×

NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records

Top
Download PDF
FAQ
course-recommendation-image

Class 11 Accountancy NCERT Solutions Chapter 11 Accounts from Incomplete Records

Bookmark added to your notes.
View Notes
×

Students need to have a clear understanding of the underlying concepts and principles covered in the Class 11 Accountancy Chapter 11 to solve all the problems from this chapter in the exam. Vedantu provides the NCERT Solutions Class 11 Accountancy Chapter 11 to help students learn all the topics covered in this chapter easily. Several examples of numerical type questions that require immense practice are solved in the NCERT Solutions Class 11 Accountancy Chapter 11. Students can download and refer to the NCERT Solutions for Class 11 Accountancy Chapter 11 PDF for free from Vedantu.  

Many students find it very difficult to understand various accounting problems and to distinguish transactions based on the interpretation of the monetary value. Accountancy Book Class 11 Solutions Chapter 11 by Vedantu provides comprehensive study resources on this chapter. These NCERT Solutions are based on the previous year’s board exam model problems and the latest CBSE guidelines for Class 11 Accountancy. Hence, referring to these NCERT Solutions make your exam preparation simple and easy.

NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records part-1
Loading More Solutions...
FAQ (Frequently Asked Questions)

1. How can the Incomplete Records be defined?

Incomplete Records are those records in which the balance sheet is not present. This is a specific practice of accounting in which a very scarce amount of financial activities of a listed firm are present. This also emphasizes the practice of maintaining accounts on the basis of single-entry bookkeeping only. It is a very general practice in which all the business entities follow a double-entry book-keeping format of accounting. In the Incomplete Records, there is only a provision of single-entry bookkeeping and no scope for double-entry book-keeping leading to very reduced information of the financial status.

2. Why do some organizations use Incomplete Records?

Many of the corporate agencies, listed firms, or organizations use the Incomplete Records process of accountancy in their accounting practices to save the expense that is incurred in a systematic process of accounting. When an organization is functioning with a limited resource, they try to save the revenue to maintain the continuity of the economic activity of the organization. Even the lack of competent and quality accountants and manpower leads to the scope of maintaining Incomplete Records. This is a very common practice among various business entities where there is a very limited scope of information available about their financial status.