Class 11 Accountancy TS Grewal Solutions Chapter 7 - Special Purpose Books I - Cash Book
Class 11 Accounts is an important subject for students to learn and understand for higher studies. Students need to create a strong foundation in this subject to be able to score well in their exams. With the help of TS Grewal Solutions, students will be able to successfully score good marks in their exams.
Accounts as a subject help students to understand how to allocate, record, and outline business transactions. Besides this, students will even understand how to draft a financial report based on the data recorded. This subject will even help students to understand how to create certain financial statements.
Class 11 Accountancy Chapter 7 in particular helps students to understand the basic concepts of cash books. A cashbookAccountancyareCertain transactions are related to disbursements and all the other cash receipts. Students need to understand all these concepts and topics to do well in their exams. TS Grewal Solutions helps students to do the same.
The TS Grewal solutions for class 11 accountancy chapter 7 is provided to students to help them prepare well in the exams and to offer as a guide to make notes and revisions. The TS Grewal accountancy solutions are a great resource for commerce students to get through all the basic and conceptualized topics of the chapter and to solve the doubts and queries of the chapter if any independently. These solutions are provided to students to go through the concepts and basics of the chapter and also assist in the preparation of revision notes.
These solutions are prepared by experts in the subject and have been designed as per the latest syllabus provided by NCERT for class 11 Accountancy. Students can download the TS Grewal solutions PDF for free with the link provided below.
Special Purpose Books I – Cash Book Class 11 Chapter 7 Accountancy TS Grewal Solutions
A cash book is like a subsidiary book that records only one type of transaction. If it’s a cash book, it will record all cash transactions. There are thousands of cash transactions recorded throughout the year. Maintaining them all is tedious work, for this reason, companies maintain Cash Books. Below are types of Cash Book:
Simple Cash Book: Also known as a single column cash book.
Two Column Cash Book.
Three Column Cash Book.
Petty Cash Book.
To go through the complete topic and to understand the basic concepts of the chapter, one may refer to class 11 TS Grewal solutions special purpose books I – cash book. The class 11 accountancy special purpose books I – cash book ensures better understandability of the chapter.
Class 11 accountancy special purpose books I – cash book, students get a better understanding of all the basic concepts. Students must go through all the fundamentals of the chapter that the book offers. To understand further better, one may download class 11 accountancy TS Grewal solutions chapter 7 free pdf.
In accountancy class 11 TS Grewal solutions chapter 7 solution is provided to the students keeping in mind the queries and doubts faced by students. Students get a better understanding further as they go through the chapter concepts easily.
Class 11 Accountancy TS Grewal Solutions Chapter 7 - Special Purpose Books I - Cash Book Concepts
Students need to learn and understand all the concepts and topics available in Chapter 7 Class 11 Accountancy to score well in their exams. Some of these concepts include:
Analytical Petty Cash Book
Double Column Cash Book
Single Column Cash Book
Two Column Cash Book
Prepare Cash Book
These concepts are available in the TS Grewal Solutions. To help students to understand the concepts better, there are many questions and exercises provided in the TS Grewal Solutions that students can refer to.
What is Cash Book?
The business's all-cash transactions will be recorded in Cash Book. All monetary payments and receipts are recorded in this book. It's called the book of initial entries because it's where we first record all cash transactions before posting them to the various ledger accounts.
Types of Cash Books
There are a total of four types of cash books. These include:
Single Column Cash Book
Because it is identical to a cash account, this form of cash book is relatively straightforward. On both sides, there is simply one column. All receipts are listed on the debit side of the cash book, and all payments are listed on the credit side.
Double Column Cash Book
On both sides of the cash book, the Double Column CashBook features two account columns. There are three types, as indicated below:
Columns for Bank and Cash
Discounted and Cash Columns
Discounted and Bank Columns
It's a one-of-a-kind entry book. As a result, we must record the entire transaction; yet, with a single column cash book, it is impossible to accurately record cash transactions that include a discount account. As a result, a discount and cash column are required.
Triple Column Cash Book
Every business person should have at least one bank account. It is extremely handy for him to get paid by check and to make payments to others by check. As a result, he must record these payments and receipts in the cashbook, which will necessitate the creation of a name bank column. As a result, a total of three columns will be required in the cashbook to record accurate payments and receipts, as seen below.
Petty Cash Book
For tiny expenses, the head cashier gives a petty cashier some money. The petty cashier prepares a petty Cash Book for a head cashier, which is a statement of payments made for small expenses over a set period of time.
The following types of cash payment are available to the Head Cashier:
When It's Required
For a set period of time, a specific amount is paid.
When a deposit is made on the head cashier's account
There are two types of petty cash books:
Petty Cash Book (Simple)
Petty Cash Book with Columns
Why should students choose TS Grewal Solutions for Class 11 Accountancy?
TS Grewal’s solution for class 11 accountancy helps students immensely to understand and practice more and more questions of accounting. These solutions not only help to understand the concepts of the chapter but also ensure that there is no scope of raising doubts amongst students. The TS Grewal solutions are curated by subject experts, hence leaving no doubt on uncleared questions. One should consider learning from TS Grewal solutions class 11:
The solutions cover the majority of topics.
It is solved chapter wise, which ensures no confusion while revision.
It is provided according to the CBSE pattern, which ensures the same question pattern as the exam.
Easy to learn all concepts by students independently.
Important concepts are highlighted for students which ensures an overview of the chapter while revising before exams.
Preparation Tips for TS Grewal Accountancy Class 11:
In class 11 accountancy is the newly introduced subject amongst other pools of subjects. Understanding the concepts and basics of the subject is extremely helpful. Below listed are some of the points which need to be looked upon while preparing for the class 11 accountancy exam:
Board exams are based on the latest CBSE syllabus, and give more emphasis on solving more and more questions.
Understand the proper meaning of definitions and also try to figure out the logic and concept used.
Ensure that properly written practice is done, only memorizing and understanding won't do with the exams.
Focus more on advantages, disadvantages, and features. These are frequently asked in board exams.
Do not ever mug up the formulas, try figuring out how the formula was derived and understand the concept behind that.
Reasons why Vedantu is the Best for TS Grewal Solutions for Accountancy Class 11:
Getting introduced to this vast stream. Understanding concepts and basics are quite essential at this stage. Vedantu provides TS Grewal solutions for class 11 accountancy to help students in understanding both theories certain transactions are free to access study materials. The study material ensures to ease the difficult questions in an easy and interesting manner by solving through examples. They prove to be of utmost benefit to students in completing their homework and preparing revision notes independently.
FAQs on Cashbook Solution for Class 11 Accountancy Chapter 7
1. How to ace Class 11 Accountancy Chapter 7?
Class 11 Accountancy Chapter 7 is crucial in the class 11 Accountancy syllabus. Students can rely on Vedantu's study resources, which can be downloaded for free. Completing all of the TS Grewal questions and answers, as well as rigorous revision, is one of the most crucial approaches to master Chapter 7 of class 11 Accountancy. Exam preparation includes a lot of revision. Students can ace their Class 11 Accountancy Chapter 7 by completing solutions and exercises provided by TS Grewal Solutions.
2. How can I understand class 11 Accountancy chapter 7?
Chapter 7 of Class 11 Accountancy mainly talks about the purpose of a cash book in the business industry. From an examination point of view, the chapter contains several key themes and concepts that all students need to learn and understand. This chapter must be properly understood by students. Going over Vedantu's notes and trying to answer the questions is a straightforward approach to comprehending this chapter. The learner will be able to readily understand the chapter once they have answered the questions.
3. Where can I find TS Grewal Solutions for class 11 Accountancy special purpose books I - Cash Book Chapter 7?
Accountancy is a demanding subject in which students must pay close attention at all times. TS Grewal Solutions for Class 11 Accountancy Special Purpose Books I - Cash Book Chapter 7 are available on Vedantu. Students can use the Vedantu mobile app or the internet website to get this information. Vedantu also offers a free PDF of TS Grewal Accountancy Class 11 TS Grewal Solutions Chapter 7 for students to download. This book will help students study and comprehend this chapter more effectively.
4. Why are Cash Accounts and Bank Accounts not posted in the ledger?
Posting Cash accounts and Bank accounts in the ledger can lead to confusion in transactions. There are certain transactions are in a two-column cash book that is related to both cash accounts and bank accounts. This, in turn, will lead to a decrease of one balance and an increase of the other due to such transactions. Since these transactions are recorded on both sides of the cash book, this entry is known as Contra Entry. Therefore, Contra Entries are not posted in the ledger.
5. What do you mean by Petty Cash Book? What is the reason for its maintenance?
Petty Cash Book refers to a book that is used to record expenses that consist of petty amounts. Apart from this, accounts of main cash are even recorded in a Petty Cash Book. This Cash Book is prepared by a Petty Cashier and behaves like a Petty Cash Account. This book is maintained in a business as an account for all small payments done which include stationery, conveyance, cartage, and so on. Since these are small payment accounts, if they are added to a cash book then they will unnecessarily become large. Hence, it is important to maintain a Petty Cash Book in a business institution.