NCERT Solutions For Class 11 Accountancy
NCERT solutions class 11 Accountancy by Extramarks can prove to be a helpful aid to students looking to strengthen their concepts and gain clarity. The materials included in NCERT solutions class 11 accountancy are easy to understand and contain in-depth information that can help students crack their exams with relative ease.
NCERT solutions class 11 is a comprehensive package that offers step-by-step tutorials and guides on how to ace the exams. As the 11th standard serves as a base for accounting concepts for all students, the NCERT Accountancy book class 11 can prove to be a crucial and invaluable tool. With regular study and practice of these materials, the students can crack competitive exams in the future.
Class 11 Accountancy NCERT Solutions
You may find the links to download NCERT class 11 Accountancy below. The material is available to you free of cost. It is strongly advised that you read through and thoroughly understand the lessons and concepts included herewith before proceeding to the NCERT solutions for class 12.
These materials are written and compiled by subject matter experts. This means that, using this book in accordance with a dedicated study plan, students can ace their exams with flying colours.
What Is Accountancy?
Accountancy is a subject that deals with the recording of various day-to-day financial transactions. Transactions recorded in accountancy are compiled into various books, ledgers, and statements. Accounting is a crucial process for companies and helps with various functions, such as gauging profits, estimating taxes, allocating departmental budgets, and so on and so forth.
NCERT Solutions For Class 11 Accountancy
For your convenience, we have segregated class 11 accountancy solutions in a chapter-wise format. You may download and access the chapters individually. Each chapter will include in-depth guides to strengthen your concepts and basics.
Importance Of Learning Accountancy
Accounting is crucial for businesses, students, and those opting for a career in accountancy. Businesses need accounting to calculate and save taxes, make budgetary allocations and take various measures to reduce costs and improve profitability. Businesses can see where they are losing money and invest in more profitable ventures.
NCERT Textbook For Class 11 Accountancy Solutions Includes 15 Chapters. Here’s An Overview Of All The Chapters
Let us discuss and take a closer look at all the accounting chapters in-depth:
Chapter 1: Introduction to Accountancy – This is the first chapter of the syllabus, and will introduce the basics of accountancy. It includes the identification and measurements of various facets of accounting.
Chapter 2: Theory Base of Accounting – This chapter includes various crucial topics, such as money measurement, dual aspect, disclosure concept and more.
Chapter 3: Recording of Transactions -1 – The third chapter guide covers debits and credits, journals, ledgers and more.
Chapter 4: Recording of Transactions -2 – The fourth chapter of this book discusses various types of cash books in detail.
Chapter 5: Bank Reconciliation Statement – This chapter talks about bank reconciliation statements and also discusses the various scenarios in which it may occur.
Chapter 6: Trial Balance and Rectification of Errors – This chapter talks about the trial balance, its various objectives, locating errors, tallying balances, totals method, and more.
Chapter 7: Depreciation – This chapter discusses the various provisions and reserves with regards to depreciation.
Chapter 8: Bills of Exchange – This chapter covers the bills of exchange, parties involved in bills of exchange, maturity, dishonour of bills, and more.
Chapter 9: Financial Statements -1 – This chapter discusses stakeholders, capital, revenue, expenditure, various accounts and their respective entries.
Chapter 10: Financial Statements -2 – In this chapter, closing stocks, accrued income, depreciation, discount for debtors, prepaid expenses etc. are discussed.
Chapter 11: Accounts of Incomplete Records – In this chapter, the meaning and features of incomplete records, is discussed along with other related topics.
Chapter 12: Applications of Computers in Accounting – This chapter discusses software, hardware, benefits and cons of the computer system.
Chapter 13: Computerised Accounting System – This chapter goes in-depth about the concept of computerisation, tailored packages, flexibility, etc.
Chapter 14: Structuring Database for Accounting – In this chapter, we learn about processing cycles, designing, and illustrations with regards to accounting databases.
Chapter 15: Accounting System Using Database Management System – The various concepts covered in this chapter include basics of access, modification of designs, toolbox, properties of controls, etc.
How to Avail the Best of NCERT Solutions of Accountancy Class 11 with the Help of Extramarks?
By studying the materials provided here by Extramarks, students can crack their exams with ease. You can avail NCERT class 11 accountancy materials here to help strengthen your concepts and gain a deeper understanding of various accounting concepts.
Golden Rules of Accounts – Class 11 NCERT
Accounts in accountancy are of three types: personal, real, and nominal.
With regards to Real accounts- what comes into the business is debited and what goes out from the business is credited
With regards to Personal accounts – the receiver is debited and the giver is credited.
With regards to Nominal accounts – all expenses and losses are debited. All the incomes as well as the gains are credited.
Did You Know?
In 1494, Italian Mathematician Luca Pacioli (also known as the father of accounting) wrote the very first book on dual entry method of accounting. The book was titled “ Summa de Arithmetica, Geometria, Proportioni et Proportionalita”. In this book, Pacioli advises that one “should not go to sleep until the debits equal the credits.”
Accounts Class 11 NCERT – Solved Example
Let us take a look at one of the most commonly asked questions in accountancy.
- List the merits of Computerised Accounting Systems?
- The merits of CAS are as follows:
- Fast (Real-time changes)
FAQs (Frequently Asked Questions)
Accountancy can open up challenging and rewarding career paths. This includes CA, CMA, ICWA, financial consultancy and more.
There are a total of 15 chapters in NCERT Class 11 Accountancy. The names of these chapters and the links to access the same have been mentioned above.
Students can use NCERT class 11 Accountancy to score well in their exams and develop skills that will be useful when pursuing a career in accounting with dedicated and consistent efforts and practice.