NCERT Book for Class 11 Accountancy PDF

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Summarising Class 11 Accounts NCERT Book

A crucial subject for 11th standard commerce students, Accountancy imparts skills of classifying, recording and summarising various financial transactions and activities. To learn the basics of Accountancy in Class 11, the NCERT book shall provide a better understanding and detailed description of monetary transactions in day-to-day life. In the future, they will be proficient at handling finance-related issues proficiently. 

The NCERT Accountancy Book of Class 11 covers the fundamental and theoretical concepts to strengthen the foundation of the subject. It magnifies the primary concepts of tax, rebate, GAAP, GST, a system of accounting, fixed assets, liabilities, business transactions, special-purpose books, depreciation and many 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 thirteen chapters. The Accountancy book part-1 comprises the first eight chapters, while the Accountancy book part-2 comprises chapters nine to thirteen. The detailed introductions and summaries of these lessons are given below: 

Chapter 1: Introduction to Accounting 

The first chapter of this book introduces the basic concepts of accounting, its purposes, features, benefits, and limitations. It details the role of accounting in various areas of activity and provides insights into the real world. Students will learn how to analyze data errors through classification, measurement, and generalization.

Chapter 2: Theory Base of Accounting 

A lucid theory base initiates the stepping stone to every discipline, whether it's Physics or Accountancy. The second chapter of class 11 Accountancy NCERT book discusses the subject’s theoretical topics including concepts, principles, rules, regulations, and guidelines. It also contains details of the Accounting Standards outlined by the ICAI. It is obligatory to abide by these Standards for maintaining uniformity in accounting practices. 

The NCERT Accountancy book has developed bookkeeping by keeping in mind the practical benefits that are required by students. Through this chapter, students can comprehend why a theory base of accounting is essential, learn the nature of GAAP and identify the intent of fundamental accounting concepts. 

 Chapter 3: Recording of Transactions – I

While the previous chapters introduced the basics, this one goes into the minute details of the accounting process. To begin with, one has to identify the financial transactions that need to be recorded, organise source documents and enter in the ledger’s accounts. This chapter helps the student learn how to apply accounting equations to clarify transaction effects, record transactions using debit/credit rules, and more. Accountancy Class 11 NCERT PDF explains these concepts of recording transactions and helps pupils inspect the text 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. In this situation, different types of special journals like purchase book, sales book, cashbook, journal proper, purchases return, etc., can be used by large businesses. This chapter is the continuation of the previous one, it teaches how larger businesses can rigorously record their large volumes of transactions in special journals. The numerous examples in table formats are available in the PDF to make it easier to understand. You can consult our NCERT Class 11 Accountancy PDF containing all the main points in easier and concise language. The students shall practice the questions many times to score high marks on their Accountancy paper.     

Chapter 5: Bank Reconciliation Statement 

Another important chapter of the Accountancy book is the Bank Reconciliation Statement chapter. Besides maintaining bank transactions in a cash book, it is essential to confirm the same with bank transactions of the company. The fifth chapter elaborates on the meaning and necessity of bank reconciliation statements. Most often, the bank balance in an enterprise’s cash book doesn’t match with its passbook when they are checked. Students learn to recognize why passbooks and cash books show such kinds of different bank balances. Also, the book improves their skill to determine the accurate balance efficiently. If the textbook seems overwhelming, you can download study materials like Accountancy 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 sheet. The trial balance is nothing, but a tool that is utilized for verifying how correct the debit and credit amounts are in the balance sheet. It is prepared by the three major methods: the totals method, the balances method, and the totals-cum-balance methods.  

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 correct the mistakes and errors, both by trial balance and without suspending the account. The Class 11 Accountancy 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 handles the idea of depreciation and how it differs from depletion and amortization. Depreciation represents the gradual and permanent decline in the fixed assets’ value caused by the usage or due to wear and tear in time. The preliminary causes of depreciation include passage of time, obsolescence, expiration of legal rights, and abnormal factors. There are various processes of calculating depreciation amounts that are elaborated in this chapter. If you comprehensively follow this chapter of the Class 11 NCERT Accountancy book, you will also learn about the utility of provisions and reserves in business. It also describes the various points of differences between these two concepts, including purpose, basic nature, effect on taxable profits, presentation in the balance sheet, etc.  

Chapter 8: Bill of Exchange 

In India, when merchants buy goods on credit, they are often assured to pay the bill on the due date through tools of credit that are known as bills of exchange. These comprise an absolute order in writing to make the payment on the decided date. The Negotiable Instruments Act 1881 governs this instrument and its various features. This eighth chapter teaches students the advantages, necessity, distinguishing factors, parties involved, etc. in a bill of exchange. It also explains promissory notes and their features as defined by the law. The Accountancy NCERT class 11 PDF elaborates on vital 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 prompt understanding.  

Chapter 9: Financial Statements – I 

From here onwards, the students need to follow the Part II book. After journalizing, posting, and balancing, this 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, the 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, the difference between revenue and capital, and more. Our Class 11 NCERT Accountancy book PDF is well-designed that follows the CBSE guidelines. If you target a 90% score or above in the exams, this study material can come in handy for you. 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 the accrual basis of accounting. The process accentuates 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 tenth chapter of Accountancy of NCERT’s book elaborates on those objects requiring adjustments and the process to incorporate 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 necessary 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 the profit and loss of such enterprises, therefore, requires different approaches and expertise. In this chapter, you shall learn about inadequate records: their meaning, features, implementing statement of affairs methods to compute profit/loss, preparing balance sheets, trading, profit and loss accounts, etc. This chapter prepares the students to face tomorrow’s business challenges and also teaches them to prepare accounts to detect missing information, data, or figures. You can discover 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 even in the field of Accountancy. 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 chapter of your school’s Accountancy book discusses the essentials of using computers for accounting. It also describes various types of relevant MIS reports and accounting information systems. Additionally, the lesson summarises all limitations of this technology to help individuals prepare with their decision-making skills. For solutions on computerized accounting, follow the easy-to-learn NCERT Accountancy book of Class 11 PDF online. It prepares students for their upcoming examinations perfectly and efficiently.    

Chapter 13: Computerised Accounting System 

The last chapter of the NCERT Accountancy Book Class 11 comprises advanced discussions on the computerized accounting system. It deals with its nature, benefits, sourcing, and limitations. By studying this lesson, you can precisely differentiate between a computerized and manual accounting system. 

There are two primary requirements of a computerized accounting system: accounting framework and operating procedure. The system comes with note-worthy advantages like reliability, speed, accuracy, updated information, scalability, automated document production, and many more. As an accountancy student, you can learn each of these concepts elaborately in this last chapter of the NCERT book.    

Why should Class 11 CBSE Students refer to the NCERT Books?

CBSE recommends consulting NCERT books for board examination principally because those cover the fundamentals of every subject thoroughly sticking to the syllabus. The books elaborate on basic and advanced concepts in a way that students can elucidate their doubts effortlessly. Given below are some other benefits of studying Class 11 NCERT Accountancy book: 

1. Numerous Problems to Solve   

The NCERT textbooks contain numerous problem-solving exercises that not only help in exam preparation but also enhance the skills of students. 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 for extra studies, simply download our Class 11 Accountancy NCERT book PDF. It comprises necessary 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 suggested by CBSE contain numerous tables and examples for quick understanding. Students can clarify complex ideas easily by following every section of the book. 

4. Source for CBSE Exam Paper

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

Why is Vedantu Your Go-to Study Companion?

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

Other Free CBSE Class 11 Accountancy Study Material

Other Free Study CBSE Material for Class 11