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NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements - 2

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Class 11 Accountancy NCERT Solutions Chapter 10 Financial Statements 2
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Vedantu delivers a detailed NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements 2. The subject experts have provided thorough explanations as per the guidelines of NCERT (CBSE) for all the questions to make studying more fun and exciting for the students. NCERT Accountancy book Class 11 solutions PDF can be downloaded from Vedantu which has examples and solved questions with explanations for each concept to help students practise the questions effectively and become more efficient in scoring marks. Vedantu also provides solutions for a variety of subjects ranging from Science, Maths, English and Hindi of Class 11. Without further delay, let’s understand the basic questions from CBSE Class 11 Accountancy Chapter 10.

NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements  2 part-1
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FAQ (Frequently Asked Questions)

Q1) What is a Closing Stock? How Does the Final Statement Interpret Closing Stock?

Ans: The amount of raw materials that are left unsold at the end of the accounting period will be treated as the closing stock. The value of the closing stock is calculated based on the difference between cost price and its resalable value. In the final statement, the closing stock will be put in the trial balance sheet where the value of the closing stock will be added as credit or debit based on the resale value of the goods. Closing stock will come under the asset part of the balance sheet as the goods still have monetary value at the end of the accounting period.

Q2) What is a Trading Account? How to Open a Trading Account?

Ans: A trading account is predominantly used to buy and sell stocks in the share market. This account acts as an interface between your bank account and the Demat account. Money is debited from your bank account and shares that were bought will be credited to your Demat account. This account ensures frictionless trading with safety and security from your laptop or mobile phone. Opening a trading account is an easy and simple process. The documents like Aadhar, PAN, personalised cheque and a photograph must be provided and you can open a trading account online from the ease of your desk.