NCERT Book Class 11 Accountancy PDF

Summarising Class 11 Accounts NCERT Book

A vital subject for 11th standard students, accountancy imparts the skills of classifying, recording and summarising various financial transactions and activities. Learning the accountancy class 11 NCERT book shall provide a better understanding of monetary transactions. In the future, they will be adept in handling finance-related issues proficiently. 

To strengthen the base, accountancy book class 11 NCERT covers the fundamental and theoretical concepts of this subject. It elaborates the primary concepts of GAAP, GST, system of accounting, fixed assets, liabilities, business transactions, special purpose books, depreciation and more. There are two segregations of class 11 NCERT accountancy book – Part 1 and Part 2.  

Chapter-wise Details of Class 11 Accountancy Book  

In this accountancy book of NCERT, there are 13 chapters in total. While Part 1 comprises the first 8 chapters, Part 2 comprises chapter 9 to 13. Summaries of these lessons are given below: 

Chapter 1: Introduction to Accounting 

The first chapter provides an introduction to the basic concept of accounting, its objectives, characteristics, benefits and limitations. It elaborates the role of accounting in various businesses, providing insights into the practical world. Students learn how to analyse chunks of data through classification, measurement and summarisation. 

Besides, the chapter details various terms related to finance and accounting, including transaction, entity, assets, liability, stock, revenues, capital, sales, expenses, gain, profit, loss, etc. Students can further learn the calculation of profit/loss through flow charts and examples. Our NCERT class 11 accountancy book PDF compiles all the important points to make textbook reading hassle-free.  

Chapter 2: Theory Base of Accounting 

A sound theory base forms the stepping stone to every discipline. This second chapter of class 11 accountancy NCERT book discusses the subject’s theoretical aspects including concepts, principles, rules, regulations and guidelines. It also contains details of the Accounting Standards outlined by ICAI. It is mandatory to abide by these Standards for maintaining uniformity in accounting practices. 

NCERT has developed the bookkeeping the practical benefits of students in mind. Through this chapter, students can understand why theory base of accounting is necessary, learn the nature of GAAP and identify the purpose of basic accounting concepts. 

Chapter 3: Recording of Transactions – I

While the previous chapters introduced the basics, this one goes into the details of accounting process. To begin with, one has to identify the financial transactions which need to be recorded, arrange source documents and enter in the ledger’s individual accounts. This chapter helps a student learn how to apply accounting equations to clarify transaction effects, recording transactions using debit/credit rules and more. Accountancy class 11 NCERT PDF simplifies these concepts of recording transactions and helps learners review the textbook effortlessly. If you are a student, you can instantly download the PDF for free and consult our solutions online.     

Chapter 4: Recording of Transactions – II 

For small businesses, recording their transactions in a ledger is convenient. However, as it grows and expands, posting every transaction in journals can become troublesome. This is when special journals like purchase book, sales book, cashbook, journal proper, purchases return, etc. Continuation of the previous one, this 4th chapter teaches how larger businesses can precisely record their large volumes of transactions in special journals. Numerous examples in table formats make it easier to understand. You can consult our NCERT class 11 accountancy PDF containing all the crucial points in simpler and concise language. Practice the exercises to score higher in your accountancy paper.           

Chapter 5: Bank Reconciliation Statement 

Another important chapter of the accountancy book is this balance reconciliation statement. Besides maintaining bank transactions in cash book, it is crucial to verify the same with bank transactions of the company. The 5th chapter elaborates the meaning and necessity of bank reconciliation statement. Most often, bank balance in an enterprise’s cash book doesn’t match with its passbook. Students learn to identify why pass book and cash book show such different bank balances. The book also enhances their skill to determine the accurate balance efficiently. If the textbook seems overwhelming, you can download study materials like accounts class 11 NCERT PDF to understand the chapter in detail. 

Chapter 6: Trial Balance and Rectification of Errors 

The accountancy textbook of Class 11 includes this chapter to primarily explain the meaning, importance and method of preparing a trial balance. Trial balance is nothing but a tool which is utilised for verifying how correct the debit and credit amounts are. It is prepared by three major methods – totals method, balances method and totals-cum-balances method. 

In this lesson, students learn the objectives of trial balance preparation, various types of errors, methods of locating those and their rectification options. It teaches how to rectify the errors both by using and without suspense account. The class 11 accounts NCERT book PDF contains numerous examples to further clarify the ideas and concepts of trial balance and error rectification. 

Chapter 7: Depreciation, Provisions and Reserves 

This chapter deals with the concept of depreciation and how it differs from depletion and amortisation. Depreciation signifies the gradual and permanent decline in fixed assets’ value caused by usage or due to time. The primary causes of depreciation include passage of time, obsolescence, expiration of legal rights and abnormal factors. There are various processes of calculating depreciation amount, elaborated in this chapter. If you thoroughly follow this chapter of class 11 NCERT accountancy book, you will also learn about the utility of provisions and reserve in business. It also explains the various points of differences between these two concepts, including purpose, basic nature, effect on taxable profits, presentation in balance sheet, etc.     

Chapter 8: Bill of Exchange 

In India, when merchants purchase goods in credit, they often assure to pay the bill on due date through instruments of credit. Known as bills of exchange, these comprise an unconditional order in writing to make the payment on the agreed date. The Negotiable Instruments Act 1881 governs this instrument and its various features. This 8th chapter teaches students the advantages, necessity, distinguishing factors, parties involved, etc. in a bill of exchange. It also explains about promissory note and its features as defined by the law.  The accounts NCERT class 11 PDF elaborates on essential factors so that students learn to record transactions of bills of exchange in journals. Instead of reading the entire textbook, you can also go through study materials available online for quick understanding.  

Chapter 9: Financial Statements – I 

From here onwards, you’ll need to follow the Part II book. After journalising, posting and balancing, this 9th chapter takes you to the next step of accounting. It covers some of the vital topics of accounting such as financial statements, stakeholders, operating profit, distinction between capital and revenue, trading, profit and loss account, opening entry and balance sheet. The lesson teaches how to prepare financial statements, know the types of information that stakeholders require, difference between revenue and capital and more. Our class 11 NCERT accountancy book PDF is well-designed following the CBSE guidelines. If you target a 90% score or above in the exams, this study material can come in handy. It simplifies the complex concepts of accounting.          

Chapter 10: Financial Statements – II 

In most situations, accounting complexities are common in various business operations. It primarily happens as financial positions and incomes are determined according to accrual basis of accounting. The process emphasises on considering earning-based revenues to ascertain profitability and incurred-based expenditures. A lot of adjustments are, therefore, required to prepare the firm’s financial statements. The 10th chapter of accountancy class 11 NCERT book elaborates those items requiring adjustments and the process to integrate those in final accounts. It further discusses the concept of outstanding expenses, closing stock, bad debts, doubtful debts, provisions for discounts on debts, etc.   

Chapter 11: Accounts from Incomplete Records 

This lesson deals with a crucial aspect of accounting – evaluating a firm’s gains or losses from incomplete records. Many small businesses do not follow the double entry system and end up with incomplete records of financial transactions. Assessing profit and loss of such enterprises, therefore, requires different approaches and expertise. In this chapter, you shall learn about incomplete records – its meaning, features, implementing statement of affairs method to compute profit/loss, preparing balance sheet, trading and profit and loss account, etc. Preparing students to face tomorrow’s business challenges, it also teaches them to prepare accounts to detect missing information, data or figures. You can find the features, reasons, preparation and ascertainment processes precisely in our class 11 accountancy NCERT book PDF. 

Chapter 12: Applications of Computers in Accounting 

From manual paperwork to automation, we have come a long way. The role of computer technology in the business world is inevitable. A computer makes storing and processing the bulk amount of data not only effortless but also faster. This 12th chapter of your school’s accountancy book discusses the necessity of using computers for accounting. It also explains various types of relevant MIS reports and accounting information system. Additionally, the lesson outlines all limitations of this technology to help individuals prepare with their decision-making skills. For solutions on computerised accounting, follow the easy-to-learn NCERT 11th accountancy book PDF online. It prepares students for their upcoming examinations perfectly.    

Chapter 13: Computerised Accounting System 

The concluding chapter of NCERT accountancy book class 11 comprises advanced discussions on computerised accounting system. It deals with its nature, benefits, sourcing and limitations. By studying this lesson, you can precisely differentiate between computerised and manual accounting system. 

There are two primary requirements of computerised accounting system – accounting framework and operating procedure. The system comes with noteworthy advantages like reliability, speed, accuracy, updated information, scalability, automated document production and more. As an accountancy student, you can learn each of these concepts elaborately in this last chapter.      

Why Should You Follow NCERT Books?

CBSE recommends consulting NCERT books for board examination primarily because those cover the fundamentals of every subject thoroughly adhering to the syllabus. The books elaborate basic and advanced concepts in a way that students can clarify their doubts effortlessly. Below are some other benefits of studying class 11 NCERT accountancy book: 

1. Numerous Problems to Solve   

NCERT textbooks contain numerous problem-solving exercises which not only help in exam preparation but also enhance skills. The chapter brings their specific set of questions at the end for practice. Once you finish studying the entire lesson, solve these exercises thoroughly, and be ready to solve exam papers of any difficulty standard.    

2. Saves Time for Preparation           

Preparing for upcoming examinations is hectic and may seem like never enough. However, by rigorously learning from NCERT books, you will be able to cover the entire syllabus smoothly. This reduces the time for consulting multiple guidebooks, makes you stress-free and prepares you to fetch excellent scores. 

If you want to consult additional sources, simply download our class 11 accounts NCERT book PDF. It comprises important points from the syllabus and solutions from other relevant study materials.   

3. Contains Tables and Examples 

Merely reading chunks of texts can be boring and monotonous for students. Therefore, these books recommended by CBSE contain numerous tables and examples for quick understanding. Students can clarify complex ideas easily by following every section of the books. 

4. Source for CBSE Exam Paper

The key advantage is that majority of the questions in CBSE exams are picked from NCERT books. The question papers are created based on the contents of these books. Hence, following your NCERT textbook shall ensure to bring optimum marks with minimum efforts. Our NCERT class 11 accountancy book PDF can aid with the additional support you need for preparation. You can consult our experts online to further clarify your doubts personally.       

Vedantu – Your Go-to Study Companion! 

The Class 11 textbook includes an elaborative study of both basic and advanced accountancy concepts. Vedantu compiles all those information crucial for the syllabus in an easily digestible format. Students can download our NCERT class 11 accountancy book PDF, which is available online for free. Besides covering the key points, this study material includes references from other relevant sources which strengthens the notes and helps students score higher in exam. Each of these study materials has been designed by subject-matter experts, making these the best amongst the competition.