DK Goel Solutions Class 11 Accountancy Chapter 7

This accounting chapter is related to the bookkeeping method where each transaction gets recorded in multiple accounts. These recordings are made such that they balance each other. This essentially means that the debit, as well as credit, are duly noted. Each of the transactions that take place has an impact on the organization and double entry for each of the records provides an inside perspective of developments and the reasons behind the financial transactions. The maintenance of reflective records provides deeper information of the organization accounts. The fundamental concept behind this method is as follows: The assets equals liabilities plus capital. 

Some of the common terms that appear in these solutions are assets, liabilities, and balance sheets. The assets refer to the resources that are controlled and owned by a company. The asset essentially represents some kind of financial value to the company. Liability is a term associated with obligations. The liability can be something that the company owes such as deferred revenues, loans, payables, mortgages, accrued expenses, and warranties. 

The balance sheet is used for reflecting assets, liabilities plus equity of shareholders at specific times in the form of a financial statement. It is essentially the financial statement that documents the assets that an organization owns, what it owes as well as the amount that is invested by the shareholders. 

Vedantu provides DK Goel solutions for Class 11 Accountancy Chapter 7 - Double entry system in an efficient way. Vedantu is one of the biggest and most reliable online learning platforms with numerous resources as well as learning material for a wide spectrum of students. Here you will find solved question papers, sample exercises, textbook solutions, and solutions for competitive exams amongst a host of other resources.

The two fundamental types of questions that are asked in accountancy for Class 11 include short questions and practical questions - which are numerical based questions.