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DK Goel Solutions Class 11 Accountancy Chapter 7

Last updated date: 05th Dec 2023
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MVSAT Dec 2023

Class 11 DK Goel Solutions Chapter 7 - Double Entry System

It is important for students to refer to reliable books and solutions for effective preparation for the exams. The DK Goel solutions provide one of the most reliable resources for students in the accountancy domain. The DK Goel solutions cover all the chapters for accountancy and provide detailed explanations to help the students understand the concept and become proficient in it. Chapter 7 - Double entry system is one of the important accountancy chapters in Class 11.

About the Chapter

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. 

FAQs on DK Goel Solutions Class 11 Accountancy Chapter 7

1. How to download the DK Goel solutions class 11 for Accountancy chapter 7?

Vedantu provides an easy interface and a convenient way of downloading the learning material on their app and website. If you want to download the Accountancy DK Goel solutions for class 11 - chapter 7 then you need to visit the Vedantu website and go to this specific section. Once there, you can click on “Download PDF” and the solution set file will be downloaded on your device. Now you can access this file even offline from your device. 

2. How helpful is it referring to the DK Goel solutions for class 11 accountancy chapter 7?

The DK Goel solutions for accountancy class 11 chapter 7 from Vedantu are incredibly helpful and beneficial to the students. These solutions prepare the students for their accountancy exams by imparting them the essential information across different chapters and giving them the essential exercise questions for revision. If the students go through these solutions comprehensively, they can be confident of scoring good marks in their Accountancy exam.

3. What are the different types of accounts that exist in the double-entry system for accountancy?

There are basically three types of accounts that exist in the double-entry system in accountancy which includes personal account, real account, and nominal account. The personal account can belong to an individual, company or institution. The real accounts on the other hand deal with a company owned assets and nominal accounts only exist in the documents for accounting purposes such as expenses but don’t have real existence. 

4. What are practical questions in accountancy DK Goel solutions for class 11?

The DK Goel solutions for accountancy class 11 gives pictorial memory for students as it distinguishes between the different account types. These questions and their solutions are based on practical examples where the students need to identify the account type for the specific entry. The accountancy DK Goel solutions for class 11 chapter 7 from Vedantu gives lucid explanations for clarity and it helps the students to understand the concepts in a better way. 

5. What are the features of DK Goel solutions class 11 accountancy chapter 7 from Vedantu?

The DK Goel solutions for class 11 accountancy chapter 7 from Vedantu gives accurate solutions to the different questions and it provides a detailed breakdown or explanation of the solutions to help the students grasp the concepts more effectively. The revision of these solutions can prepare the accountancy students for their upcoming exams and assist them in scoring good marks in the exam.