or not a business is profitable.

Chapter 11: Accounts from Incomplete Records 

This lesson focuses on one of the most important aspects of accounting, which is determining the profits or losses of a company using only partial records. Because many smaller enterprises do not use the double-entry system, the records of their financial transactions often end up being insufficient. Because of this, determining the profit and loss of such businesses requires a new set of methodologies and a higher level of skill. In this chapter, you will learn about incomplete records, including their significance and characteristics, how to implement the statement of affairs method to compute profit/loss, how to prepare a balance sheet, trade and profit, and loss account, and other relevant information. In addition to preparing students to tackle the future issues that businesses will present, this course teaches students how to create accounts and identify missing information, data, or numbers. Our PDF version of the NCERT accounting book for class 11 includes detailed explanations of the procedures for determining characteristics, causes, preparation, and ascertainment.

Chapter 12: Applications of Computers in Accounting 

We have come a long way from the days of manually filling out paperwork to the age of automation. There is no getting around the importance of computers and other forms of technology in the business sector. With the help of a computer, storing and processing large amounts of data is made easier and accomplished much more quickly. The importance of utilising computers for accounting purposes is covered in the 12th chapter of the accounting textbook that your institution uses. In addition to that, it provides an explanation of the many relevant MIS report and accounting information system types.

Chapter 13: Computerised Accounting System 

The final chapter of the NCERT accountancy book for Class 11 is dedicated to in-depth discussions on computerised accounting systems. It discusses its origins, the benefits it provides, the constraints it imposes, and its nature. After completing this topic, you will be able to distinguish between a computerised accounting system and a manual accounting system.

The National Council of Educational Research and Training (NCERT) is useful because it was created with the syllabus required by the CBSE in mind. Because all of the topics and crucial points are combined in a style that is much more lucid and easier for students to understand, it saves time that would otherwise be spent on preparation. The exercises at the end of each chapter allow the students to test their knowledge by working through various problem sets. This allows one’s thinking to become more open, and it also contributes to expanding their horizons.

FAQs (Frequently Asked Questions)

1. What are the most important goals that accounting aims to achieve?

The primary goals of this field of study are as follows: determining the financial position of a company at the end of each fiscal year; keeping a systematic and organised record of transactions; determining the profit and loss of an enterprise; providing accurate information to a variety of users; detecting errors and preventing fraud in business accounts; and assisting management in forecasting, effective control, problem-solving, and decision-making. All of these goals can be broken down into subgoals. These topics are covered in the PDF version of the NCERT accountancy book for class 11, which helps students become ready for a brighter future.

2. How Should You Get Ready for the Accountancy Examination?

To get a head start on your test preparations, you should begin by reading the NCERT accountancy book for Class 11 thoroughly. You must complete and successfully pass all of the exercises accompanying each chapter. Be sure you adhere to the CBSE syllabus to a tee, as the tests will be based entirely on the book’s content. You can improve your performance by consulting extra references in addition to these. Extramarks’ accounting NCERT class 11 PDF was developed after consulting various study materials to help you attain a perfect score.

3. How Can I Learn the Formulas?

It is true that there are a lot of formulas involved in accountancy. If you begin memorising those haphazardly, you will likely screw everything up. The difficult part is understanding the formulae, both their meaning and how they were generated in the first place. As soon as you have a comprehensive grasp, it will be easy for you to apply those concepts to solve simple and difficult issues. Making a formula sheet organised by chapter can also be of assistance.

4. What Study Materials Are Provided by Extramarks?

The course materials that Extramarks offers fully cover all of the many aspects of accountancy that are required by the syllabus. It contains illustrations and in-depth explanations based on the questions the study most likely asks. Simply chat live with our subject-matter experts while also downloading our class 11 NCERT accountancy book in PDF format for free. This will allow you to increase your knowledge. The best aspect is that you can learn whenever and wherever you want. If you receive individualised instruction, you may be confident that you will succeed admirably.

5. Why is the NCERT text recommended?

All Class 11 and Class 12 students must read the NCERT book to understand the subject material, which is entirely new to them. It takes a lot of experience and conceptual understanding to succeed in the field of accounting. This is made possible with the aid of NCERT, whose thorough yet understandable style makes it entertaining for students and prepares them for the final exam. The questions at the end of each chapter aid in completely and easily understanding the material.